Achieved Fourth Quarter Software Revenue of
$68.7 Million, a 44% Increase Over Fourth Quarter 2022
Delivered 20% Annual Total Revenue Growth, with
Total Revenue of $216.7 Million
Expects Software Revenue Growth of 6% to 13% in
2024
Schr�dinger, Inc. (Nasdaq: SDGR), whose physics-based
computational platform is transforming the way therapeutics and
materials are discovered, today announced financial results for the
fourth quarter and full-year ended December 31, 2023, and provided
its financial outlook for 2024.
“I am very pleased with the progress we made in 2023, delivering
20 percent total revenue growth and reporting our largest quarter
for software revenue in our history. We also advanced our pipeline
of collaborative and proprietary programs and were pleased to see
companies we co-founded achieve significant corporate and
development milestones, further validating our platform,” said Ramy
Farid, Ph.D., chief executive officer of Schr�dinger. “Looking
ahead, we are continuing to focus on investing in the science that
underlies our platform, increasing customer adoption, and advancing
our proprietary pipeline, which now includes two clinical-stage
programs. We expect data readouts from our first two patient
studies in late 2024 or 2025 and are on track to progress a third
program to the clinic this year.”
Fourth Quarter 2023 Financial Results
- Total revenue for the fourth quarter increased 30.4% to $74.1
million, compared to $56.8 million in the fourth quarter of
2022.
- Software revenue for the fourth quarter increased 43.6% to
$68.7 million, compared to $47.8 million in the fourth quarter of
2022. Multi-year agreements contributed significantly to revenue in
the quarter with additional contribution from larger renewals of
annual contracts among existing customers.
- Drug discovery revenue was $5.5 million for the fourth quarter,
compared to $9.0 million in the fourth quarter of 2022. The
decrease reflects collaboration milestones that favorably impacted
the fourth quarter of 2022.
- Software gross margin increased to 87% for the fourth quarter,
compared to 83% in the fourth quarter of 2022.
- Operating expenses were $87.2 million for the fourth quarter,
compared to $67.2 million for the fourth quarter of 2022.
- Other expense, which includes changes in fair value of equity
investments and interest income/expense, was $1.9 million for the
fourth quarter, compared to other income of $1.2 million for the
fourth quarter of 2022.
- Net loss for the fourth quarter was $30.7 million, compared to
$27.2 million in the fourth quarter of 2022.
Three Months Ended
December 31,
2023
2022
% Change
(in millions)
Total revenue
$
74.1
$
56.8
30.4
%
Software revenue
68.7
47.8
43.6
%
Drug discovery revenue
5.5
9.0
(39.4
)%
Software gross margin
87
%
83
%
Operating expenses
$
87.2
$
67.2
29.6
%
Other (expense) income
$
(1.9
)
$
1.2
(258.4
)%
Net loss
$
(30.7
)
$
(27.2
)
12.7
%
Full Year 2023 Financial Results
- Total revenue for the full year increased 19.7% to $216.7
million, compared to $181.0 million for 2022.
- Software revenue for the full year increased 17.4% to $159.1
million, compared to $135.6 million for 2022. Multi-year agreements
contributed significantly to revenue growth with additional
contribution from larger renewals of annual contracts among
existing customers.
- Drug discovery revenue for the full year was $57.5 million
compared to $45.4 million for 2022. The first quarter of 2023
included a $25.0 million milestone from BMS.
- Software gross margin was 81% for the full year, compared to
78% for 2022.
- Operating expenses were $318.1 million for the full year,
compared to $247.8 million for 2022, primarily due to higher
research and development expense.
- Other income, which includes gains/loss on equity investments,
changes in fair value of such investments and interest
income/expense, was $220.4 million for the full year, compared to
other expense of $2.3 million for 2022.
- Net income for the full year was $40.7 million, compared to a
loss of $149.2 million for 2022.
- At December 31, 2023, Schr�dinger had cash, cash equivalents,
restricted cash and marketable securities of approximately $468.8
million, compared to approximately $502.5 million at September 30,
2023 and $456.3 million at December 31, 2022. In the first half of
2023, Schr�dinger received $147.2 million in cash distributions
from Nimbus Therapeutics in connection with Takeda’s acquisition of
Nimbus Lakshmi, Inc., a wholly-owned subsidiary of Nimbus, and its
tyrosine kinase 2 inhibitor.
Twelve Months Ended
December 31,
2023
2022
% Change
(in millions)
Total revenue
$
216.7
$
181.0
19.7
%
Software revenue
159.1
135.6
17.4
%
Drug discovery revenue
57.5
45.4
26.8
%
Software gross margin
81
%
78
%
Operating expenses
$
318.1
$
247.8
28.4
%
Other income (expense)
$
220.4
$
(2.3
)
(9,643.8
)%
Net income (loss)
$
40.7
$
(149.2
)
(127.3
)%
For the three and twelve months ended December 31, 2023,
Schr�dinger reported a net loss of $30.7 million and net income of
$40.7 million, respectively, compared to net losses of $27.2
million and $149.2 million for the three and twelve months ended
December 31, 2022, respectively.
For the three and twelve months ended December 31, 2023,
Schr�dinger reported non-GAAP net losses of $23.0 million and
$157.8 million, respectively, compared to non-GAAP net losses of
$25.9 million and $142.9 million for the three and twelve months
ended December 31, 2022, respectively. See “Non-GAAP Information”
below and the table at the end of this press release for a
reconciliation of non-GAAP net income (loss) to GAAP net income
(loss).
Full Year 2023 Key Performance Indicators (KPIs)
Schr�dinger today reported 2023 key performance indicators for
both the software and drug discovery components of its
business.
Software. Total annual contract value (ACV) increased
9.7% to $154.2 million, and the ACV of Top 10 customers also
increased 9.7% to $51.0 million. The number of customers with an
ACV of at least $1 million increased to 27 from 18, and the number
of customers with an ACV of at least $5 million was unchanged at
four. Schr�dinger’s customer retention rate among customers with an
ACV of at least $500,000 was 98% and the number of such customers
increased from 52 to 54.
Drug discovery. Schr�dinger ended 2023 with 12 ongoing
programs eligible for royalties, compared to 15 the previous year.
For the year ended December 31, 2023, the number of collaborators
since 2018 was unchanged at 17.
Software KPI
2023
2022
Total annual contract value (ACV)
$154.2 million
$140.6 million
ACV of Top 10 customers
$51.0 million
$46.5 million
Number of customers with at least $5M in
ACV
4
4
Number of customers with at least $1M in
ACV
27
18
Number of customers with at least $500,000
in ACV
54
52
Number of customers with at least $100,000
in ACV
222
227
Customer retention rate with at least
$500,000 in ACV
98%
100%
Customer retention with at least $100,000
ACV
92%
96%
Number of active customers with ACV of at
least $1,000
1,785
1,748
Drug Discovery KPI
2023
2022
Ongoing programs eligible for
royalties
12
15
Number of collaborators since 2018
17
17
For additional information about the company’s KPIs, see
“Operating Metrics” below.
2024 Financial Outlook
As of February 28, 2024, Schr�dinger provided the following
expectations for the fiscal year ending December 31, 2024:
- Software revenue growth is expected to range from 6% to
13%.
- Drug discovery revenue is expected to range from $30 million to
$35 million.
- Software gross margin is expected to be similar to software
gross margin for the full year 2023.
- Operating expense growth in 2024 is expected to range from 8%
to 12%.
- Cash used for operating activities in 2024 is expected to be
above cash used for operating activities in 2023.
For the first quarter of 2024, software revenue is expected to
range from $33 million to $35 million.
“We had a very strong year in 2023, with significant growth in
our software and drug discovery revenue and substantial progress in
our proprietary pipeline and at our co-founded companies. In 2023
we benefited from the renewal of large contracts with long-term
software customers, as well as a significant increase in the number
of customers with annual contract values over $1 million,” stated
Geoff Porges, MBBS, chief financial officer of Schr�dinger. “We see
many opportunities to drive continuing software revenue growth in
2024 and beyond, and are very excited by the value we are building
in our proprietary portfolio, and in our ventures and
partnerships.”
Key Highlights
Platform
- In February, Schr�dinger scientists published commentary in
Cell describing how free energy perturbation (FEP+) can be used to
validate and optimize ML-predicted structures, increasing the
number of targets that can be evaluated and enabling computational
drug design against an increasing number of targets and off-targets
such as hERG.
- In December, Schr�dinger scientists co-authored a paper
describing the application of induced-fit docking and FEP+ to
significantly improve the utility of predicted structures of
certain GPCRs. GPCRs are an important class of drug targets;
however, obtaining experimental GPCR structures has been
historically challenging. This research demonstrates the potential
to leverage predicted structures, further expanding the domain of
applicability for Schr�dinger’s platform.
- In November, Schr�dinger and AbbVie scientists published a
paper demonstrating that FEP+ can be used to accurately predict the
thermodynamic aqueous solubility of small molecules, a critical
attribute of drug candidates that can impact efficacy and drug
formulation. Schr�dinger’s FEP+ exhibited better correlations to
experimental solubility compared to state-of-the-art machine
learning approaches.
Pipeline
- In December, Schr�dinger presented initial data showing that
its novel MALT1 inhibitor, SGR-1505, was well tolerated in a Phase
1 study of 73 healthy volunteers. No drug-related serious adverse
events or dose limiting toxicities were observed in the study. The
data also confirmed target engagement, with greater than 90 percent
inhibition of IL-2 secretion in activated T cells, a
pharmacodynamic goal of the study. Schr�dinger presented
preclinical data for SGR-1505 at the American Society of Hematology
(ASH) Annual Meeting in December. The data demonstrated that
SGR-1505 has favorable attributes and the potential for combination
activity with standard-of-care agents in B-cell malignancies. The
company also presented preliminary clinical biomarker information
for SGR-1505, showing pharmacodynamic evidence of MALT1 inhibition.
The company continues to advance the Phase 1 dose-escalation study
of SGR-1505 in relapse/refractory B-cell malignancy patients, and
enrollment is ongoing in the U.S. and EU. The company expects to
report initial data from this study in late 2024 or 2025.
- Also at ASH, Schr�dinger presented preclinical data for
SGR-2921, its CDC7 inhibitor, showing the anti-proliferative
effects of SGR-2921 in treatment-resistant acute myeloid leukemia
(AML) patient-derived samples, as well as reduction of blasts in
multiple AML models. A Phase 1 study of SGR-2921 is ongoing in
patients with AML or myelodysplastic syndrome, and the company
expects to report initial data from the study in late 2024 or
2025.
- Schr�dinger continues to progress SGR-3515, its Wee1/Myt1
inhibitor, through IND-enabling activities and expects an IND
submission in the first half of 2024 and start a Phase 1 trial in
the second half of 2024.
- Schr�dinger is advancing its discovery pipeline, including
three recently disclosed novel medicines targeting EGFRC797S,
PRMT5-MTA and NLRP3. The company continues to anticipate submitting
at least one IND in 2025.
Webcast and Conference Call Information
Schr�dinger will host a conference call to discuss its fourth
quarter and full year 2023 financial results on Wednesday, February
28, 2024, at 4:30 p.m. ET. The live webcast can be accessed under
“News & Events” in the investors section of Schr�dinger’s
website,
https://ir.schrodinger.com/events-and-presentations/default.aspx.
To participate in the live call, please register for the call here.
It is recommended that participants register at least 15 minutes in
advance of the call. Once registered, participants will receive the
dial-in information. The archived webcast will be available on
Schr�dinger’s website for approximately 90 days following the
event.
Non-GAAP Information
Included in this press release is certain financial information
that has not been prepared in accordance with generally accepted
accounting principles in the United States (GAAP). The company
presents non-GAAP net income (loss) and non-GAAP net income (loss)
per share, which exclude gains and losses on equity investments,
changes in fair value of equity investments, and income tax
benefits and expenses. Adjusting net income to exclude the impact
of these items results in a financial presentation for the company
without the impact of our equity investments and tax benefits and
expenses. Management believes non-GAAP net income (loss) and
non-GAAP net income (loss) per share are useful measures for
investors, taken in conjunction with the company’s GAAP financial
statements because they provide greater period-over-period
comparability with respect to the company’s operating performance,
by excluding non-cash mark-to-market and other valuation
adjustments for the company’s equity investments, non-recurring
cash distributions from the company’s equity investments and the
tax impact of these distributions that are not reflective of the
ongoing operating performance of the business. However, the
non-GAAP measures should be considered only in addition to, not as
a substitute for or as superior to, net income (loss) and net
income (loss) per share or other financial measures prepared in
accordance with GAAP.
Other companies in Schr�dinger’s industry may calculate non-GAAP
net income (loss) and non-GAAP net income (loss) per share,
differently than we do, limiting their usefulness as comparative
measures. For a reconciliation of non-GAAP net income (loss) and
non-GAAP net income (loss) per share to GAAP net income (loss) and
GAAP net income (loss) per share, respectively, please refer to the
tables at the end of this press release.
About Schr�dinger
Schr�dinger is transforming the way therapeutics and materials
are discovered. Schr�dinger has pioneered a physics-based
computational platform that enables discovery of high-quality,
novel molecules for drug development and materials applications
more rapidly and at lower cost compared to traditional methods. The
software platform is licensed by biopharmaceutical and industrial
companies, academic institutions, and government laboratories
around the world. Schr�dinger’s multidisciplinary drug discovery
team also leverages the software platform to advance a portfolio of
collaborative and proprietary programs to address unmet medical
needs.
Founded in 1990, Schr�dinger has approximately 850 employees and
is engaged with customers and collaborators in more than 70
countries. To learn more, visit www.schrodinger.com, follow us on
LinkedIn and Instagram, or visit our blog, Extrapolations.com.
Operating Metrics
To supplement the financial measures presented in this press
release and related conference call or webcast in accordance with
generally accepted accounting principles in the United States
(GAAP), Schr�dinger also presents certain other performance
metrics, such as annual contract value and customer retention
rate.
Annual Contract Value (ACV). Schr�dinger 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. 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.
Customer Retention for our customers with an ACV of at least
$100,000 or $500,000. Schr�dinger calculates year-over-year
customer retention for its customers in this cohort by starting
with the number of customers it had in the previous fiscal year.
Schr�dinger then calculates how many of these customers were active
customers in the current fiscal year. Schr�dinger then divides this
number by the number of customers with an ACV of at least $100,000
or $500,000, as applicable, that Schr�dinger had in the previous
fiscal year to arrive at the year-over-year customer retention rate
for such customers.
Active Customers. Schr�dinger defines an active customer as a
customer that had an ACV of at least $1,000 in the fiscal year.
Schr�dinger uses $1,000 as a threshold for defining its active
customers as this amount will generally exclude customers that only
license its PyMOL software, which is its open-source molecular
visualization system broadly available at low cost.
Ongoing programs eligible for royalties. Schr�dinger 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. Schr�dinger 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 from since January 1,
2018.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of 1995
including, but not limited to those statements regarding
Schr�dinger’s expectations about the speed and capacity of its
computational platform, its financial outlook for the fiscal year
ending December 31, 2024 and first quarter ending March 31, 2024,
its plans to continue to invest in research and its strategic plans
to accelerate the growth of its software licensing business and
advance its collaborative and proprietary drug discovery programs,
the long-term potential of its business, its ability to improve and
advance the science underlying its platform, the initiation,
timing, progress, and results of its proprietary drug discovery
programs and product candidates and the drug discovery programs and
product candidates of its collaborators, the clinical potential and
favorable properties of its CDC7, MALT1, and Wee1 inhibitors,
including SGR-1505, SGR-2921, and SGR-3515, the clinical potential
and favorable properties of its collaborators’ product candidates,
as well as expectations related to the use of its cash, cash
equivalents and marketable securities. Statements including words
such as “aim,” “anticipate,” “believe,” “contemplate,” “continue,”
“could,” “estimate,” “expect,” “goal,” “intend,” “may,” “might,”
“plan,” “potential,” “predict,” “project,” “should,” “target,”
“will,” “would” and statements in the future tense are
forward-looking statements. These forward-looking statements
reflect Schr�dinger’s current views about its plans, intentions,
expectations, strategies and prospects, which are based on the
information currently available to the company and on assumptions
the company has made. Actual results may differ materially from
those described in these forward-looking statements and are subject
to a variety of assumptions, uncertainties, risks and important
factors that are beyond Schr�dinger’s control, including the demand
for its software platform, its ability to further develop its
computational platform, its reliance upon third-party providers of
cloud-based infrastructure to host its software solutions, factors
adversely affecting the life sciences industry, fluctuations in the
value of the U.S. dollar and foreign currencies, its reliance upon
its third-party drug discovery collaborators, the uncertainties
inherent in drug development and commercialization, such as the
conduct of research activities and the timing of and its ability to
initiate and complete preclinical studies and clinical trials,
whether results from preclinical studies will be predictive of the
results of later preclinical studies and clinical trials,
uncertainties associated with the regulatory review of IND
submissions, clinical trials and applications for marketing
approvals, the ability to retain and hire key personnel and other
risks detailed under the caption “Risk Factors” and elsewhere in
the company’s Securities and Exchange Commission filings and
reports, including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2023, filed with the Securities and
Exchange Commission on February 28, 2024, as well as future filings
and reports by the company. Any forward-looking statements
contained in this press release speak only as of the date hereof.
Except as required by law, Schr�dinger undertakes no duty or
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events,
changes in expectations or otherwise.
Condensed Consolidated
Statements of Operations (Unaudited)
(in thousands, except for share
and per share amounts)
Year Ended December
31,
2023
2022
2021
Revenues:
Software products and services
$
159,124
$
135,578
$
113,236
Drug discovery
57,542
45,377
24,695
Total revenues
216,666
180,955
137,931
Cost of revenues:
Software products and services
29,514
29,576
26,495
Drug discovery
46,460
50,357
45,816
Total cost of revenues
75,974
79,933
72,311
Gross profit
140,692
101,022
65,620
Operating expenses:
Research and development
181,766
126,372
90,904
Sales and marketing
37,226
30,642
22,150
General and administrative
99,148
90,825
64,009
Total operating expenses
318,140
247,839
177,063
Loss from operations
(177,448
)
(146,817
)
(111,443
)
Other income (expense):
Gain (loss) on equity investments
147,213
11,825
(1,781
)
Change in fair value
53,461
(18,084
)
11,359
Other income
19,693
3,950
1,057
Total other income (expense)
220,367
(2,309
)
10,635
Income (loss) before income taxes
42,919
(149,126
)
(100,808
)
Income tax expense
2,199
63
411
Net income (loss)
40,720
(149,189
)
(101,219
)
Net income (loss) attributable to
noncontrolling interest
—
(3
)
(826
)
Net income (loss) attributable to
Schr�dinger common and limited common stockholders
$
40,720
$
(149,186
)
$
(100,393
)
Net income (loss) per share attributable
to Schr�dinger common and limited common stockholders, basic:
$
0.57
$
(2.10
)
$
(1.42
)
Weighted average shares used to compute
net income (loss) per share attributable to Schr�dinger common and
limited common stockholders, basic:
71,776,301
71,173,419
70,594,950
Net income (loss) per share attributable
to Schr�dinger common and limited common stockholders, diluted:
$
0.54
$
(2.10
)
$
(1.42
)
Weighted average shares used to compute
net income (loss) per share attributable to Schr�dinger common and
limited common stockholders, diluted:
74,986,816
71,173,419
70,594,950
Condensed Consolidated Balance
Sheets (Unaudited)
(in thousands, except for share
and per share amounts)
Assets
December 31,
2023
December 31,
2022
Current assets:
Cash and cash equivalents
$
155,315
$
90,474
Restricted cash
5,751
5,243
Marketable securities
307,688
360,613
Accounts receivable, net of allowance for
doubtful accounts of $220 and $125
65,992
55,953
Unbilled and other receivables, net for
allowance for unbilled receivables of $100 and $100
23,124
13,137
Prepaid expenses
9,926
8,569
Total current assets
567,796
533,989
Property and equipment, net
23,325
14,244
Equity investments
83,251
25,683
Goodwill
4,791
4,791
Intangible assets, net
—
587
Right of use assets - operating leases
117,778
105,982
Other assets
6,014
3,311
Total assets
$
802,955
$
688,587
Liabilities and Stockholders’
Equity
Current liabilities:
Accounts payable
$
16,815
$
9,470
Accrued payroll, taxes, and benefits
31,763
24,882
Deferred revenue
56,231
57,931
Lease liabilities - operating leases
16,868
11,006
Other accrued liabilities
11,996
5,510
Total current liabilities
133,673
108,799
Deferred revenue, long-term
9,043
25,598
Lease liabilities - operating leases,
long-term
111,014
105,485
Other liabilities, long-term
667
800
Total liabilities
254,397
240,682
Stockholders’ equity:
Preferred stock, $0.01 par value.
Authorized 10,000,000 shares; zero shares issued and outstanding at
December 31, 2023 and December 31, 2022, respectively
—
—
Common stock, $0.01 par value. Authorized
500,000,000 shares; 62,977,316 and 62,163,739 shares issued and
outstanding at December 31, 2023 and December 31, 2022,
respectively
630
622
Limited common stock, $0.01 par value.
Authorized 100,000,000 shares; 9,164,193 shares issued and
outstanding at December 31, 2023 and December 31, 2022,
respectively
92
92
Additional paid-in capital
885,973
828,700
Accumulated deficit
(338,418
)
(379,138
)
Accumulated other comprehensive loss
281
(2,382
)
Total stockholders’ equity of Schr�dinger
stockholders
548,558
447,894
Noncontrolling interest
—
11
Total stockholders’ equity
548,558
447,905
Total liabilities and stockholders’
equity
$
802,955
$
688,587
Condensed Consolidated
Statements of Cash Flows (Unaudited)
(in thousands)
Year Ended December
31,
2023
2022
2021
Cash flows from operating activities:
Net income (loss)
$
40,720
$
(149,189
)
$
(101,219
)
Adjustments to reconcile net income (loss)
to net cash used in operating activities:
(Gain) loss on equity investments
(147,213
)
(11,825
)
1,781
Noncash revenue from equity
investments
—
—
(107
)
Fair value adjustments
(53,461
)
18,084
(11,359
)
Depreciation and amortization
5,552
4,344
2,847
Stock-based compensation
47,841
39,630
26,490
Noncash research and development
expenses
—
—
811
Noncash investment (accretion)
amortization
(7,761
)
629
5,270
Loss on disposal of property and
equipment
142
19
140
(Increase) decrease in assets, net of
acquisition:
Accounts receivable, net
(10,039
)
(23,697
)
(321
)
Unbilled and other receivables
(9,987
)
(4,253
)
(5,187
)
Reduction in the carrying amount of right
of use assets - operating leases
7,766
7,287
5,799
Prepaid expenses and other assets
(8,462
)
(7,067
)
(1,121
)
Increase (decrease) in liabilities, net of
acquisition:
Accounts payable
7,321
1,179
(411
)
Accrued payroll, taxes, and benefits
6,881
6,477
6,405
Deferred revenue
(18,256
)
(1,903
)
(1,028
)
Lease liabilities - operating leases
(3,694
)
1,900
(2,949
)
Other accrued liabilities
5,917
(1,298
)
3,490
Net cash used in operating activities
(136,733
)
(119,683
)
(70,669
)
Cash flows from investing activities:
Purchases of property and equipment
(13,403
)
(8,014
)
(7,167
)
Purchases of equity investments
(4,125
)
(600
)
(3,700
)
Distribution from equity investment
147,213
11,825
375
Proceeds from sale of equity
investments
—
—
15,735
Acquisition, net of acquired cash
—
(6,427
)
—
Purchases of marketable securities
(320,624
)
(271,472
)
(414,802
)
Proceeds from maturity of marketable
securities
383,973
364,711
392,747
Net cash provided by (used in) investing
activities
193,034
90,023
(16,812
)
Cash flows from financing activities:
Issuances of common stock upon stock
option exercises
9,440
2,110
7,927
Payment of offering costs
(373
)
—
—
Principal payments on finance leases
(19
)
—
—
Contribution by noncontrolling
interest
—
—
25
Net cash provided by financing
activities
9,048
2,110
7,952
Net increase (decrease) in cash and cash
equivalents and restricted cash
65,349
(27,550
)
(79,529
)
Cash and cash equivalents and restricted
cash, beginning of year
95,717
123,267
202,796
Cash and cash equivalents and restricted
cash, end of year
$
161,066
$
95,717
$
123,267
Supplemental disclosure of cash flow
and noncash information
Cash paid for income taxes
$
2,828
$
787
$
448
Supplemental disclosure of non-cash
investing and financing activities
Purchases of property and equipment in
accounts payable
192
169
705
Purchases of property and equipment in
accrued liabilities
457
293
—
Acquisition of right of use assets -
operating leases, contingency resolution
514
1,513
—
Acquisition of right of use assets -
operating leases
15,085
34,763
71,054
Acquisition of lease liabilities -
operating leases
15,085
34,430
71,054
Acquisition of right of use assets in
exchange for lease liabilities - finance leases
279
—
—
Reconciliation of GAAP to
Non-GAAP Financial Measures
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2023
2022
2021
2023
2022
2021
(in thousands, except per share
data)
Net (loss) income (GAAP)
$
(30,670
)
$
(27,207
)
$
(30,713
)
$
40,720
$
(149,186
)
$
(100,393
)
Income tax (benefit) expense
(842
)
(136
)
274
2,199
63
411
Loss (gain) on equity investments
109
—
—
(147,213
)
(11,825
)
(1,781
)
Change in fair value
8,408
1,493
(7,920
)
(53,461
)
18,084
11,359
Non-GAAP net loss
$
(22,995
)
$
(25,850
)
$
(38,359
)
$
(157,755
)
$
(142,864
)
$
(90,404
)
Net (loss) income per share attributable
to Schr�dinger common and limited common stockholders, basic:
$
(0.32
)
$
(0.36
)
$
(0.54
)
$
0.57
$
(2.10
)
$
(1.42
)
Weighted average shares used to compute
net (loss) income per share attributable to Schr�dinger common and
limited common stockholders, basic:
72,062,761
71,270,563
70,930,410
71,776,301
71,173,419
70,594,950
Net (loss) income per share attributable
to Schr�dinger common and limited common stockholders, diluted:
$
(0.32
)
$
(0.36
)
$
(0.54
)
$
0.54
$
(2.10
)
$
(1.42
)
Weighted average shares used to compute
net (loss) income per share attributable to Schr�dinger common and
limited common stockholders, diluted:
72,062,761
71,270,563
70,930,410
74,986,816
71,173,419
70,594,950
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240228496610/en/
Matthew Luchini (Investors) Schr�dinger, Inc.
matthew.luchini@schrodinger.com 917-719-0636
Allie Nicodermo (Media) Schr�dinger, Inc.
allie.nicodermo@schrodinger.com 480-251-3144
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