Schrödinger: Schrödinger 3Q26 Supplemental Slides

October 2026

• $44.7M ACV (+17%)

  • +24% excluding contribution ACV

• Total revenue: $64.5M (+19%)

• Hosted revenue $17.2M, 32% of software revenue on a trailing four-quarter basis

  2026 Guidance Update

• Increased 2026 ACV and drug discovery revenue guidance:

  - ACV: $222-$232M (+12-17%)

  • Drug discovery revenue: $75-$85M

• Operating expenses expected to be lower than 2025

• Bunsen early access program ongoing

• Co-founded Tectora Therapeutics

  • Raised $55M Series A with New Enterprise Associates (NEA) and RA Capital

  • Anchored by two immunology and inflammation programs originated by Schrödinger

• Updated SGR-1505 data accepted for oral presentation at ASH1 Annual Meeting in December

• Nature paper published on battery research funded by Gates Ventures

• Collaborators advancing co-discovered molecules

  • Zasocitinib (Takeda) NDA accepted by the FDA under Priority Review

  • Initial patient dosing in MAD portion of Phase 1/2a trial of ACCG-2671 (Structure Therapeutics)

    1ASH: American Society of Hematology 3

    Multi-Pronged Business Enabled by Highly Differentiated Computational Platform

    SOFTWARE LICENSING THERAPEUTICS PORTFOLIO

    • Accelerating molecular design for Life Sciences and Materials Science global customers

    • R&D efficiency increasing by embracing our predict-first approach

    • $214M ACV on a trailing four-quarter basis

• Full-scale application of predict-first approach producing highly differentiated molecules across proprietary and collaborative portfolio

• Extensive track record of co-inventing development candidates resulting in high value portfolio of milestones and royalties

COMPUTATIONAL PLATFORM

Integrating physics, AI, and scalable data infrastructure to accelerate molecular discovery

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If all properties can be calculated with perfect accuracy, designing drugs/materials would have a much higher success rate, be much faster and cheaper, and would produce much higher-quality molecules.

Physics-powered AI

Select THE best molecule

Life Sciences

All synthesizable molecules

("infinite")

• Potency

• Selectivity

• Solubility

• Bioavailability

• Clearance / Half-life

• Permeability

• Drug-Drug Interactions

• Synthesizability

  Materials Science

  • Reactivity

  • Selectivity

  • Solubility

  • Sustainability

• Redox

• Kinetics

• Stability

• Synthesizability

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Highly sophisticated AI applications rely on simulated data

Autonomous Vehicles

AI models in molecular discovery require massive training sets

Physics provides ground truth for AI models in molecular discovery

Weather Prediction Chip Design Aircraft Design

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What It Is

Agentic AI Co-Scientist that helps understand, plan, execute, and interpret complex computational workflows

Optimized to the Entire Platform

Executes Schrödinger's validated computational methods in small molecule and biologic drug discovery, materials science

Analyze the protein-protein interface between my antibody and antigen

Value Capture Strategy

Throughput-based licensing captures incremental value as platform usage scales

Early Customer Adoption

BMS agreement significantly expands platform application within the research organization; multiple other customer evaluations ongoing

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Organic Electronics

Polymeric Materials

Consumer Packaged Goods

Catalysis & Reactive Systems

Semiconductors

Energy Capture & Storage

Complex Formulations

Alloys, Metals & Ceramics

Tailored solutions designed to reduce cost, risk, and shorten timelines

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• Up to 40% of lithium ions travel in clusters rather than alone

• Lithium ion clusters govern the formation of the anode protective layer

• Validated computational predictions with physical laboratory experiments

  Implications

• Illustrates machine learning force fields can accelerate discovery throughout materials science

• Paves the way for the computational design of

higher-capacity, faster-charging and longer-lasting batteries

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Three Months Ended September 30

as of 9/30/26 as of 12/31/25

*Primarily due to the completion of initial grant funding related to the company's predictive toxicology initiative. 10

$12.0M

$15.1M

$17.2M

1Q26

2Q26

3Q26

Quarterly Hosted Revenue ($M)

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• ACV now expected to be in the range of $222 -

  $232M, representing 12-17% growth over 2025

• Drug discovery revenue now expected to be in the range of $75 - $85M

• Operating expenses less than 2025

  2028 Financial Objectives

• Durable ACV growth of 10-15% annually

• Substantially complete transition to hosted software as revenue converges with ACV

• Return gross margin to high 70s

• Drug discovery revenue of $50 million annually, with potential variability each year due to

  2026 ACV

  $222 -

  $232M

Guidance

2026 Drug Discovery

Revenue Guidance

collaboration and milestone-driven nature of business

1See Appendix for Non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures. 12

Therapeutics Strategy: Over $750M Cash Realized to Date

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Co-invented Drugs & Schrödinger Co-Founded Companies

Gilead Acquires

Nimbus ACC Inhibitor

$1.2B

April 2016*

Lilly Acquires

Petra Pharma

May 2020

Relay Therapeutics

Successful IPO

July 2020

Takeda Acquires

Nimbus TYK2 Inhibitor

$6.0B

December 2022*

Structure Therapeutics

Successful IPO

February 2023

Lilly Acquires

Morphic Holding

$3.2B

July 2024*

Lilly Acquires

Ajax Therapeutics

$2.3B

April 2026*

Tectora Therapeutics

Co-Founded with NEA and RA Capital

September 2026*

*Announcement date; amounts reflect total announced consideration, inclusive of upfront payments, potential milestones, and earnout components. 14

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1Morphic and Ajax acquired by Lilly, Nimbus TYK2 program (zasocitinib) acquired by Takeda. 2Non-proprietary name (NPP): zasocitinib (TAK-279). 3NPP: aleniglipron (GSBR-1290). 4NPP: MORF-057. 5NPP: ACCG-2671. 6NPP: AJ1-11095. 7Schrödinger is eligible to receive future cash distributions from potential milestone payments made to Nimbus upon achievement of certain specified sales milestones. 8LSD = Low-double digit. Excludes undisclosed collaborations.

1Ajax acquired by Lilly. 2SD = Single digit; MSD = Mid-single digit; LDD = Low-double digit; LSD = Low-single digit. Excludes undisclosed collaborations. 16

October 2026

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Annual Contract Value (ACV). Schrödinger tracks the ACV for each customer. With respect to contracts that have a duration of one year or less, or contracts of more than one year in duration that are billed annually, ACV is defined as the contract value billed during the applicable period. For contracts with a duration of more than one year that are billed upfront, ACV in each period represents the total billed contract value divided by the term. We present ACV as a supplemental operating metric because it provides a consistent measure of the underlying performance of our software business that is not affected by differences in revenue recognition timing across contract types, delivery models, or billing structures. ACV should be viewed independently of revenue and does not represent revenue calculated in accordance with GAAP on an annualized basis, as it is an operating metric that can be impacted by contract execution start and end dates and renewal rates. ACV is not intended to be a replacement for, or forecast of, revenue.

ACV by Cohorts. Schrödinger tracks ACV by certain industries and customer cohorts. These cohorts include: Industry cohorts:

• Top 20 pharma. This cohort consists of the top 20 pharmaceutical companies, as measured by their 2024 revenue, which purchase our computational software solutions for drug discovery.

• Rest of life sciences. This cohort includes customers purchasing our computational software solutions for drug discovery, excluding the top 20 pharma cohort.

• Materials science. This cohort includes customers purchasing our computational software solutions for materials design.

• Contribution. This cohort includes customers from which Schrödinger derives contribution revenue, which for the fiscal years ended December 31, 2025 and 2024, consisted solely of Gates Ventures, LLC and the Bill & Melinda Gates Foundation. Schrödinger presents this ACV separately because it relates to grant agreements accounted for as non-exchange contributions, rather than commercial software contracts.

  Customer cohorts:

• Commercial. This cohort includes all of Schrödinger's customers purchasing our computational software solutions for commercial use, excluding government and academic institutions and customers from which Schrödinger'derives contribution revenue.

• Government and academic. This cohort includes U.S. federal, state, local and international government entities, as well as universities, medical centers, and non-profit research institutions.

• Contribution. This cohort includes customers from which Schrödinger'derives contribution revenue, which for the fiscal years ended December 31, 2025 and 2024, consisted solely of Gates Ventures, LLC and the Gates Foundation. Schrödinger presents this ACV separately because it relates to

grant agreements

accounted for as non-exchange contributions, rather than commercial software contracts.

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Ongoing programs eligible for royalties. Schrödinger tracks the aggregate number of collaborative and partnered programs for which the company is eligible to receive any amount of future royalties on sales, if any.

Numbers of collaborators since 2018. Schrödinger tracks the aggregate number of collaborators that the company has collaborated with, or partnered with, for drug discovery and drug development since 2018. The number of collaborators presented is a cumulative number and the company only includes those collaborations from which the company has derived revenue since January 1, 2018.

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