Schrödinger Reports 63% Revenue Growth in Q1 2025, Prepares to Share Clinical Data for SGR-1505
核心洞察
Schrödinger (搜索) achieved total revenue of $59.6 million in Q1 2025, representing a 63% increase compared to the same period last year, with software revenue growing 46% to $48.8 million.
The company plans to present initial Phase 1 clinical data for its MALT1 (搜索) inhibitor SGR-1505 in June, with additional clinical data for its CDC7 (搜索) inhibitor SGR-2921 and Wee1/Myt1 (搜索) co-inhibitor SGR-3515 expected in the second half of 2025.
Schrödinger (搜索) is advancing its predictive toxicology initiative for small molecules, aligning with FDA's recent announcement to reduce animal testing requirements through computational approaches.
Schrödinger (搜索), Inc. (Nasdaq: SDGR) announced strong financial results for the first quarter of 2025, with total revenue increasing 63% to $59.6 million compared to $36.6 million in the first quarter of 2024. The company's software revenue grew 46% to $48.8 million, while drug discovery revenue more than tripled to $10.7 million.
"We are very pleased with Schrödinger (搜索)'s performance in the first quarter of 2025, with strong software and drug discovery revenue growth. Our proprietary pipeline is progressing, and we are looking forward to reporting initial data from the Phase 1 clinical study of SGR-1505 next month," said Ramy Farid, Ph.D., chief executive officer of Schrödinger.
Financial Performance Highlights
The significant increase in software revenue was primarily attributed to early renewals by large customers, increases in hosted contracts, and contribution revenue. Drug discovery revenue included $5.7 million from the company's collaboration with Novartis.
Software gross margin was 72% for the quarter, down from 76% in the first quarter of 2024, reflecting costs associated with the company's predictive toxicology initiative. Operating expenses decreased by 5% to $82.0 million, primarily due to lower R&D expenses.
The company reported a net loss of $59.8 million for the quarter, compared to a net loss of $54.7 million in the first quarter of 2024. On a non-GAAP basis, Schrödinger (搜索) reported a net loss of $46.7 million, compared to a non-GAAP net loss of $62.4 million for the same period last year.
Clinical Pipeline Progress
Schrödinger (搜索) continues to advance its proprietary pipeline of oncology candidates, with several key milestones expected in 2025:
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SGR-1505 (MALT1 (搜索) inhibitor): The Phase 1 clinical study in patients with relapsed/refractory B-cell malignancies (搜索) is progressing, with initial clinical data expected to be reported in June 2025.
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SGR-2921 (CDC7 (搜索) inhibitor): The Phase 1 clinical study in patients with acute myeloid leukemia (搜索) (AML) and myelodysplastic syndrome (搜索) (MDS) continues to progress, with initial data expected at a medical meeting in the second half of 2025.
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SGR-3515 (Wee1/Myt1 (搜索) co-inhibitor): The Phase 1 clinical study in patients with advanced solid tumors is ongoing, with initial clinical data expected in the second half of 2025. In April, the company presented preclinical data at the American Association for Cancer Research (AACR) Annual Meeting demonstrating improved anti-tumor activity in preclinical models compared to known Wee1 and Myt1 monotherapy inhibitors.
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SGR-4174 (搜索) (SOS1 (搜索) inhibitor): Preclinical data presented at the AACR Annual Meeting showed potent and selective SOS1 inhibition with strong tumor growth inhibition as a monotherapy and in combination with MEK or KRAS inhibitors.
Platform Advancements and Regulatory Alignment
In April, Schrödinger (搜索) issued a statement following the FDA's announcement outlining plans to reduce existing animal testing requirements for monoclonal antibodies and other drugs with new approaches, including computational methods. This aligns with Schrödinger's predictive toxicology initiative focused on small molecules, which is expected to be available to customers in the second half of 2025.
The company's scientists also published research in Nature Communications describing a novel computational crystal structure prediction (CSP) method that predicts crystal polymorphs with high accuracy and reliability. This capability has important applications for drug formulation.
"More broadly, the pharmaceutical industry and even regulatory agencies are seeking to increase usage of computational solutions in R&D, and we continue to fortify our position as a scientific powerhouse in this field," noted Dr. Farid. "With our growing software business and advancing pipeline of collaborative and proprietary programs, we believe we have a solid foundation that positions us for long-term growth."
2025 Financial Outlook
Schrödinger (搜索) maintained its previously issued financial guidance for the fiscal year ending December 31, 2025:
- Software revenue growth is expected to range from 10% to 15%
- Drug discovery revenue is expected to range from $45 million to $50 million
- Software gross margin is expected to range from 74% to 75%
- Operating expense growth is expected to be less than 5%
- Cash used for operating activities is expected to be significantly lower than in 2024
For the second quarter of 2025, software revenue is expected to range from $38 million to $42 million.
Corporate Development
In March, Schrödinger (搜索) appointed Bridget van Kralingen to its Board of Directors. Ms. van Kralingen brings more than 35 years of experience leading and growing global technology solution and software businesses and is currently a senior partner at Motive Partners, an investment firm focused on technology-enabled companies. Prior to joining Motive Partners, she spent nearly 18 years in various executive roles at IBM.
Schrödinger (搜索) continues to leverage its computational platform, built on more than 30 years of R&D investment, to transform molecular discovery for drug development and materials design. The company, founded in 1990, now has approximately 900 employees operating from 15 locations globally.