Schrodinger Files 10-Q for Q2 2024

TL;DR

Schrodinger's Q2 10-Q is in, check the financials for software & drug discovery segments.

AI Summary

Schrodinger, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of the year, detailing revenue and expenses related to its software products and services, as well as its drug discovery initiatives. Specific financial figures for these segments were provided for the quarters ending June 30, 2024 and 2023, and for the six-month periods ending June 30, 2024 and 2023.

Why It Matters

This filing provides investors with an update on Schrodinger's financial performance and the operational details of its core business segments, including software and drug discovery.

Risk Assessment

Risk Level: medium — As a company in the pharmaceutical and software sectors, Schrodinger faces inherent risks related to research and development, market adoption, and competition.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-07-31 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Schrodinger, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-07-31 (date) — Filing date of the 10-Q
• 0001490978-24-000072 (other) — Accession number for the filing

FAQ

Key Financial Figures

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

Filing Documents

• sdgr-20240630.htm (10-Q) — 1779KB
• sdgr-20240630xex31restated.htm (EX-3.1) — 113KB
• sdgr-20240630xex101friesne.htm (EX-10.1) — 173KB
• sdgr-2024x0630xex102nyleas.htm (EX-10.2) — 11KB
• sdgr-20240630xex1032022pla.htm (EX-10.3) — 117KB
• sdgr-20240630xex1042020esp.htm (EX-10.4) — 49KB
• sdgr-20240630x10qex311.htm (EX-31.1) — 10KB
• sdgr-20240630x10qex312.htm (EX-31.2) — 10KB
• sdgr-20240630x10qex321.htm (EX-32.1) — 4KB
• sdgr-20240630x10qex322.htm (EX-32.2) — 4KB
• 0001490978-24-000072.txt ( ) — 8092KB
• sdgr-20240630.xsd (EX-101.SCH) — 54KB
• sdgr-20240630_cal.xml (EX-101.CAL) — 62KB
• sdgr-20240630_def.xml (EX-101.DEF) — 280KB
• sdgr-20240630_lab.xml (EX-101.LAB) — 629KB
• sdgr-20240630_pre.xml (EX-101.PRE) — 438KB
• sdgr-20240630_htm.xml (XML) — 905KB

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Operations for the three and si x months ended June 3 0 , 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and six months ended June 3 0 , 2024 and 2023 (Unaudited) 8 Consolidated Statements of Stockholders' Equity for the three and six months ended June 3 0 , 2024 and 2023 (Unaudited) 9 Condensed Consolidated Statements of Cash Flows for the six months ended June 3 0 , 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 42 Item 4.

Controls and Procedures

Controls and Procedures 42 PART II. OTHER INFORMATION 43 Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 94 Item 3. Defaults Upon Senior Securities 94 Item 4. Mine Safety Disclosures 94 Item 5. Other Information 94 Item 6. Exhibits 96 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, including the initiative to expand the application of our platform to predict toxicity associated with binding to off-target proteins; our drug discovery collaborations, including the initiation, timing, progress and results of such collaborations; our estimates or expecta

—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 June 30, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 108,109 $ 155,315 Restricted cash 4,227 5,751 Marketable securities 269,180 307,688 Accounts receivable, net of allowance for doubtful accounts of $ 150 and $ 220 11,849 65,992 Unbilled and other receivables, net for allowance for unbilled receivables of $ 130 and $ 100 40,321 23,124 Prepaid expenses 15,493 9,926 Total current assets 449,179 567,796 Property and equipment, net 25,723 23,325 Equity investments 88,555 83,251 Goodwill 4,791 4,791 Right of use assets - operating leases 116,525 117,778 Other assets 3,598 6,014 Total assets $ 688,371 $ 802,955 Liabilities and Stockholders' Equity: Current liabilities: Accounts payable $ 8,116 $ 16,815 Accrued payroll, taxes, and benefits 24,320 31,763 Deferred revenue 40,799 56,231 Lease liabilities - operating leases 16,801 16,868 Other accrued liabilities 9,723 11,996 Total current liabilities 99,759 133,673 Deferred revenue, long-term 7,080 9,043 Lease liabilities - operating leases, long-term 107,128 111,014 Other liabilities, long-term 424 667 Total liabilities 214,391 254,397 Commitments and contingencies (Note 5) Stockholders' equity: Preferred stock, $ 0.01 par value. Authorized 10,000,000 shares; zero shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.01 par value. Authorized 500,000,000 shares; 63,621,165 and 62,977,316 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 636 630 Limited common stock, $ 0.01 par value. Authorized 100,000,000 shares; 9,164,193 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 92 92 Additional paid-in capital 920,621 885,973 Accumulated deficit ( 447,189 ) ( 338,418 ) Acc

View Full Filing

View this 10-Q filing on SEC EDGAR