Schrödinger Provides Update on Progress Across the Business and Outlines 2024 Development and Operational Goals

About this update from Schrodinger, Inc.

[{"type":"text","content":"\nAnnounces Expanded Multi-Year Software Agreement with Lilly\n\n\nContinued Focus in 2024 on Advancing Science Underlying Platform, Driving Software Adoption and Progressing Proprietary Pipeline\n\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), Schrödinger (Nasdaq: SDGR), whose physics-based computational platform is transforming the way therapeutics and materials are discovered, today provided an update on its progress across the business and announced its development and operational goals for 2024.\n\n\nToday Schrödinger announced an expanded, three-year, software agreement with Eli Lilly and Company. The three-year agreement builds on the collaboration established in 2022. The agreement provides Lilly with large-scale access to Schrödinger’s full suite of technologies to enable and accelerate all stages of drug discovery, from target enablement and assessment of target druggability to hit discovery and lead optimization activities through development candidate identification. Schrödinger will provide advanced support to ensure full integration and optimization of the platform across Lilly’s research sites.\n\n\n“We made important progress across the business in 2023, working with Lilly and other companies to enable more discovery programs at scale, expanding the capabilities of our platform, and increasing our focus on our proprietary pipeline,1 which now includes two clinical-stage development candidates,” stated Ramy Farid, Ph.D., chief executive officer at Schrödinger. “We see continued opportunities this year to grow our software business, progress a third development candidate into the clinic, and advance our ongoing clinical studies to enable data readouts from our first two patient trials in late 2024 or 2025.”\n\n\n“Our conviction about our own programs is increasing. We continue to be selective about entering new collaborations, and we will allocate more of our drug discovery resources to our proprietary pipeline this year,” stated Geoff Porges, MBBS, chief financial officer of Schrödinger. “We expect our drug discovery revenue in 2024 to be similar to or lower than 2022,2 reflecting these changes in our strategic priorities and the strategic decisions by certain partners to return programs in 2023. We believe our increased focus on our proprietary pipeline creates multiple paths for generating me...

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