Schrödinger二季度营收超预期但核心软件收入下滑且全年ACV指引未上调

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Schrödinger Reports Second Quarter 2026 Financial Results
08/05/2026
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Second Quarter ACV of $30 Million, Representing 27% Growth
Launched Early Access Version of Bunsen, A New Agentic AI Co-Scientist for Molecular Discovery
NEW YORK--(BUSINESS WIRE)--
Schrödinger, Inc.
(Nasdaq: SDGR) today announced financial results for the quarter ended June 30, 2026.
“We are very pleased with our second quarter results, delivering ACV of $29.6 million, which represents 27% growth. Our results reflect growing industry adoption of a predict-first approach to molecular discovery,” said Ramy Farid, Ph.D., chief executive officer of Schrödinger. “As biopharma navigates a rapidly evolving AI landscape and mounting pressure to optimize and accelerate the discovery of new medicines, the need to generate ground-truth data has never been greater. By integrating our highly accurate, physics-based simulations with AI, and launching our agentic co-scientist Bunsen, we are enabling teams to execute complex workflows on a large scale and building the definitive computational infrastructure for the future of drug discovery.”
Second Quarter 2026 Operating and Financial Highlights (comparisons are to second quarter 2025, unless otherwise noted)
ACV was $29.6 million, a 27% increase, and $208 million on a trailing four-quarter basis.
ACV excluding contribution ACV was $22.6 million, a 23% increase, and $196 million on a trailing four-quarter basis.
Software revenue was $32.5 million, a 10% decrease, primarily reflecting continued progress in the company’s accelerated transition to hosted software licensing. Hosted revenue was 47% of total software revenue, and 30% on a trailing four-quarter basis.
Drug discovery revenue was $23.0 million compared to $13.9 million, primarily due to the achievement of a $10 million collaboration milestone associated with the Ajax Therapeutics acquisition.
Contribution revenue was $3.4 million, compared to $4.8 million, primarily due to timing of revenue associated with the Gates Foundation predictive toxicology and Gates Ventures battery project grants.
Total revenue was $58.9 million, an 8% increase.
Software gross margin was 71%, reflecting the company’s planned accelerated transition to hosted software licensing.
Operating expenses were $74.0 million, a 6% decrease.
Other income, which includes changes in fair value of equity investments and interest income/expense, was $48.9 million primarily due to a gain associated with the completion of Eli Lilly and Company’s acquisition of Ajax Therapeutics.
Net income was $6.0 million, compared to a net loss of $43.2 million.
Cash, cash equivalents, restricted cash and marketable securities were $418.8 million.
Schrödinger presents contribution revenue and cost of revenue separately from software and drug discovery revenue and cost of revenues. Prior periods have been reclassified to conform to this presentation to facilitate year-over-year comparability.
2026 Financial and Operational Outlook
As of August 5, 2026, Schrödinger provided the following financial guidance for the fiscal year ending December 31, 2026:
ACV is expected to range from $218 million to $228 million, representing 10-15% growth over 2025.
Drug discovery revenue is expected to range from $65 million to $75 million, compared to the prior expectation of $55 million to $65 million, due to the achievement of a $10 million collaboration milestone associated with the Ajax acquisition.
Operating expenses are expected to be less than 2025.
For the third quarter of 2026, ACV is expected to range from $41 million to $45 million, excluding contribution ACV, compared to $38.3 million in the third quarter of 2025, which included $2.2 million of contribution ACV.
Recent Highlights
Schrödinger
launched
the early access version of Bunsen, its new agentic AI co-scientist. Unlike general-purpose agents, Bunsen is optimized to execute Schrödinger's validated, physics-based computational platform to plan and execute complex molecular discovery workflows and interpret results. Bunsen helps computational chemists run concurrent research sessions and accomplish more across multiple programs. Bunsen also makes advanced computational methods accessible to drug hunters who are not experienced computational chemists, further expanding the user base for the company’s computational platform. To accommodate the expected increase in throughput enabled by Bunsen and support early adoption, long-time collaborators NVIDIA and Google Cloud will provide a full stack AI platform, infrastructure, and access to the NVIDIA BioNeMo Agent Toolkit for early customers.
Schrödinger announced a strategic software agreement with Bristol Myers Squibb (BMS) to deploy Bunsen, significantly expanding the scale of Schrödinger’s platform within BMS’s research organization and empowering scientists to explore more scientific possibilities, prioritize the most promising molecules with greater confidence, and accelerate discovery decisions. Schrödinger will collaborate with BMS scientists on developing novel functionality within Bunsen in conjunction with its computational technologies designed to enable large-scale chemical exploration as well as with RetroSynth, its AI-driven synthesis planning platform.
Schrödinger announced a global drug discovery and development collaboration with Simcere Pharmaceutical Group to advance an innovative program based on unmet clinical needs. Schrödinger is leveraging its physics-based computational platform to lead drug design and optimization during the joint research phase, while Simcere will lead subsequent preclinical and clinical development. Schrödinger is eligible to receive discovery, development, and commercial milestone payments, as well as tiered royalties on net sales.
Schrödinger scientists
published
research in the
Journal of Chemical Information and Modeling
validating the use of the FEP+ framework to accurately predict binding affinity and optimize macrocycles and cyclic peptides. The study evaluated over 230 unique compounds across five diverse and highly challenging therapeutic targets. The publication highlights how Schrödinger’s platform can successfully derisk the drug design process, allowing discovery teams to bypass low-probability chemical synthesis, substantially compress development timelines, and drive cost-effective pipeline advancements for historically "undruggable" targets.
Schrödinger researchers
introducing a new workflow that combines mixed solvent molecular dynamics simulations with SiteMap, the company’s binding site identification software, to identify hidden, or cryptic, protein binding sites. Tested across a 65 target site dataset, this approach correctly identified the hidden pocket in the top predictions in nearly 80% of cases, expanding the ability to target previously undruggable proteins.
Webcast and Conference Call Information
Schrödinger will host a conference call to discuss its second quarter 2026 financial results on Wednesday, August 5, 2026, at 4:30 p.m. ET. The live webcast can be accessed under “Events & Presentations" in the investors section of Schrödinger’s website,
https://ir.schrodinger.com/news-and-events/event-calendar
. 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 Schrödinger’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 adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA is defined as net income (loss) before interest, taxes, depreciation, amortization, and stock-based compensation expense, and further adjusted to exclude gains and losses on equity investments, changes in fair value of equity investments, restructuring costs, litigation and settlement expenses, and, when applicable, other non-recurring items that management does not consider indicative of ongoing operating performance.
Management believes adjusted EBITDA is a useful measure 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 the effects of capital structure, tax impacts, non-cash depreciation and amortization, non-cash equity compensation expense, 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 other non-recurring items that are not reflective of the ongoing performance of the business. However, adjusted EBITDA as a non-GAAP financial measure should be considered only in addition to, not as a substitute for or as superior to, net income (loss) or other financial measures prepared in accordance with GAAP.
Other companies in Schrödinger’s industry may calculate adjusted EBITDA differently than Schrödinger does, limiting their usefulness as comparative measures. For a reconciliation of adjusted EBITDA to GAAP net income (loss), please refer to the tables at the end of this press release.
About Schrödinger
Schrödinger is transforming molecular discovery with its computational platform, which enables the discovery of novel, highly optimized molecules for drug development and materials design. Schrödinger’s software platform is built on more than 30 years of R&D investment and is licensed by biotechnology, pharmaceutical and industrial companies, and academic institutions around the world. Schrödinger also leverages the platform to advance a portfolio of collaborative and proprietary programs. To learn more, visit
www.schrodinger.com
, follow us on
LinkedIn
, 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), Schrödinger also presents certain other performance metrics, such as annual contract value, or ACV, and ACV by certain industries and customer cohorts.
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 contribution, which consists of customers from which we derive contribution revenue. We present this ACV separately because it relates to grant agreements accounted for as non-exchange contributions, rather than commercial software contracts. The operating metrics for the cohorts are not prepared in accordance with GAAP and do not correspond to the company’s reportable segments or the allocation of costs for GAAP purposes. These metrics allow management to better understand differences in sales cycles, contract duration, deployment models, renewal behavior, and expansion opportunities among customer and industry groups, supplementing but not replacing Schrödinger’s GAAP results.
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 Schrödinger’s expectations about the speed and capacity of its computational platform, its financial outlook for the fiscal year ending December 31, 2026, and third quarter ending September 30, 2026, 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 the drug discovery programs and product candidates of its collaborators, the clinical potential and favorable properties of its collaborators’ product candidates, expectations relating to the potential of, and the use of, Bunsen, its agentic AI co-scientist, including researchers’ ability to utilize a full stack AI platform provided by NVIDIA and Google Cloud with Bunsen to scale their use of the platform and the successful deployment of Bunsen within BMS’s research organization, the ability for the company to realize potential benefits from its collaborations, including the amount and timing of additional milestones, if any, 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 Schrödinger’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 Schrödinger’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, its ability to transition customers to hosted software deployments, 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, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed with the Securities and Exchange Commission on August 5, 2026, 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, Schrödinger 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)
Three Months Ended
June 30,
Six Months Ended
2026
2025
Revenues:
Software products and services
$
32,544
36,031
68,104
81,003
Drug discovery
22,986
13,940
45,865
24,176
Contribution
3,359
4,788
3,507
9,131
Total revenues
58,889
54,759
117,476
114,310
Cost of revenues:
9,449
8,787
20,312
17,899
15,794
15,140
32,104
29,592
1,214
4,674
3,081
9,537
Total cost of revenues
26,457
28,601
55,497
57,028
Gross profit
32,432
26,158
61,979
57,282
Operating expenses:
Research and development
40,998
43,138
84,822
88,982
Sales and marketing
10,266
10,734
21,869
21,101
General and administrative
22,715
25,189
45,629
50,991
Total operating expenses
73,979
79,061
152,320
161,074
Loss from operations
(41,547
)
(52,903
(90,341
(103,792
Other income (expense):
Change in fair value of equity investments
45,868
4,579
32,381
(8,516
Other income
3,026
5,438
5,689
9,642
Total other income
48,894
10,017
38,070
1,126
Income (loss) before income taxes
7,347
(42,886
(52,271
(102,666
Income tax expense
1,372
287
1,780
315
Net income (loss)
5,975
(43,173
(54,051
(102,981
Net income (loss) per share of common and limited common stockholders, basic:
0.08
(0.59
(0.73
(1.41
Weighted average shares used to compute net income (loss) per share of common and limited common stockholders, basic:
74,712,581
73,427,635
74,352,857
73,243,797
Net income (loss) per share of common and limited common stockholders, diluted:
Weighted average shares used to compute net income (loss) per share of common and limited common stockholders, diluted:
75,769,360
Condensed Consolidated Balance Sheets (Unaudited)
Assets
June 30, 2026
December 31, 2025
Current assets:
Cash and cash equivalents
287,853
230,517
Restricted cash
5,063
6,868
Marketable securities
125,886
164,947
Accounts receivable, net of allowance for doubtful accounts of $265 and $440
21,391
83,041
Unbilled and other receivables, net of allowance for unbilled receivables of $140 and $140
19,733
21,352
Prepaid expenses
10,549
12,540
Total current assets
470,475
519,265
Property and equipment, net
19,459
19,456
Equity investments
39,052
73,647
Goodwill
4,791
Right of use assets - operating leases
100,911
102,736
Other assets
5,706
6,265
Total assets
640,394
726,160
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable
10,320
11,452
Accrued payroll, taxes, and benefits
31,607
39,264
Deferred revenue
104,773
112,853
Lease liabilities - operating leases
16,480
16,412
Other accrued liabilities
10,665
9,155
Total current liabilities
173,845
189,136
Deferred revenue, long-term
45,152
78,877
Lease liabilities - operating leases, long-term
91,502
92,816
Other liabilities, long-term
939
1,278
Total liabilities
311,438
362,107
Stockholders' equity:
Preferred stock, $0.01 par value. Authorized 10,000,000 shares; zero shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
—
Common stock, $0.01 par value. Authorized 500,000,000 shares; 65,615,117 and 64,515,380 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
656
645
Limited common stock, $0.01 par value. Authorized 100,000,000 shares; 9,164,193 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
92
Additional paid-in capital
1,011,119
992,015
Accumulated deficit
(682,857
(628,806
Accumulated other comprehensive (loss) income
(54
107
Total stockholders' equity
328,956
364,053
Total liabilities and stockholders' equity
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Six Months Ended June 30,
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
(32,381
8,516
Depreciation and amortization
2,964
3,120
Stock-based compensation
17,867
22,201
Noncash investment accretion
(209
(1,676
(Gain) loss on disposal of property and equipment
(1
20
Decrease (increase) in assets:
Accounts receivable, net
61,650
225,619
Unbilled and other receivables
1,619
(7,070
Reduction in the carrying amount of right of use assets - operating leases
5,264
4,537
Prepaid expenses and other assets
2,550
(4,299
(Decrease) increase in liabilities:
(1,119
(1,737
(7,657
(16,788
(41,805
(34,220
(4,685
(3,516
1,090
139
Net cash (used in) provided by operating activities
(48,904
91,865
Cash flows from investing activities:
Purchases of property and equipment
(2,869
(910
Proceeds from disposition and sale of equity investments, net
66,976
Purchases of marketable securities
(103,992
(166,062
Proceeds from maturity of marketable securities
143,101
142,003
Net cash provided by (used in) investing activities
103,216
(24,969
Cash flows from financing activities:
Proceeds from issuances of common stock upon stock option exercises
1,248
2,456
Principal payments on finance leases
(29
Net cash provided by financing activities
1,219
2,427
Net increase in cash and cash equivalents and restricted cash
55,531
69,323
Cash and cash equivalents and restricted cash, beginning of period
237,385
162,657
Cash and cash equivalents and restricted cash, end of period
292,916
231,980
Supplemental disclosure of cash flow and noncash information
Cash paid for income taxes
765
365
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment in accounts payable
27
34
Purchases of property and equipment in accrued liabilities
162
Acquisition of right of use assets in exchange for lease liabilities - operating leases
3,439
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (Unaudited)
Net income (loss) (GAAP)
(45,868
(4,579
(3,026
(5,438
(5,689
(9,642
1,488
1,531
8,794
10,627
Reorganization expense
(a)
279
2,060
868
Litigation and settlement expense
(b)
390
Adjusted EBITDA
(30,986
(38,685
(68,642
(76,021
Represents costs in connection with restructuring, consisting of severance payments, employee benefits, and related costs.
Represents costs related to a derivative action settlement which we do not consider to be representative of our underlying operating performance.
Jaren Madden (Investors and Media)
jaren.madden@schrodinger.com
617-286-6264
Matthew Luchini (Investors)
matthew.luchini@schrodinger.com
917-719-0636
Rebecca Pocock (Media)
SHIFT Communications
schrodingerpr@shiftcomm.com
Source: Schrödinger
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