Business
Schrödinger Reports Strong First Quarter 2023 Financial Results
Delivered First Quarter Total Revenue of $64.8 Million, Driven by Strong Drug Discovery Revenue of $32.6 Million Reports First Subjects Enrolled in Both
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nDelivered First Quarter Total Revenue of $64.8 Million, Driven by Strong Drug Discovery Revenue of $32.6 Million\n\n\nReports First Subjects Enrolled in Both Ongoing Phase 1 Study of MALT1 Inhibitor SGR-1505 and Newly Initiated Phase 1 Study in Healthy Subjects\n\n\nCash Position Significantly Strengthened by $147.3 Million Distribution from Sale of Nimbus’s TYK2 Inhibitor to Takeda\n\n\n NEW YORK--(BUSINESS WIRE)--\nSchrödinger, Inc. (Nasdaq: SDGR), whose physics-based computational platform is transforming the way therapeutics and materials are discovered, today announced financial results for the first quarter ended March 31, 2023.\n\n\n“We are very pleased with our achievements during the first quarter, which included strong contributions from our software business and our drug discovery collaborations,” stated Ramy Farid, Ph.D., chief executive officer of Schrödinger. “We are making excellent progress across our pipeline of proprietary and collaborative programs. We advanced the first program in our collaboration with BMS to development candidate status, and today reported that we have begun enrollment and dosing in both our ongoing Phase 1 study of SGR-1505 in patients with advanced B cell malignancies and our newly-initiated Phase 1 study in healthy volunteers. The transition to being a clinical-stage company represents a significant milestone for Schrödinger and an important step toward delivering our medicines to patients.”\n\n\n“We delivered a very strong quarter, with software and drug discovery making equal contributions to our revenue result, reflecting our balanced business model. We also made substantial progress in both collaborative and proprietary programs and added capital to our balance sheet, and our partners achieved significant corporate and development milestones further validating our platform,” stated Geoff Porges, MBBS, chief financial officer of Schrödinger. “With our highly differentiated technology, our growing pipeline and our strong cash position, we are well positioned to achieve our goals for 2023 and beyond.”\n\n\nFirst Quarter 2023 GAAP Financial Results\n\n\n\nTotal revenue for the first quarter increased 33% to $64.8 million, compared to $48.7 million in the first quarter of 2022.\n\n\n\nSoftware revenue for the first quarter was $32.2 million, compared to $33.1 million in the first quarte...