EXEL
Exelixis, Inc.
NasdaqGSUSDEQUITY
Healthcare
DELAYED
Buy
+38/100
Last price
58.02
▼ 0.83 (1.41%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
Lower pane
Overlay another symbol
Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
L —
Range —
Vol —
vs
Drag pan · Pinch zoom · Hold crosshair · pick a tool then drag to draw
Open
59.56
Prev close
58.85
Day high
59.00
Day low
57.02
Volume
2.03M
Market cap
$14.45B
P/E (TTM)
18.58
52W range
33.76 – 61.14
Day trading desk
Gap from prior close
+1.21%
Prior close 58.85
VWAP
58.22
-0.34% from price
Relative volume
0.69×
Normal
Session range
5.25%
57.00 – 59.99
Position in range
34%
Mid range
ATR (14D)
1.68
2.90% of price
Prior day high
59.79
PDH
Prior day low
57.82
PDL
Bid / ask spread
—
Quote not published
Session volume
1.61M
Avg 2.33M
VWAP and the session figures are computed from the delayed intraday series on this page, so they lag the live tape and will not match a broker's real-time VWAP exactly. Turn on Prior day H/L/C, Opening range and Volume profile in the chart's Studies menu to see these levels drawn on price.
Trailing performance
Returnvs SPY
1W
-0.55%
-2.5%
1M
-1.15%
-2.3%
3M
+3.96%
-0.6%
6M
+32.60%
+14.4%
YTD
+33.08%
+18.8%
1Y
+45.50%
+29.1%
3Y
+166.96%
+84.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on EXEL open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
-5.14K
Net selling
Buy transactions
12
223.84K shares
Sell transactions
10
228.98K shares
Net transactions
+22
Buys less sells
Sell : buy shares
1.0 : 1
Mixed
Insider-held shares
4.57M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Aug 10, 26 | BECKERLE MARY C Director |
SELL | 9.81K | $526.51K | Direct |
| Jun 1, 26 | WYSZOMIERSKI JACK L Director |
SELL | 3.92K | $198.41K | Direct |
| Jun 1, 26 | ECKHARDT SUE GAIL Director |
SELL | 9.81K | $491.97K | Direct |
| May 27, 26 | PAPADOPOULOS STELIOS B Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | POSTE GEORGE H Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | BECKERLE MARY C Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | FREIRE MARIA C Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | SMITH JULIE ANNE Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | WYSZOMIERSKI JACK L Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | HEYMAN TOMAS J. Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | ECKHARDT SUE GAIL Director |
STOCK | 8.37K | $0 | Direct |
| May 27, 26 | OLIVER ROBERT LEE JR. Director |
STOCK | 8.37K | $0 | Direct |
| May 26, 26 | AFTAB DANA T. Officer |
SELL | 43.45K | $2.19M | Direct |
| May 20, 26 | HALEY PATRICK JOSEPH Officer |
SELL | 32.11K | $1.60M | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
AFTAB DANA T. |
Officer | 600.58K | Sale |
HALEY PATRICK JOSEPH |
Officer | 357.64K | Sale |
HESSEKIEL JEFFREY J |
General Counsel | 694.39K | Sale |
JOHNSON DAVID EDWARD |
Director | — | Purchase |
MORRISSEY MICHAEL M |
Chief Executive Officer | 3.38M | Stock Gift |
PAPADOPOULOS STELIOS B |
Director | 1.20M | Stock Award(Grant) |
PETERSON AMY C |
Officer | 465.39K | Sale |
POSTE GEORGE H |
Director | 127.20K | Stock Award(Grant) |
SENNER CHRISTOPHER J. |
Chief Financial Officer | 955.04K | Sale |
WYSZOMIERSKI JACK L |
Director | 284.38K | Sale |
Fundamentals
Market cap$14.45B
Enterprise value$13.78B
Revenue (TTM)$2.44B
Gross profit$2.35B
EBITDA$1.02B
Net income$860.62M
EPS (TTM)$3.14
Free cash flow$739.72M
Total cash$839.39M
Total debt$165.93M
Book value / share$7.41
Shares outstanding247.78M
Float213.60M
Short % of float14.56%
Dividend yield0.00%
Beta (5Y)0.47
Valuation & profitability ratios
Trailing P/E18.58
Forward P/E13.77
PEG ratio2.56
Price / sales—
Price / book7.87
EV / revenue5.66
EV / EBITDA13.51
Gross margin96.48%
Operating margin39.51%
Profit margin35.33%
Return on equity44.39%
Return on assets23.97%
Debt / equity9.00
Current ratio3.46
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Total revenue | $2.32B | $2.17B | $1.83B | $1.61B | +7.0% |
| Operating revenue | $3.21B | $2.88B | $2.47B | $2.16B | +11.5% |
| Cost of revenue | $83.70M | $76.22M | $72.55M | $57.91M | +9.8% |
| Gross profit | $2.24B | $2.09B | $1.76B | $1.55B | +6.9% |
| Research & development | $825.00M | $910.41M | $1.04B | $891.81M | -9.4% |
| Selling, general & admin | $518.73M | $492.13M | $542.71M | $459.86M | +5.4% |
| Total operating expense | $1.34B | $1.40B | $1.59B | $1.35B | -4.2% |
| Operating income | $892.70M | $689.95M | $170.88M | $201.48M | +29.4% |
| Net interest income | $69.21M | $77.16M | $86.54M | $33.06M | -10.3% |
| Pre-tax income | $941.21M | $681.64M | $257.52M | $234.35M | +38.1% |
| Tax provision | $158.64M | $160.37M | $49.76M | $52.07M | -1.1% |
| Net income | $782.57M | $521.27M | $207.76M | $182.28M | +50.1% |
| Net income to common | $782.57M | $521.27M | $207.76M | $182.28M | +50.1% |
| Basic EPS | 2.88 | 1.80 | 0.65 | 0.56 | +60.0% |
| Diluted EPS | 2.78 | 1.76 | 0.65 | 0.56 | +58.0% |
| EBIT | $892.70M | $689.95M | $170.88M | $201.48M | +29.4% |
| EBITDA | $921.76M | $718.75M | $196.60M | $222.36M | +28.2% |
| Basic shares | 271.57M | 290.03M | 318.15M | 324.56M | -6.4% |
| Diluted shares | 281.86M | 296.13M | 321.46M | 324.56M | -4.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Cash & equivalents | $482.49M | $217.37M | $262.99M | $501.19M | +122.0% |
| Cash & short-term investments | $1.06B | $1.11B | $995.30M | $1.31B | -4.7% |
| Accounts receivable | $286.92M | $265.44M | $237.41M | $214.78M | +8.1% |
| Inventory | $21.69M | $22.39M | $17.32M | $33.30M | -3.1% |
| Total current assets | $1.44B | $1.47B | $1.32B | $1.62B | -1.7% |
| Property, plant & equipment | $441.26M | $359.11M | $470.85M | $401.20M | +22.9% |
| Goodwill & intangibles | $63.68M | $63.68M | $63.68M | $63.68M | 0.0% |
| Total assets | $2.84B | $2.95B | $2.94B | $3.07B | -3.5% |
| Total debt | $173.04M | $190.82M | $189.94M | $190.17M | -9.3% |
| Total liabilities | $683.10M | $703.49M | $678.45M | $583.06M | -2.9% |
| Retained earnings | -$76.83M | -$98.65M | -$173.35M | -$34.23M | +22.1% |
| Shareholder equity | $2.16B | $2.24B | $2.26B | $2.49B | -3.7% |
| Working capital | $1.04B | $1.06B | $923.68M | $1.29B | -2.5% |
| Net tangible assets | $2.10B | $2.18B | $2.20B | $2.42B | -3.8% |
| Shares issued | 262.48M | 281.73M | 302.79M | 323.95M | -6.8% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | $782.57M | $521.27M | $207.76M | $182.28M | +50.1% |
| Depreciation & amortisation | $29.05M | $28.80M | $25.72M | $20.88M | +0.9% |
| Stock-based compensation | $112.98M | $93.84M | $106.34M | $107.57M | +20.4% |
| Change in working capital | -$191.20M | -$13.45M | -$13.97M | -$12.80M | -1,321.2% |
| Operating cash flow | $884.27M | $699.97M | $333.32M | $362.61M | +26.3% |
| Capital expenditure | -$39.93M | -$66.19M | -$162.97M | -$138.46M | +39.7% |
| Investing cash flow | $350.44M | -$116.78M | -$26.95M | -$524.41M | +400.1% |
| Share buybacks | -$947.51M | -$652.03M | -$550.38M | $0 | -45.3% |
| Financing cash flow | -$969.59M | -$628.81M | -$546.05M | $586.00K | -54.2% |
| Free cash flow | $844.34M | $633.79M | $170.35M | $224.16M | +33.2% |
| End cash position | $482.49M | $217.37M | $262.99M | $502.68M | +122.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $628.69M | $610.81M | $598.66M | $597.75M | $568.26M | +2.9% |
| Operating revenue | $872.59M | $851.19M | $813.85M | $836.51M | $794.58M | +2.5% |
| Cost of revenue | $20.66M | $19.95M | $26.48M | $18.57M | $19.47M | +3.5% |
| Gross profit | $608.03M | $590.86M | $572.18M | $579.18M | $548.79M | +2.9% |
| Research & development | $211.99M | $199.92M | $213.25M | $199.16M | $200.36M | +6.0% |
| Selling, general & admin | $147.63M | $139.60M | $123.02M | $123.66M | $134.86M | +5.8% |
| Total operating expense | $359.62M | $339.52M | $336.27M | $322.82M | $335.21M | +5.9% |
| Operating income | $248.41M | $251.34M | $235.91M | $256.36M | $213.58M | -1.2% |
| Net interest income | $14.21M | $16.13M | $17.43M | $15.92M | $16.79M | -11.9% |
| Pre-tax income | $262.68M | $267.69M | $252.69M | $252.41M | $230.41M | -1.9% |
| Tax provision | $50.63M | $57.22M | $8.16M | $58.84M | $45.57M | -11.5% |
| Net income | $212.05M | $210.47M | $244.53M | $193.58M | $184.85M | +0.8% |
| Net income to common | $212.05M | $210.47M | $244.53M | $193.58M | $184.85M | +0.8% |
| Basic EPS | 0.85 | 0.81 | 0.92 | 0.72 | 0.68 | +4.9% |
| Diluted EPS | 0.82 | 0.79 | 0.88 | 0.69 | 0.65 | +3.8% |
| EBIT | $248.41M | $251.34M | $235.91M | $256.36M | $213.58M | -1.2% |
| EBITDA | $255.40M | $258.29M | $242.86M | $263.78M | $220.92M | -1.1% |
| Basic shares | 250.81M | 258.33M | 266.46M | 268.42M | 272.58M | -2.9% |
| Diluted shares | 259.68M | 267.32M | 276.35M | 278.54M | 284.39M | -2.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $281.45M | $226.15M | $482.49M | $376.30M | $164.43M | +24.5% |
| Cash & short-term investments | $839.38M | $777.21M | $1.06B | $988.53M | $791.10M | +8.0% |
| Accounts receivable | $322.21M | $328.95M | $286.92M | $309.73M | $292.35M | -2.0% |
| Inventory | $28.73M | $26.61M | $21.69M | $27.40M | $23.48M | +8.0% |
| Total current assets | $1.25B | $1.21B | $1.44B | $1.40B | $1.18B | +3.5% |
| Property, plant & equipment | $340.59M | $378.40M | $441.26M | $360.74M | $419.74M | -10.0% |
| Goodwill & intangibles | $63.68M | $63.68M | $63.68M | $63.68M | $63.68M | 0.0% |
| Total assets | $2.49B | $2.59B | $2.84B | $2.82B | $2.68B | -3.8% |
| Total current liabilities | $361.93M | $370.98M | $405.64M | $373.78M | $336.11M | -2.4% |
| Total debt | $165.93M | $169.54M | $173.04M | $176.46M | $179.84M | -2.1% |
| Total liabilities | $650.47M | $657.85M | $683.10M | $662.85M | $644.54M | -1.1% |
| Retained earnings | -$262.53M | -$215.79M | -$76.83M | -$106.06M | -$219.54M | -21.7% |
| Shareholder equity | $1.84B | $1.94B | $2.16B | $2.16B | $2.03B | -4.8% |
| Working capital | $888.89M | $837.66M | $1.04B | $1.03B | $844.65M | +6.1% |
| Net tangible assets | $1.78B | $1.87B | $2.10B | $2.10B | $1.97B | -4.9% |
| Shares issued | 248.88M | 253.70M | 262.48M | 268.10M | 270.13M | -1.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | YoY |
|---|---|---|---|---|---|---|
| Net income | $212.05M | $210.47M | $244.53M | $193.58M | $184.85M | +0.8% |
| Depreciation & amortisation | $6.98M | $6.95M | $6.95M | $7.42M | $7.34M | +0.5% |
| Stock-based compensation | $32.56M | $29.05M | $20.10M | $30.89M | $36.07M | +12.1% |
| Change in working capital | $42.92M | -$620.00K | -$72.96M | $44.79M | -$180.26M | +7,022.3% |
| Operating cash flow | $307.74M | $251.84M | $333.51M | $290.32M | $48.99M | +22.2% |
| Capital expenditure | -$9.32M | -$2.03M | -$7.16M | -$6.73M | -$3.59M | -358.0% |
| Investing cash flow | $91.43M | -$51.07M | $27.24M | $25.41M | $248.03M | +279.0% |
| Share buybacks | -$322.97M | -$430.35M | -$257.62M | -$104.03M | -$301.92M | +25.0% |
| Financing cash flow | -$343.88M | -$457.11M | -$254.57M | -$103.86M | -$316.34M | +24.8% |
| Free cash flow | $298.43M | $249.81M | $326.36M | $283.59M | $45.41M | +19.5% |
| End cash position | $281.45M | $226.15M | $482.49M | $376.30M | $164.43M | +24.5% |
Options analytics
Put / call volume
0.25
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
30.00
-48.6% from spot
ATM implied vol
6.3%
Nearest strike to spot
Skew (10% OTM)
+12.5%
Puts bid over calls
Call volume
67
Contracts, this expiry
Put volume
17
Contracts, this expiry
Heaviest call OI
30.00
0 contracts
Heaviest put OI
45.00
0 contracts
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | 0.87 | 0.91 | +5.2% |
| Mar 2026 | 0.76 | 0.87 | +14.0% |
| Dec 2025 | 0.81 | 0.94 | +16.2% |
| Sep 2025 | 0.67 | 0.78 | +16.2% |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | 0.90 | 9 | $650.06M | +8.8% |
| Next quarter | 0.89 | 9 | $663.96M | +10.9% |
| Current year | 3.58 | 10 | $2.55B | +10.1% |
| Next year | 4.23 | 10 | $2.90B | +13.5% |
Analyst targets & ownership
Mean target$54.40
High target$70.00
Low target$41.00
Implied upside-6.24%
Analyst count15
ConsensusBUY
Strong buy / Buy1 / 6
Hold10
Sell / Strong sell0 / 1
Held by insiders1.85%
Held by institutions106.74%
Institutions holding989
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
58.18
-0.27% from price
SMA 20
57.79
+0.94% from price
SMA 50
55.95
+4.25% from price
SMA 100
54.55
+6.36% from price
SMA 200
49.25
+18.45% from price
EMA 12
58.14
-0.21% from price
EMA 26
57.47
+0.96% from price
EMA 50
56.38
+2.91% from price
RSI (14)
55.1
Neutral
MACD (12,26,9)
0.67
Hist -0.04
ATR (14)
1.68
2.89% of price
Realised vol 30D
27.5%
Annualised
Bollinger upper
59.42
20, 2σ
Bollinger lower
56.16
20, 2σ
50 / 200 cross
Golden
55.95 vs 49.25
Trend bias
Above 200
+18.45%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
0.56
Less volatile than market
Correlation to SPY
0.20
Largely independent
Realised vol 30D
27.5%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-13.7%
Peak to trough
Max drawdown 5Y
-35.4%
Peak to trough
ATR 14
1.68
2.89% of price
Beta (reported)
0.47
5Y monthly, from filing
Short interest
Shares short
26.40M
Prior 28.03M
Change vs prior
-5.8%
Shorts covering
% of float
14.56%
Elevated
% of shares out
10.65%
Against total outstanding
Days to cover
12.8
Crowded exit
Float
213.60M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 19, 26 | BMO Capital | INITIATED | Market Perform | Market Perform |
| Aug 6, 26 | Truist Securities | MAINTAINED | Hold | Hold |
| Aug 6, 26 | Stifel | MAINTAINED | Hold | Hold |
| Jul 23, 26 | Morgan Stanley | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 14, 26 | Barclays | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 13, 26 | Wells Fargo | MAINTAINED | Equal-Weight | Equal-Weight |
| Jul 7, 26 | RBC Capital | MAINTAINED | Sector Perform | Sector Perform |
| Jul 7, 26 | Truist Securities | MAINTAINED | Hold | Hold |
| Jul 2, 26 | UBS | MAINTAINED | Neutral | Neutral |
| Jul 2, 26 | HC Wainwright & Co. | MAINTAINED | Buy | Buy |
| Jun 25, 26 | Truist Securities | DOWNGRADE | Buy | Hold |
| Jun 24, 26 | Citizens | MAINTAINED | Market Outperform | Market Outperform |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split—
Split date—
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-11
Corporate Changes & Voting Matters
8-K · 2026-08-31
Offering Registrations
S-8 · 2026-08-05
Corporate Changes & Voting Matters
8-K · 2026-05-29
Corporate Changes & Voting Matters
8-K · 2026-05-05
Proxy Statements
DEFA14A · 2026-04-17
Proxy Statements
DEF 14A · 2026-04-15
Corporate Changes & Voting Matters
8-K · 2026-02-10
Headlines
These IBD 50 Stocks Are Stalled. That Could Be A Good Thing.
Investor's Business Daily · 5d ago
Vertex Pharmaceuticals And 2 Other Top Gene Therapy Stocks
Simply Wall St. · 5d ago
Exelixis Shares Rising on CABOMETYX Revenue
FX Empire · 6d ago
FDA Expands Merck's Welireg Label for a New Kidney Cancer Indication
Zacks · 9d ago
Could Zanzalintinib's FDA Delay Affect Exelixis' Growth Plans?
Zacks · 13d ago
Alpha Teknova (TKNO) Moves 7.1% Higher: Will This Strength Last?
Zacks · 15d ago
Exelixis (EXEL) Gets FDA Review Extension For Zanzalintinib განაცხად tometastatic Colorectal Cancer
Simply Wall St. · 16d ago
Exelixis Eyes Oncology Deals, Readies Zanzalintinib Launch as Cabozantinib Tops $3B
MarketBeat · 20d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.