Business
Schrödinger Reports Second Quarter 2022 Financial Results
Software Revenue of $30.0 Million, a 25 Percent Increase Over Second Quarter of 2021; Total Revenue of $38.5 Million, up 29 Percent Over Second Quarter of
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nSoftware Revenue of $30.0 Million, a 25 Percent Increase Over Second Quarter of 2021; Total Revenue of $38.5 Million, up 29 Percent Over Second Quarter of 2021\n\nCompany Maintains Full-Year 2022 Financial Outlook\n\nPhase 1 Clinical Study of SGR-1505, Schrödinger’s MALT1 Inhibitor, On-Track to Begin in the Fourth Quarter of 2022\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the second quarter of 2022.\n\n“We are very pleased with our performance for the quarter and for the first six months of 2022, with both software and drug discovery revenue contributing to strong growth, and our cash position is strong,” stated Ramy Farid, Ph.D., chief executive officer at Schrödinger. “Additionally, we are seeing continued progress across our collaborative and internal drug discovery pipeline. In the second quarter, our investigational new drug application for our MALT1 inhibitor, SGR-1505, was cleared to proceed to Phase 1 clinical development. We are on track to initiate our Phase 1 study of SGR-1505 in patients with relapsed or refractory B-cell lymphoma in the fourth quarter of 2022.”\n\nSecond Quarter 2022 Financial Highlights\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\n\n \n\n\n\n\nJune 30,\n\n\n\n\n\n \n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n% Change\n\n\n\n\n\n \n\n\n\n\n(in millions)\n\n\n\n\n \n\n\n\n\n\nTotal revenue\n\n\n\n\n$\n\n\n\n38.5\n\n\n\n \n\n\n\n\n$\n\n\n\n29.8\n\n\n\n \n\n\n\n\n29\n\n\n\n%\n\n\n\n\n\nSoftware revenue\n\n\n\n\n \n\n\n\n30.0\n\n\n\n \n\n\n\n\n \n\n\n\n24.1\n\n\n\n \n\n\n\n\n25\n\n\n\n%\n\n\n\n\n\nDrug discovery revenue\n\n\n\n\n \n\n\n\n8.5\n\n\n\n \n\n\n\n\n \n\n\n\n5.7\n\n\n\n \n\n\n\n\n48\n\n\n\n%\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\nGross profit\n\n\n\n\n$\n\n\n\n17.1\n\n\n\n \n\n\n\n\n$\n\n\n\n12.0\n\n\n\n \n\n\n\n\n43\n\n\n\n%\n\n\n\n\n\nSoftware gross margin\n\n\n\n\n \n\n\n\n76\n\n\n\n%\n\n\n\n\n \n\n\n\n77\n\n\n\n%\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n \n\n\n\n\n\nOperating expenses\n\n\n\n\n$\n\n\n\n60.6\n\n\n\n \n\n\n\n\n$\n\n\n\n42.3\n\n\n\n \n\n\n\n\n43\n\n\n\n%\n\n\n\n\n\nOther income (expense)\n\n\n\n\n$\n\n\n\n(4.2\n\n\n\n)\n\n\n\n\n$\n\n\n\n(4.6\n\n\n\n)\n\n\n\n\n \n\n\n\n\n...