Schrodinger, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Schrodinger, Inc. filed its Q1 2024 10-Q report detailing financial performance and key operational data.</b>

AI Summary

Schrodinger, Inc. (SDGR) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Schrodinger, Inc. reported financial results for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial statement data, including common stock and retained earnings, is presented for various periods. The company operates in the Pharmaceutical Preparations industry (SIC 2834). The filing includes information on customer concentration risk for Customer A and Customer B.

Why It Matters

For investors and stakeholders tracking Schrodinger, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial snapshot of Schrodinger, Inc., crucial for assessing its financial health and operational progress. Understanding the company's financial position, including revenue segments and balance sheet items, is vital for making informed investment decisions regarding SDGR.

Risk Assessment

Risk Level: medium — Schrodinger, Inc. shows moderate risk based on this filing. The filing indicates customer concentration risk, with specific mentions of Customer A and Customer B, which could pose a risk if these customers reduce their business with Schrodinger.

Analyst Insight

Investors should monitor revenue from key customers and assess the company's diversification strategies to mitigate concentration risk.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-01 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Reporting period)
• 2023-01-01 — Prior Year Quarter Start Date (Reporting period)

Key Players & Entities

• Schrodinger, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-01 (date) — Filed as of date
• 0001490978-24-000046 (filing) — Accession number
• 2834 (industry_code) — Standard Industrial Classification
• Customer A (company) — Customer concentration risk
• Customer B (company) — Customer concentration risk

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk due to concentration of its accounts receivable with specific customers, notably Customer A and Customer B.

Key Dates

• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share SDGR The Nasdaq Stock Market

Filing Documents

• sdgr-20240331.htm (10-Q) — 1477KB
• sdgr-20240331x10xqex1035th.htm (EX-10.3) — 24KB
• sdgr-20240331x10qex311.htm (EX-31.1) — 10KB
• sdgr-20240331x10qex312.htm (EX-31.2) — 10KB
• sdgr-20240331x10qex321.htm (EX-32.1) — 4KB
• sdgr-20240331x10qex322.htm (EX-32.2) — 4KB
• 0001490978-24-000046.txt (&nbsp;) — 6762KB
• sdgr-20240331.xsd (EX-101.SCH) — 54KB
• sdgr-20240331_cal.xml (EX-101.CAL) — 60KB
• sdgr-20240331_def.xml (EX-101.DEF) — 289KB
• sdgr-20240331_lab.xml (EX-101.LAB) — 613KB
• sdgr-20240331_pre.xml (EX-101.PRE) — 433KB
• sdgr-20240331_htm.xml (XML) — 698KB

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited ) 7 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2024 and 2023 (Unaudited) 8 Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 9 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 10 Notes to Condensed Consolidated Financial Statements (Unaudited) 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II. OTHER INFORMATION 42 Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 93 Item 3. Defaults Upon Senior Securities 93 Item 4. Mine Safety Disclosures 93 Item 5. Other Information 93 Item 6. Exhibits 94 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, or this Quarterly Report, contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this Quarterly Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "aim," "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "goal," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would" or the negative of these words or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements in this Quarterly Report include, among other things, statements about: the potential advantages of our physics-based computational platform; our strategic plans to accelerate the growth of our software business and acquire new customers; our research and development efforts for our proprietary drug discovery programs and our computational platform; our drug discovery collaborations, including the initiation, timing, progress and results of such collaborations; our estimates or expectations regarding any milestone or other payments we may receive from drug discovery collaborations, including pursuant to our collaborat

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. SCHRDINGER, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except for share and per share amounts) Assets March 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 130,236 $ 155,315 Restricted cash 4,638 5,751 Marketable securities 300,843 307,688 Accounts receivable, net of allowance for doubtful accounts of $ 130 and $ 220 19,839 65,992 Unbilled and other receivables, net for allowance for unbilled receivables of $ 130 and $ 100 25,781 23,124 Prepaid expenses 12,349 9,926 Total current assets 493,686 567,796 Property and equipment, net 26,133 23,325 Equity investments 91,387 83,251 Goodwill 4,791 4,791 Right of use assets - operating leases 118,578 117,778 Other assets 3,187 6,014 Total assets $ 737,762 $ 802,955 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $ 9,974 $ 16,815 Accrued payroll, taxes, and benefits 19,549 31,763 Deferred revenue 49,497 56,231 Lease liabilities - operating leases 16,927 16,868 Other accrued liabilities 10,560 11,996 Total current liabilities 106,507 133,673 Deferred revenue, long-term 8,016 9,043 Lease liabilities - operating leases, long-term 108,988 111,014 Other liabilities, long-term 545 667 Total liabilities 224,056 254,397 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.01 par value. Authorized 10,000,000 shares; zero shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock, $ 0.01 par value. Authorized 500,000,000 shares; 63,472,866 and 62,977,316 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 635 630 Limited common stock, $ 0.01 par value. Authorized 100,000,000 shares; 9,164,193 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 92 92 Additional paid-in capital 906,193 885,973 Accumulated deficit ( 393,142 ) ( 338,418

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View this 10-Q filing on SEC EDGAR