The event: Phase III study of cabozantinib in medullary thyroid cancer.
The timeline: Top-line results in the third quarter.
The stakes: Investors have been most focused on the development of cabozantinib in prostate cancer (phase III studies in the design stage) but don't forget that Exelixis' first shot at getting the drug approved will come in medullary thyroid cancer (MTC) if results from a soon-to-be-completed phase III study come out positive. Medullary thyroid cancer is rare so Exelixis' revenue-generating opportunity will be small. Nonetheless, as a proving ground for the much larger and more lucrative prostate cancer opportunity, the cabozantinib data in MTC are very important to Exelixis and is likely to have significant impact on the company's stock price.