Study of XL147 (SAR245408) or XL765 (SAR245409) in Combination With Letrozole in Subjects With Breast Cancer

Inclusion Criteria: * The subject has histologically confirmed breast cancer that is ER+ and/or PGR+. * The subject's breast cancer is negative for HER2. * The subject has recurrent or metastatic breast cancer that is refractory to a nonsteroidal aromatase inhibitor and has either disease progression or disease recurrence. * Subjects previously treated with letrozole must be able to tolerate the approved dose and schedule of letrozole. * For subjects enrolled in Phase 2, either archival tumor samples must be available, or the subject must be willing to undergo a fresh biopsy. * In Phase 2, at least 30 subjects in each arm must have measurable disease * The subject is a postmenopausal female. * If a subject is currently receiving bisphosphonates, the subject must have received the bisphosphonates for at least 2 months before starting study treatment. * The subject has an Eastern Cooperative Oncology Group (ECOG) performance status of ≤ 1. * The subject has adequate organ and marrow function. * The subject has no other diagnosis of malignancy or evidence of other malignancy for 2 years before screening for this study (except non-melanoma skin cancer or in situ carcinoma of the cervix). * The subject is capable of understanding and complying with the protocol requirements and has signed the informed consent document. Exclusion Criteria: * The subject has received prior treatment with a selective inhibitor of PI3K, AKT, and/or mTOR. * Certain restrictions on prior therapies apply. * The subject has not recovered from toxicity due to prior therapy to Grade ≤ 1 or to pre-therapy baseline. * The subject has untreated, symptomatic, or progressive brain metastases. * The subject has only non-measurable lesions, other than bone, skin, or chest wall metastasis * The subject has to start cytotoxic chemotherapy due to rapid progressive disease involving major organs. * The subject has prothrombin time/ International Normalized Ratio (PT/ INR) or partial thromboplastin time (PTT) test results at screening that are above 1.3 x the laboratory upper limit of normal. * The subject has uncontrolled significant intercurrent illness. * The subject has a baseline corrected QT interval (QTc) \> 470 ms. * The subject has a diagnosis of uncontrolled diabetes mellitus. * The subject is known to be positive for the human immunodeficiency virus (HIV). * The subject has a previously identified allergy or hypersensitivity to components of the study treatment formulation(s). * The subject is unable or unwilling to abide by the study protocol or cooperate fully with the investigator or designee.