SDGR Schrodinger Inc.

39.54
+0.23  (+1%)
Previous Close 39.31
Open 38.94
52 Week Low 36.93
52 Week High 117
Market Cap $2,803,216,492
Shares 70,895,713
Float 45,308,203
Enterprise Value $2,268,837,477
Volume 449,975
Av. Daily Volume 666,006
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Latest News

  1. Schrödinger (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced that management will participate virtually at the following investor conferences:

    • 33rd Annual Piper Sandler Virtual Healthcare Conference: A pre-recorded fireside chat will be available today after 10:00 a.m. ET.
    • 4th Annual Evercore ISI HealthCONx Conference: Management will participate in a fireside chat on Tuesday, November 30, 2021, at 4:20 p.m. ET.
    • BMO 2021 Growth & ESG Conference: A fireside chat will take place on Tuesday, December 7th at 1:00 p.m. ET.
    • Goldman Sachs Byte-ology: The Convergence of Biotechnology and Technology: A Biotech panel will take place on Thursday, December 9…

    Schrödinger (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced that management will participate virtually at the following investor conferences:

    • 33rd Annual Piper Sandler Virtual Healthcare Conference: A pre-recorded fireside chat will be available today after 10:00 a.m. ET.
    • 4th Annual Evercore ISI HealthCONx Conference: Management will participate in a fireside chat on Tuesday, November 30, 2021, at 4:20 p.m. ET.
    • BMO 2021 Growth & ESG Conference: A fireside chat will take place on Tuesday, December 7th at 1:00 p.m. ET.
    • Goldman Sachs Byte-ology: The Convergence of Biotechnology and Technology: A Biotech panel will take place on Thursday, December 9, 2021, at 10:00 a.m. ET.

    Additionally, the company will participate in one-on-one meetings during the Berenberg Discover AI Seminar 2021 on Wednesday, December 1st.

    The live and pre-recorded webcasts can be accessed under "News & Events" in the investors section of Schrödinger's website, https://ir.schrodinger.com/news-and-events/event-calendar and will be archived for approximately seven days.

    About Schrödinger

    Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger's multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

    Founded in 1990, Schrödinger has over 500 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com, our blog www.extrapolations.com, or follow us on LinkedIn and Twitter.

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  2. Schrödinger will receive $4.9 million research grant from the Bill & Melinda Gates Foundation to support early-stage drug discovery of non-hormonal contraceptives

    Schrödinger, Inc. (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced it has been awarded a two-year, $4.9 million grant from the Bill & Melinda Gates Foundation to support a global women's health initiative.

    The grant is part of a Gates Foundation initiative aimed at accelerating emerging opportunities to advance the field of contraceptive drug discovery. The emphasis of this initiative is to develop safe and effective, reversible, non-hormonal contraceptive agents with an improved overall tolerability…

    Schrödinger will receive $4.9 million research grant from the Bill & Melinda Gates Foundation to support early-stage drug discovery of non-hormonal contraceptives

    Schrödinger, Inc. (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced it has been awarded a two-year, $4.9 million grant from the Bill & Melinda Gates Foundation to support a global women's health initiative.

    The grant is part of a Gates Foundation initiative aimed at accelerating emerging opportunities to advance the field of contraceptive drug discovery. The emphasis of this initiative is to develop safe and effective, reversible, non-hormonal contraceptive agents with an improved overall tolerability and side effect profile compared to conventional (hormonal) methods. The goal is to empower women around the globe to take charge of their own health, enabling them to make informed decisions about family planning and have better access to contraceptive options that meet their needs [1].

    "We are thrilled to be a part of this important drug discovery initiative that aims to provide an opportunity to remove barriers for women seeking contraceptive care around the globe," said Karen Akinsanya, Ph.D., executive vice president, chief biomedical scientist and head of discovery research and development at Schrödinger. "This project is an example of Schrödinger's commitment to global health as part of our broader environmental, societal and corporate social responsibility goals to support diversity, inclusiveness and improving opportunities for all."

    Schrödinger will leverage its computationally driven structure-based drug discovery platform to identify novel, high-affinity, selective small molecule leads for a specific ovarian protein during this initial project.

    [1] Accelerating Discovery for Non-Hormonal Contraceptives. Bill & Melinda Gates Foundation https://gcgh.grandchallenges.org/challenge/accelerating-discovery-non-hormonal-contraceptives

    About Schrödinger

    Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger's multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

    Founded in 1990, Schrödinger has over 500 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com and follow us on LinkedIn and Twitter.

    Schrödinger Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 including, but not limited to those regarding our expectations about the speed and capacity of our computational platform, the ability of our platform to identify novel molecules with desired properties and the potential of the initiative to develop non-hormonal contraceptive agents. Statements including words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would'' and statements in the future tense are forward-looking statements. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in these forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control, including our reliance upon third-party providers of cloud-based infrastructure to host our software solutions, the uncertainties inherent in drug development and commercialization, uncertainties associated with the regulatory review of clinical trials and applications for marketing approvals, the potential impact of the COVID-19 pandemic on our operations or the operations of third parties we rely on, as well as the other risks and uncertainties identified under the caption "Risk Factors" and elsewhere in our Securities and Exchange Commission filings and reports, including the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 12, 2021, as well as future filings and reports by us. Any forward-looking statements contained in this press release speak only as of the date hereof. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, changes in expectations or otherwise.

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  3. Schrödinger, Inc. (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on November 15, 2021, the company granted non-statutory stock options to purchase an aggregate of 7,250 shares of the company's common stock to four newly hired employees. These grants were made pursuant to the company's 2021 Inducement Equity Incentive Plan, were approved by the compensation committee of the board of directors pursuant to a delegation by the company's board of directors, and were made as a material inducement to such employees' acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation…

    Schrödinger, Inc. (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today reported that on November 15, 2021, the company granted non-statutory stock options to purchase an aggregate of 7,250 shares of the company's common stock to four newly hired employees. These grants were made pursuant to the company's 2021 Inducement Equity Incentive Plan, were approved by the compensation committee of the board of directors pursuant to a delegation by the company's board of directors, and were made as a material inducement to such employees' acceptance of employment with the company in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his or her employment compensation.

    The stock options have an exercise price of $45.45 per share, equal to the closing price of Schrödinger's common stock on November 15, 2021. Each stock option has a ten-year term and vests over four years, with 25 percent of the shares underlying the option vesting when the employee completes 12 months of continuous service measured from the employment start date and the balance of the shares vesting in a series of successive equal monthly installments of 1/48 of the original number of shares upon the employee's completion of each additional month of service over the 36 months following the first anniversary of the employment start date. The inducement grants are subject to the terms and conditions of award agreements covering the grants and the company's 2021 Inducement Equity Incentive Plan.

    About Schrödinger

    Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger's multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

    Founded in 1990, Schrödinger has over 500 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com and follow us on LinkedIn and Twitter.

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  4. SHANGHAI, Nov. 15, 2021 /PRNewswire/ -- Qiming Venture Partners' portfolio company Aohua Endoscopy (SHSE: 688212), a leading medical endoscope manufacturer, today landed on the STAR Market. The issue price is CNY 22.5 per share. The stock opened at CNY 33 per share, representing a market cap of CNY 4.4 billion. Qiming Venture Partners led the company's Series C round in 2016 and followed on in Series D round.

    The listing of Aohua marks is the third IPO in Qiming's portfolio in the past month, following the IPO of Abbisko(SEHK:2256) and Microtech Medical(SEHK:2235). Qiming has completed 12 public listings in our portfolio so far in 2021.

    Aohua Endoscopy specializes in the R&D, manufacturing and sales of electronic endoscopic equipment and surgical…

    SHANGHAI, Nov. 15, 2021 /PRNewswire/ -- Qiming Venture Partners' portfolio company Aohua Endoscopy (SHSE: 688212), a leading medical endoscope manufacturer, today landed on the STAR Market. The issue price is CNY 22.5 per share. The stock opened at CNY 33 per share, representing a market cap of CNY 4.4 billion. Qiming Venture Partners led the company's Series C round in 2016 and followed on in Series D round.

    The listing of Aohua marks is the third IPO in Qiming's portfolio in the past month, following the IPO of Abbisko(SEHK:2256) and Microtech Medical(SEHK:2235). Qiming has completed 12 public listings in our portfolio so far in 2021.

    Aohua Endoscopy specializes in the R&D, manufacturing and sales of electronic endoscopic equipment and surgical consumables. With two decades of innovation, Aohua's full range of endoscopy products have been widely used in clinical contexts including gastroenterology, respiratory medicine, otolaryngology, gynecology, and emergency medicine.

    Aohua Endoscopy entered China's flexible electronic endoscopes market early. The company had a systematic product layout and long-term commitment to innovation and developing talents, achieving breakthroughs in endoscope optical imaging, image processing, mirror body design and electrical control. Aohua's soft endoscopes are an early entrant into developed markets, including Germany, the UK, and South Korea.

    Aohua Endoscopy CEO Gu Xiaozhou said: "Our mission is to make endoscopic diagnosis and treatment more popular and convenient. For over 20 years, the company has been clinical needs-oriented and emphasized building up manufacturing systems. In the future, we will continue to strengthen our advantages in R&D, products, distribution and talent development, and manufacture better home-made endoscope products."

    William Hu, Managing Partner of Qiming Venture Partners, said, "Qiming Venture Partners has witnessed the growth of Aohua Endoscopy. The company has a solid R&D team and organizational structure, upholding close integration of technical improvement and product upgrades with clinical practices. IPO is a new starting point for Aohua Endoscopy. We look forward to seeing it become the world's leading endoscopy total solutions provider and accelerate the localization of high-end medical equipment, benefiting most patients."

    About Qiming Venture Partners

    Founded in 2006, Qiming Venture Partners is a leading China venture capital firm with offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston and the San Francisco Bay Area.

    Currently Qiming Venture Partners manages ten US Dollar funds and six RMB funds with $6.2 billion in AUM capital raised. Since our establishment, we have invested in outstanding companies in the TMT and healthcare industries at the early and growth stages.

    Since our debut, we have backed over 430 fast-growing and innovative companies. Over 170 companies are already listed on NYSE, NASDAQ, HKEx, Gretai Securities Market, Shanghai Stock Exchange and Shenzhen Stock Exchange, or achieved exit through M&A and other means. There are also over 40 portfolio companies that have achieved unicorn status.

    Many of our portfolio companies are today's most influential firms in their respective sectors, including Xiaomi (SEHK:1810), Meituan (SEHK:3690), Bilibili (NASDAQ:BILI, SEHK:9626))), Roborock (SHSE:688169), Gan & Lee Pharmaceuticals (SHSE: 603087), Tigermed (SZSE:300347, SEHK:3347), Zai Lab (NASDAQ:ZLAB, SEHK:9688))), Venus MedTech (SEHK:2500), CanSino Biologics (SEHK:6185, SHSE:688185), Schrödinger (NASDAQ:SDGR), APT Medical (SHSE:688617), New Horizon Health (SEHK:6606), Sanyou Medical (SHSE:688085), AmoyDx (SZSE:300685), Berry Genomics (SZSE:000710), SinocellTech (SHSE: 688520), WeDoctor Group, and UBTech among many others.

    Cision View original content:https://www.prnewswire.com/news-releases/qimings-portfolio-company-aohua-endoscopy-lands-on-star-market-301423755.html

    SOURCE Qiming Venture Partners

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  5. Third Quarter Total Revenue of $29.9 Million, Up 16 Percent Year-Over-Year; Software Revenue of $24.3 Million

    Recent Collaboration with Centessa Pharmaceuticals Subsidiary, Orexia Therapeutics, Highlights Continued Large-Scale Adoption of Platform by Biotechnology Companies

    Development Candidate Selected for CDC7 Inhibitor Program; New Preclinical Data Demonstrating Potential of MALT1 Inhibitors to be Presented at ASH 2021; Internal Pipeline Expanded to Five Programs

    Company Maintains Full Year 2021 Financial Outlook for Software Revenue and Updates Outlook for Drug Discovery Revenue

    Schrödinger, Inc. (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial…

    Third Quarter Total Revenue of $29.9 Million, Up 16 Percent Year-Over-Year; Software Revenue of $24.3 Million

    Recent Collaboration with Centessa Pharmaceuticals Subsidiary, Orexia Therapeutics, Highlights Continued Large-Scale Adoption of Platform by Biotechnology Companies

    Development Candidate Selected for CDC7 Inhibitor Program; New Preclinical Data Demonstrating Potential of MALT1 Inhibitors to be Presented at ASH 2021; Internal Pipeline Expanded to Five Programs

    Company Maintains Full Year 2021 Financial Outlook for Software Revenue and Updates Outlook for Drug Discovery Revenue

    Schrödinger, Inc. (NASDAQ:SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the third quarter ended September 30, 2021, and provided an update on the company.

    "We are very pleased with the progress we have made across the business so far this year. The level of engagement with senior R&D leaders across pharma and the growth we are seeing in new software customers suggests a shift in the drug discovery paradigm and a push to incorporate advanced computational approaches into projects at all stages," stated Ramy Farid, Ph.D., chief executive officer at Schrödinger. "As we approach year-end, we are continuing to focus on key strategic priorities, including advancing our internal pipeline. We are on track to submit an IND to the FDA for our MALT1 inhibitor program in the first half of next year, and we look forward to presenting additional preclinical data for this program at the American Society of Hematology Annual Meeting next month. We also recently selected a development candidate and initiated IND-enabling studies for our CDC7 inhibitor program, and we added a new oncology target, our fifth internal program, to our pipeline."

    Recent Business Highlights

    Collaborations Highlight Opportunities and Progress Across the Business

    • Entered collaboration with Centessa Pharmaceuticals Subsidiary, Orexia Therapeutics, focused on novel orexin receptor agonists: In October, Schrödinger and Centesa Pharmaceuticals Subsidiary, Orexia Therapeutics, announced a collaboration focused on the discovery of novel therapeutics targeting the orexin-2 receptor, which is known to play a role in a broad spectrum of sleep disorders, including narcolepsy. The collaboration provides Orexia with substantial access to Schrödinger's entire computational platform as well as Schrödinger's extensive expertise in ultra-large-scale deployment of its technology.



      Under the terms of the agreement, Orexia is responsible for preclinical research activities, clinical development and commercialization of future product candidates discovered under the collaboration. Schrödinger received an upfront software access payment and may become eligible to receive certain preclinical, development, regulatory and commercial milestone payments, as well as low single digit royalties on global net sales.
    • Formed strategic collaboration with MD Anderson to accelerate development of WEE1 program: In October, Schrödinger and The University of Texas MD Anderson Cancer Center announced a two-year strategic research collaboration focused on accelerating and optimizing the development of Schrödinger's WEE1 inhibitor program. The goal of the collaboration is to accelerate and optimize the clinical development path for Schrödinger's WEE1 program through molecular biomarker-driven tumor type prioritization and patient stratification and to validate biomarkers to predict response or resistance to a WEE1 inhibitor. The joint team will seek to prioritize clinical studies of a WEE1 inhibitor as a single agent in selected cancer indications and in combinations for defined clinical subpopulations.
    • Completion of $100 million financing by strategic partner ShouTi: In October, Schrödinger's partner, ShoutTi Inc., announced a $100 million series B financing to advance the company's discovery platform, leveraging Schrödinger's computational platform and expertise, and ShouTi's structural biology and drug discovery expertise to design orally available medicines with properties that aim to overcome current limitations of biologic and peptide drugs. Schrödinger is a co-founder of ShouTi, which is advancing a pipeline focused on chronic diseases with high medical need, including cardiovascular, metabolic and pulmonary conditions.
    • Provided update on collaboration with Bristol Myers Squibb: Schrödinger today announced that the companies have prioritized an undisclosed precision oncology target that will replace HIF-2 alpha. Additionally, Schrödinger and Bristol Myers Squibb recently expanded their collaboration with a new agreement to discover, develop and commercialize bifunctional degraders.

    Internal Programs Expanding and Advancing

    • New preclinical data from multiple MALT1 inhibitors to be presented at ASH: Last week, Schrödinger announced that new preclinical data from its MALT1 program will be presented at the ASH 2021 Annual Meeting, which is being held December 11 - 14 virtually and in person in Atlanta, GA. The poster presentation, "Characterization of Potent Paracaspase MALT1 Inhibitors for Hematological Malignancies" (Abstract #1187), is scheduled to take place on Saturday, December 11, from 5:30 p.m. - 7:30 p.m. ET. MALT1 is considered a potential therapeutic target for several non-Hodgkin's B-cell lymphomas as well as chronic lymphocytic leukemia.



      Schrödinger expects to submit an investigational new drug (IND) application to the U.S. Food and Drug Administration for its MALT1 program in the first half of 2022.
    • Development candidate selected for CDC7 program: Schrödinger today announced that it selected a development candidate and has initiated IND-enabling studies for its CDC7 inhibitor program. CDC7 is thought to be linked to cancer cells' proliferative capacity and ability to bypass normal DNA damage responses. Targeting proteins that play important roles in DNA replication and replication stress, such as CDC7, is gaining momentum as a therapeutic approach for cancer.
    • Internal pipeline expanded to five programs: Schrödinger continued to advance its discovery efforts and today announced that the company further expanded its internal pipeline with the addition of a fifth program, which is an undisclosed oncology target.

    Third Quarter 2021 Financial Results

    • Total revenue was $29.9 million for the third quarter of 2021, a 16 percent increase compared to the third quarter of 2020.
    • Software revenue was $24.3 million for the third quarter of 2021, compared to $22.9 million for the third quarter of 2020. The six percent growth observed year-over-year was primarily due to increased sales from existing customers and the addition of new customers, partially offset by multi-year contracts that were executed in the third quarter of 2020, as well as the completion of a research project that was active in the third quarter of 2020.
    • Drug discovery revenue was $5.6 million for the third quarter of 2021, compared to $2.9 million in the third quarter of 2020. Third quarter 2021 drug discovery revenue included the recognition of $4.4 million of revenue from the company's collaboration with Bristol Myers Squibb.
    • Gross profit was $11.1 million in the third quarter of 2021, compared to $15.3 million in the third quarter in 2020. Software gross margin was 73 percent in the third quarter of 2021, compared to 81 percent for the same period in the prior year, reflecting planned investments to drive and support large-scale adoption of Schrödinger's platform as well as increased royalty expenses in the quarter.
    • Operating expenses for the third quarter of 2021 were $45.8 million, compared to $30.7 million in the third quarter of 2020, driven by expenses required to scale the company's business, advance its internal drug discovery programs and continue to build a public company infrastructure.
    • Other expense, which included changes in fair value of equity investments and interest income, was $0.3 million in the third quarter of 2021 compared to income of $18.7 million for the third quarter of 2020 due to adjustments to the fair value of the company's equity investments.
    • Net loss, after adjusting for non-controlling interest, was $35.0 million for the third quarter of 2021, compared to net income of $3.9 million for the third quarter of 2020, driven by adjustments to the fair value of the company's equity investments as well as planned investments to advance the company's growth strategy.
    • Cash, cash equivalents, restricted cash and marketable securities as of September 30, 2021, were $600.2 million, compared to $616.6 million as of June 30, 2021.

    Full-Year 2021 Financial Outlook

    As of November 10, 2021, Schrödinger expects total revenue to range from $124 million to $134 million for the fiscal year ending December 31, 2021. The company is maintaining its full-year software revenue expectation of $102 million to $110 million. The company is adjusting its full-year drug discovery revenue expectation to a range of $22 million to $24 million, updated from a previous expectation of $22 million to $32 million, primarily due to the timing of anticipated milestones from collaborators.

    Schrödinger continues to aggressively fund R&D to advance its technology and drug discovery pipeline. The company continues to expect operating expense growth to be higher than the 42 percent annual growth rate reported in 2020 and expects software gross margin to be lower than the 81 percent reported in 2020.

    Webcast and Conference Call Information

    Schrödinger will host a conference call to discuss its third quarter financial results on Wednesday, November 10, 2021, at 4:30 p.m. ET. The conference call can be accessed live by dialing (833) 727-9520 (domestic) or +1 (830) 213-7697 (international) and referring to conference ID 2484045. The webcast can also be accessed under "News & Events" in the investors section of Schrödinger's website, https://ir.schrodinger.com/news-and-events/event-calendar. The archived webcast will be available on Schrödinger's website for approximately 90 days following the event.

    About Schrödinger

    Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger's multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

    Founded in 1990, Schrödinger has over 500 employees and is engaged with customers and collaborators in more than 70 countries. To learn more visit www.schrodinger.com and follow us on LinkedIn and Twitter.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 including, but not limited to those regarding Schrödinger's expectations about the speed and capacity of its computational platform, the company's financial outlook for the fiscal year ending December 31, 2021, the company's plans to continue to invest in research and its strategic plans to accelerate the growth of its software business and advance its collaborative and internal drug discovery programs, the potential to accelerate and optimize the company's WEE1 program through its research collaboration with MD Anderson, the clinical potential and favorable properties of the company's CDC7, MALT1 and WEE1 inhibitors, the timing of potential IND submissions for its internal drug discovery programs, the ability to realize potential milestones, royalties or other payments under its collaborations, including with BMS and Orexia Therapeutics, as well as the company's expectations related to the use of its cash, cash equivalents and marketable securities. Statements including words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would" and statements in the future tense are forward-looking statements. These forward-looking statements reflect Schrödinger's current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the company and on assumptions the company has made. Actual results may differ materially from those described in these forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and important factors that are beyond Schrödinger's control, including the demand for its software solutions, the ability to further develop its computational platform, the reliance upon third-party providers of cloud-based infrastructure to host its software solutions, the reliance upon its third-party drug discovery and research collaborators, the uncertainties inherent in drug development and commercialization, such as the conduct of research activities and the timing of and its ability to initiate and complete preclinical studies and clinical trials, whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials, uncertainties associated with the regulatory review of IND submissions, clinical trials and applications for marketing approvals, the ability to retain and hire key personnel and the direct and indirect impacts of the ongoing COVID-19 pandemic on its business and other risks detailed under the caption "Risk Factors" and elsewhere in the company's Securities and Exchange Commission filings and reports, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed with the Securities and Exchange Commission on November 10, 2021, as well as future filings and reports by Schrödinger. Any forward-looking statements contained in this press release speak only as of the date hereof. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, changes in expectations or otherwise.

    Condensed Consolidated Statements of Operations (Unaudited)

     

    (in thousands, except for share and per share amounts)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

    September 30,

     

     

    Nine Months Ended

    September 30,

     

     

     

    2021

     

     

    2020

     

     

    2021

     

     

    2020

     

    Revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Software products and services

     

    $

    24,280

     

     

    $

    22,861

     

     

    $

    74,672

     

     

    $

    67,573

     

    Drug discovery

     

     

    5,570

     

     

     

    2,936

     

     

     

    17,089

     

     

     

    7,490

     

    Total revenues

     

     

    29,850

     

     

     

    25,797

     

     

     

    91,761

     

     

     

    75,063

     

    Cost of revenues:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Software products and services

     

     

    6,611

     

     

     

    4,334

     

     

     

    18,158

     

     

     

    12,197

     

    Drug discovery

     

     

    12,124

     

     

     

    6,191

     

     

     

    34,344

     

     

     

    18,386

     

    Total cost of revenues

     

     

    18,735

     

     

     

    10,525

     

     

     

    52,502

     

     

     

    30,583

     

    Gross profit

     

     

    11,115

     

     

     

    15,272

     

     

     

    39,259

     

     

     

    44,480

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Research and development

     

     

    23,219

     

     

     

    17,019

     

     

     

    65,759

     

     

     

    47,376

     

    Sales and marketing

     

     

    5,556

     

     

     

    3,969

     

     

     

    16,175

     

     

     

    13,120

     

    General and administrative

     

     

    17,014

     

     

     

    9,729

     

     

     

    46,253

     

     

     

    28,316

     

    Total operating expenses

     

     

    45,789

     

     

     

    30,717

     

     

     

    128,187

     

     

     

    88,812

     

    Loss from operations

     

     

    (34,674

    )

     

     

    (15,445

    )

     

     

    (88,928

    )

     

     

    (44,332

    )

    Other (expense) income:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) gain on equity investments

     

     

     

     

     

     

     

     

    (1,781

    )

     

     

    4,156

     

    Change in fair value

     

     

    (627

    )

     

     

    18,233

     

     

     

    19,279

     

     

     

    23,513

     

    Interest income

     

     

    286

     

     

     

    463

     

     

     

    1,063

     

     

     

    1,732

     

    Total other (expense) income

     

     

    (341

    )

     

     

    18,696

     

     

     

    18,561

     

     

     

    29,401

     

    (Loss) income before income taxes

     

     

    (35,015

    )

     

     

    3,251

     

     

     

    (70,367

    )

     

     

    (14,931

    )

    Income tax (benefit) expense

     

     

    (4

    )

     

     

    (35

    )

     

     

    137

     

     

     

    120

     

    Net (loss) income

     

     

    (35,011

    )

     

     

    3,286

     

     

     

    (70,504

    )

     

     

    (15,051

    )

    Net loss attributable to noncontrolling interest

     

     

    (4

    )

     

     

    (566

    )

     

     

    (824

    )

     

     

    (1,727

    )

    Net (loss) income attributable to Schrödinger common and

    limited common stockholders

     

    $

    (35,007

    )

     

    $

    3,852

     

     

    $

    (69,680

    )

     

    $

    (13,324

    )

    Net (loss) income per share attributable to Schrödinger

    common and limited common stockholders, basic:

     

    $

    (0.49

    )

     

    $

    0.06

     

     

    $

    (0.99

    )

     

    $

    (0.23

    )

    Weighted average shares used to compute net (loss) income

    per share attributable to Schrödinger common and

    limited common stockholders, basic:

     

     

    70,784,184

     

     

     

    66,339,570

     

     

     

    70,481,901

     

     

     

    56,802,567

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income per share attributable to Schrödinger

    common and limited common stockholders, diluted:

     

    $

    (0.49

    )

     

    $

    0.05

     

     

    $

    (0.99

    )

     

    $

    (0.23

    )

    Weighted average shares used to compute net (loss) income

    per share attributable to Schrödinger common and

    limited common stockholders, diluted:

     

     

    70,784,184

     

     

     

    72,693,173

     

     

     

    70,481,901

     

     

     

    56,802,567

     

     

    Condensed Consolidated Balance Sheets (Unaudited)

     

    (in thousands, except for share and per share amounts)

     

     

     

     

     

     

     

     

     

     

    Assets

     

    September 30, 2021

     

     

    December 31, 2020

     

    Current assets:

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    160,879

     

     

    $

    202,296

     

    Restricted cash

     

     

    3,000

     

     

     

    500

     

    Marketable securities

     

     

    436,307

     

     

     

    440,395

     

    Accounts receivable, net of allowance for doubtful accounts of $108 and $60

     

     

    11,352

     

     

     

    31,423

     

    Unbilled and other receivables, net for allowance for unbilled receivables of $20 and $0

     

     

    4,978

     

     

     

    3,955

     

    Prepaid expenses

     

     

    5,509

     

     

     

    4,409

     

    Total current assets

     

     

    622,025

     

     

     

    682,978

     

    Property and equipment, net

     

     

    9,074

     

     

     

    5,140

     

    Equity investments

     

     

    51,087

     

     

     

    45,664

     

    Right of use assets

     

     

    76,459

     

     

     

    10,129

     

    Other assets

     

     

    3,972

     

     

     

    2,352

     

    Total assets

     

    $

    762,617

     

     

    $

    746,263

     

    Liabilities and Stockholders' Equity

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    8,228

     

     

    $

    8,398

     

    Accrued payroll, taxes, and benefits

     

     

    14,010

     

     

     

    12,000

     

    Deferred revenue

     

     

    43,874

     

     

     

    45,403

     

    Lease liabilities

     

     

    1,978

     

     

     

    4,543

     

    Other accrued liabilities

     

     

    4,826

     

     

     

    2,861

     

    Total current liabilities

     

     

    72,916

     

     

     

    73,205

     

    Deferred revenue, long-term

     

     

    32,444

     

     

     

    41,164

     

    Lease liabilities, long-term

     

     

    77,135

     

     

     

    7,221

     

    Other liabilities, long-term

     

     

    300

     

     

     

    654

     

    Total liabilities

     

     

    182,795

     

     

     

    122,244

     

    Commitments and contingencies

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

     

     

    Preferred stock, $0.01 par value. Authorized 10,000,000 shares; zero shares issued and

    outstanding at September 30, 2021 and December 31, 2020, respectively

     

     

     

     

     

     

    Common stock, $0.01 par value. Authorized 500,000,000 shares; 61,703,441 and 60,713,534

    shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

     

     

    617

     

     

     

    607

     

    Limited common stock, $0.01 par value. Authorized 100,000,000 shares; 9,164,193 shares

    issued and outstanding at September 30, 2021 and December 31, 2020, respectively

     

     

    92

     

     

     

    92

     

    Additional paid-in capital

     

     

    778,292

     

     

     

    752,558

     

    Accumulated deficit

     

     

    (199,239

    )

     

     

    (129,559

    )

    Accumulated other comprehensive income

     

     

    44

     

     

     

    317

     

    Total stockholders' equity of Schrödinger stockholders

     

     

    579,806

     

     

     

    624,015

     

    Noncontrolling interest

     

     

    16

     

     

     

    4

     

    Total stockholders' equity

     

     

    579,822

     

     

     

    624,019

     

    Total liabilities and stockholders' equity

    $

    762,617

     

    $

    746,263

    Condensed Consolidated Statements of Cash Flows (Unaudited)

     

    (in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

    Nine Months Ended September 30,

     

     

     

    2021

     

     

    2020

     

    Cash flows from operating activities:

     

     

     

     

     

     

     

     

    Net loss

     

    $

    (70,504

    )

     

    $

    (15,051

    )

    Adjustments to reconcile net loss to net cash used in

     

     

     

     

     

     

     

     

    operating activities:

     

     

     

     

     

     

     

     

    Loss (gain) on equity investments

     

     

    1,781

     

     

     

    (4,156

    )

    Noncash revenue from equity investments

     

     

    (59

    )

     

     

    (342

    )

    Fair value adjustments

     

     

    (19,279

    )

     

     

    (23,513

    )

    Depreciation

     

     

    2,195

     

     

     

    2,648

     

    Stock-based compensation

     

     

    19,034

     

     

     

    7,542

     

    Noncash research and development expenses

     

     

    811

     

     

     

    1,694

     

    Noncash investment accretion

     

     

    4,736

     

     

     

    359

     

    Loss on disposal of property and equipment

     

     

    140

     

     

     

     

    Decrease (increase) in assets:

     

     

     

     

     

     

     

     

    Accounts receivable, net

     

     

    20,071

     

     

     

    6,386

     

    Unbilled and other receivables

     

     

    (1,358

    )

     

     

    2,580

     

    Reduction in the carrying amount of right of use assets

     

     

    4,724

     

     

     

    3,957

     

    Prepaid expenses and other assets

     

     

    (2,720

    )

     

     

    290

     

    (Decrease) increase in liabilities:

     

     

     

     

     

     

     

     

    Accounts payable

     

     

    (229

    )

     

     

    1,254

     

    Accrued payroll, taxes, and benefits

     

     

    2,010

     

     

     

    668

     

    Deferred revenue

     

     

    (10,190

    )

     

     

    (5,258

    )

    Lease liabilities

     

     

    (3,705

    )

     

     

    (3,997

    )

    Other accrued liabilities

     

     

    1,611

     

     

     

    (1,922

    )

    Net cash used in operating activities

     

     

    (50,931

    )

     

     

    (26,861

    )

    Cash flows from investing activities:

     

     

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (6,210

    )

     

     

    (1,652

    )

    Purchases of equity investments

     

     

    (3,700

    )

     

     

    (2,869

    )

    Distribution from equity investment

     

     

    375

     

     

     

    4,582

     

    Proceeds from sale of equity investments

     

     

    15,735

     

     

     

     

    Purchases of marketable securities

     

     

    (340,509

    )

     

     

    (446,816

    )

    Proceeds from maturity of marketable securities

     

     

    339,588

     

     

     

    118,272

     

    Net cash provided by (used in) investing activities

     

     

    5,279

     

     

     

    (328,483

    )

    Cash flows from financing activities:

     

     

     

     

     

     

     

     

    Issuances of common stock upon initial public offering, net

     

     

     

     

     

    211,491

     

    Issuances of common stock upon follow-on public offering, net

     

     

     

     

     

    325,610

     

    Issuances of common stock upon stock option exercises

     

     

    6,710

     

     

     

    2,747

     

    Contribution by noncontrolling interest

     

     

    25

     

     

     

     

    Net cash provided by financing activities

     

     

    6,735

     

     

     

    539,848

     

    Net (decrease) increase in cash and cash equivalents and restricted cash

     

     

    (38,917

    )

     

     

    184,504

     

    Cash and cash equivalents and restricted cash, beginning of period

     

     

    202,796

     

     

     

    26,486

     

    Cash and cash equivalents and restricted cash, end of period

     

    $

    163,879

     

     

    $

    210,990

     

     

     

     

     

     

     

     

     

     

    Supplemental disclosure of cash flow and noncash information

     

     

     

     

     

     

     

     

    Cash paid for income taxes

     

    $

    236

     

     

    $

    225

     

    Supplemental disclosure of non-cash investing and financing activities

     

     

     

     

     

     

     

     

    Accrued deferred offering costs

     

     

     

     

     

    10

     

    Purchases of property and equipment in accounts payable

     

     

    59

     

     

     

    24

     

    Acquisitions of right of use assets in exchange for lease obligations

     

     

    71,054

     

     

     

    1,778

     

    Reclassification of deferred financing costs to additional paid in capital

     

     

     

     

     

    1,858

     

     

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