Business
Schrödinger Reports Third Quarter 2023 Financial Results
Delivers Third Quarter Total Revenue of $42.6 Million; Maintains Full-Year 2023 Revenue Guidance Continued Progress for SGR-1505, Healthy Volunteer Data
About this update from Schrodinger, Inc.
[{"type":"text","content":"\nDelivers Third Quarter Total Revenue of $42.6 Million; Maintains Full-Year 2023 Revenue Guidance\n\n\nContinued Progress for SGR-1505, Healthy Volunteer Data Expected in Fourth Quarter of 2023\n\n\nPhase 1 Study Initiated for SGR-2921; Discloses PRMT5-MTA Discovery Program\n\n\nBMS Returns Two Programs From Collaboration\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 quarter ended on September 30, 2023.\n\n\n“Schrodinger had an excellent third quarter marked by strong revenue growth and significant pipeline progress. More of our software customers are increasing the scale of their use of our technology, and we remain very confident about the outlook for the full year,” said Ramy Farid, Ph.D., chief executive officer of Schrödinger. “We initiated our Phase 1 clinical study of SGR-2921 and our Phase 1 study of SGR-1505 in healthy volunteers is nearing completion. We look forward to sharing more details about our proprietary programs later this year.”\n\n\nToday, Schrodinger announced that the rights to two related oncology discovery programs would revert to the company, after Bristol Myers Squibb elected not to proceed with further development of these programs for strategic reasons.\n\n\nThird Quarter 2023 GAAP Financial Results\n\n\n\nTotal revenue for the third quarter was $42.6 million compared to $37.0 million in the third quarter of 2022.\n\n\n\nSoftware revenue for the third quarter was $28.9 million compared to $24.7 million in the third quarter of 2022.\n\n\n\nDrug discovery revenue was $13.7 million for the third quarter compared to $12.3 million in the third quarter of 2022.\n\n\n\nSoftware gross margin was 76% for the third quarter compared to 72% in the third quarter of 2022.\n\n\n\nOperating expenses were $79.8 million for the third quarter compared to $63.4 million for the third quarter of 2022.\n\n\n\nOther expense for the third quarter was $8.7 million compared to other income of $6.5 million in the third quarter of 2022, driven by changes in the fair value of equity investments and interest income.\n\n\n\nNet loss for the third quarter was $62.0 million, compared to $39.9 million in the third quarter of 2022.\n\n\n\nAt September 30, 2023, S...