Schrödinger, Inc. reports developments tied to its computational platform for molecular discovery, which is licensed to biotechnology, pharmaceutical, industrial and academic customers for drug development and materials design. Company updates commonly cover Software segment performance, hosted and license-server delivery, annual contract value, and the role of software revenue in the business.
News also addresses Schrödinger's Drug Discovery segment, including collaborative and internal programs, together with clinical or regulatory disclosures when applicable. Recurring corporate items include quarterly and annual financial results, investor conference participation, equity inducement grants under Nasdaq Listing Rule 5635(c)(4), shareholder voting matters, governance changes and capital-structure disclosures.
Schrödinger (Nasdaq: SDGR) will host a conference call and webcast on March 4, 2021, at 8:30 a.m. ET to discuss its fourth quarter and year-end 2020 financial results. The event will also provide a general business update. The live webcast can be accessed in the investors section of Schrödinger's website. Founded in 1990, Schrödinger employs over 450 people and utilizes a physics-based software platform to enhance the discovery of therapeutic and material innovations, aiming to accelerate development while lowering costs.
Schrödinger, Inc. (Nasdaq: SDGR) presented promising preclinical data on its MALT1 inhibitor program targeting B-cell lymphomas at the 62nd ASH Annual Meeting. The newly identified MALT1 inhibitors demonstrated strong anti-tumor activity, both alone and in combination with existing therapies like ibrutinib and venetoclax. The company plans to advance this program into IND-enabling studies in the first half of 2021. This research showcases the potential for MALT1 inhibitors to offer alternative treatment options for patients resistant to standard therapies.
Schrödinger, Inc. (Nasdaq: SDGR) has announced a multi-year collaboration with Bristol Myers Squibb (NYSE: BMY) to discover and develop therapeutics across various disease areas. This partnership will leverage Schrödinger's physics-based computational platform along with Bristol Myers Squibb's development expertise. Under the agreement, Bristol Myers Squibb will pay Schrödinger $55 million upfront and potential milestone payments of up to $2.7 billion, plus royalties on net sales of commercialized products. Schrödinger will lead the discovery of development candidates for the collaboration.
Schrödinger, Inc. (Nasdaq: SDGR) reported a 29% revenue increase to $25.8 million for Q3 2020, driven by a 42% rise in software revenue. Drug discovery revenue fell by 24% to $2.9 million. Gross profit rose 43% to $15.3 million, with software gross margin remaining at 81%. Operating expenses rose 40% to $30.7 million, while other income surged to $18.7 million, including an $18 million gain from Relay Therapeutics. Net income reached $3.9 million, reversing a $11.5 million loss from the prior year. The company ended the quarter with $599.5 million in cash, bolstered by $325.6 million from equity financing.
Schrödinger, Inc. (Nasdaq: SDGR) reported Q3 2020 financial results with revenues of $25.8 million, a 29% increase from Q3 2019. Software revenue surged 42% to $22.9 million, while drug discovery revenue decreased 24% to $2.9 million. The gross profit rose to $15.3 million, up 43%, and the company posted a net income of $3.9 million, a significant improvement from a net loss of $11.5 million in the same quarter last year. Schrödinger ended the quarter with $599.5 million in cash and securities, following a $325.6 million equity offering.
Schrödinger, Inc. (Nasdaq: SDGR) will participate in three upcoming virtual investor conferences in November and December 2020. The events include the Jefferies Virtual London Healthcare Conference on November 17 at 12:35 p.m. ET, the 3rd Annual Evercore ISI HealthCONx Conference on December 2 at 3:30 p.m. ET, and the BMO 2020 Growth & ESG Conference on December 8 at 3:00 p.m. ET. Investors can access live webcasts on Schrödinger’s website, with archived replays available for 90 days.
Founded in 1990, Schrödinger leverages a physics-based software platform for rapid drug and materials discovery.