Jason Gerberry
BofA Securities, Research Division

My name is Jason Gerberry. I cover pharma and biotech at BofA, and I'm pleased to be introducing Exelixis and CEO, Mike Morrissey. So Mike, thanks again for joining us.

Michael Morrissey
CEO, President & Director

Great to be here. Nice to see you.

Jason Gerberry
BofA Securities, Research Division

So hot off 1Q and another announced share buyback. I figured I'd start with just a couple of questions on capital allocation before we go into kind of program-specific questions.

So maybe just to start, as we think about capital allocation priorities longer term, beyond this year, how are you guys thinking about kind of returning capital to shareholders versus like managing the next 4 years of cabo exclusivity and then the investments that you're making in zanza? Are there any specific, I guess, pivot points at all that you could see where, hey, maybe we want to invest more in zanza or some early-stage assets that look particularly promising and you step off the gas a little bit from a share buyback perspective? Just trying to get a sense of the toggles there beyond the share.

Michael Morrissey
CEO, President & Director

Yes, that's great. I'll probably spend the next 28 minutes talking about that one topic, and maybe we will. So let me just say great to be here. Thanks again for the invite. It's always great to be in Vegas, talking with the BAML team and all the investors that come.

Before I begin, I'll just remind you that I'll be making forward-looking statements