Business
Schrödinger Reports Second Quarter 2021 Financial Results and Provides Company Update
Second Quarter Total Revenue of $29.8 Million, Up 29 Percent Year-Over-Year; Software Revenue of $24.1 Million, Up 15 Percent Year-Over-Year; Company
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nSecond Quarter Total Revenue of $29.8 Million, Up 29 Percent Year-Over-Year; Software Revenue of $24.1 Million, Up 15 Percent Year-Over-Year; Company Maintains Full-Year 2021 Financial Outlook\n\nNew Drug Discovery, Co-Development and Co-Commercialization Oncology Collaboration with Zai Lab\n\nInternal Pipeline Progressing with Plans to Submit Up to Three Investigational New Drug Applications to the FDA in 2022\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the quarter ended June 30, 2021, and provided an update on the company.\n\n“The second quarter was highly productive for Schrödinger. We continued to make progress on our key strategic priorities, including our investments to advance our internal drug discovery pipeline and drive adoption of our software,” stated Ramy Farid, Ph.D., chief executive officer at Schrödinger. “We announced a collaboration on a new program with Zai Lab, which expands our pipeline and provides the option to co-develop and co-commercialize in collaboration with an established commercial leader in oncology. We look forward to sharing additional updates on our progress throughout the year, and remain committed to making strategic investments in our business to drive long-term growth of the company.”\n\nRecent Business Highlights\n\nContinued pipeline progress\n\n\nDuring the second quarter, Schrödinger continued to advance its MALT1, CDC7 and Wee1 preclinical development programs. The company has initiated IND-enabling studies for its MALT1 program, and CDC7 and Wee1 continue to advance toward IND-enabling studies. Subject to completion of the preclinical data packages, the company expects to submit up to three IND applications in 2022, with the first submission to the FDA expected in the first half of next year. Schrödinger expects to present preclinical data from at least one of its internal programs in the second half of 2021.\n\n\nThe company continued to advance discovery efforts to allow the addition of new programs to the company’s internal pipeline in 2021.\n\n\nCollaborations highlight continued strategic execution\n\n\nIn August, Schrödinger and Zai Lab Limited announced a global discovery, development and commercialization collab...