Cabozantinib is approved for the treatment of progressive, metastatic, or clinically significant medullary thyroid cancer, advanced renal cell carcinoma, and in combination with atezolizumab for previously treated hepatocellular carcinoma. It works by inhibiting multiple receptor tyrosine kinases, including MET, VEGFR2, and RET, which are involved in tumor growth, progression, metastasis, and angiogenesis. This targeted therapy helps slow tumor progression and can improve survival rates in patients. Additionally, cabozantinib is being investigated for its potential in treating other types of cancers, such as prostate cancer. It is typically administered orally, allowing for convenient outpatient treatment.