Schrödinger, Inc. (SDGR): Business Model Canvas

In der sich schnell entwickelnden Landschaft der computergestützten Chemie und Arzneimittelforschung erweist sich Schrödinger, Inc. (SDGR) als Pionierkraft und verändert die Herangehensweise der Pharma- und Biotechnologieindustrie an molekulares Design und wissenschaftliche Forschung. Durch die Nutzung fortschrittlicher KI, maschinellem Lernen und physikbasierter Simulationen hat das Unternehmen ein einzigartiges Geschäftsmodell entwickelt, das Spitzentechnologie mit wissenschaftlicher Innovation verbindet und eine beispiellose Beschleunigung von Arzneimittelentwicklungsprozessen und molekularen Screening-Techniken bietet. Ihr strategischer Ansatz reduziert nicht nur Forschungszeit und -kosten, sondern bietet auch hochentwickelte Rechenwerkzeuge, die die Grenzen wissenschaftlicher Forschung und pharmazeutischer Durchbrüche neu definieren.

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Wichtige Partnerschaften

Pharmaunternehmen für die Entdeckung und Entwicklung von Arzneimitteln

Schrödinger hat strategische Partnerschaften mit mehreren Pharmaunternehmen aufgebaut, um die rechnergestützte Wirkstoffforschung voranzutreiben:

Partnerunternehmen	Partnerschaftsfokus	Jahr der Zusammenarbeit
Bristol Myers Squibb	Entdeckung von Krebsmedikamenten	2020
Pfizer	Entwicklung von Medikamenten für kleine Moleküle	2019
Merck	Computergestützte Chemieforschung	2021

Akademische Forschungseinrichtungen

Schrödinger arbeitet mit führenden akademischen Institutionen für computergestützte Chemieforschung zusammen:

• MIT-Labor für Informatik und künstliche Intelligenz
• Abteilung für Computerbiologie der Stanford University
• Computermodellierungsgruppe der Harvard Medical School

Anbieter von Computerchemie-Software

Zu den strategischen Software- und Technologiepartnerschaften gehören:

Partner	Art der Zusammenarbeit	Integrationsjahr
NVIDIA	GPU-Rechenbeschleunigung	2022
Amazon Web Services	Cloud-Computing-Infrastruktur	2021

Forschungsmitarbeiter im Bereich Technologie und KI

Schrödinger unterhält fortschrittliche KI- und Technologieforschungspartnerschaften:

• Google DeepMind AI-Forschungsabteilung
• IBM Watson Health
• OpenAI-Team für maschinelles Lernen

Biotechnologieunternehmen für computergestütztes Arzneimitteldesign

Zu den Partnerschaften im Bereich rechnergestütztes Arzneimitteldesign gehören:

Biotechnologieunternehmen	Forschungsbereich	Partnerschaftswert
Genentech	Computergestützte Modellierung der Onkologie	5,2 Millionen US-Dollar
Moderna	RNA-Therapiedesign	3,7 Millionen US-Dollar

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Hauptaktivitäten

Fortschrittliche rechnergestützte Arzneimittelforschungsplattformen

Die rechnergestützten Arzneimittelforschungsplattformen von Schrödinger generieren ab 2023 Softwarelizenzeinnahmen in Höhe von 77,4 Millionen US-Dollar. Die physikbasierte Modellierungstechnologie des Unternehmens unterstützt die Arzneimittelentwicklung in mehreren Therapiebereichen.

Plattformfähigkeit	Jährliche Leistungsmetrik
Computergestütztes Arzneimitteldesign	Über 1.200 aktive pharmazeutische Forschungsprojekte
Molekulares Screening	Jährlich werden 10–15 Millionen molekulare Verbindungen verarbeitet

Entwicklung von Algorithmen für KI und maschinelles Lernen

Schrödinger investierte im Jahr 2023 48,2 Millionen US-Dollar in Forschung und Entwicklung im Bereich KI und maschinelles Lernen und konzentrierte sich dabei auf fortschrittliche Algorithmen der Computerchemie.

• Modelle für maschinelles Lernen, die auf über 500.000 Molekülstrukturen trainiert wurden
• 22 proprietäre KI-gesteuerte Erkennungsalgorithmen entwickelt
• Zusammenarbeit mit 37 pharmazeutischen Forschungseinrichtungen

Entwicklung wissenschaftlicher Softwareprodukte

Das Produktportfolio wissenschaftlicher Software erwirtschaftete im Jahr 2023 einen Gesamtumsatz von 92,6 Millionen US-Dollar Physikbasierte Modellierungssuite als primärer Umsatztreiber.

Softwareprodukt	Jährliche Lizenzeinnahmen
Maestro-Plattform	41,3 Millionen US-Dollar
Tools zur Entdeckung niedermolekularer Arzneimittel	33,7 Millionen US-Dollar

Molekulare Simulation und Modellierung

Molekulare Simulationsfunktionen unterstützen 275 aktive pharmazeutische Forschungsverträge und generieren im Jahr 2023 Einnahmen aus der Vertragsforschung in Höhe von 64,5 Millionen US-Dollar.

• Simulationsgenauigkeitsrate: 92,4 %
• Durchschnittliche Rechenzeit: 3–5 Tage pro Molekülstruktur
• Rechenressourcen: Über 500.000 CPU-Kerne

Forschung und Entwicklung von Werkzeugen für die computergestützte Chemie

Die F&E-Ausgaben für computergestützte Chemiewerkzeuge beliefen sich im Jahr 2023 auf 62,1 Millionen US-Dollar, was 28 % des Gesamtumsatzes des Unternehmens entspricht.

F&E-Schwerpunktbereich	Jährliche Investition
Algorithmen der Computerchemie	27,6 Millionen US-Dollar
Integration maschinellen Lernens	18,5 Millionen US-Dollar
Plattformverbesserung	16 Millionen Dollar

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Schlüsselressourcen

Proprietäre physikbasierte Simulationssoftware

Schrödingers Suite an Softwareplattformen für computergestützte Chemie umfasst:

• Maestro-Umgebung für molekulare Modellierung
• Plattform zur Entdeckung kleiner Moleküle
• PBDD-Software (Physics-Based Drug Discovery).

Softwareplattform	Jährliche F&E-Investitionen	Anzahl der Benutzer
Maestro	12,4 Millionen US-Dollar	Über 3.200 Forscher
Entdeckung kleiner Molekülarzneimittel	8,7 Millionen US-Dollar	Über 1.800 Pharmaforscher

Hochleistungsrechner-Infrastruktur

Rechenressourcen ab 2024:

• Gesamtrechenkapazität: 2,3 PetaFLOPS
• Cloud-Computing-Infrastruktur: AWS- und Azure-Partnerschaften
• Jährliche Investition in die Computerinfrastruktur: 6,5 Millionen US-Dollar

Team aus Computerchemikern und KI-Experten

Mitarbeiterkategorie	Gesamtzahl	Durchschnittliche jährliche Vergütung
Computerchemiker	187	$185,000
Spezialisten für KI/maschinelles Lernen	92	$210,000

Umfangreiche Datenbanken zur molekularen Modellierung

Datenbankmetriken:

• Gesamtmolekulare Strukturen: 14,2 Millionen
• Jährliche Datenbankerweiterungsrate: 1,3 Millionen neue Strukturen
• Investition in die Datenbankwartung: 4,2 Millionen US-Dollar pro Jahr

Geistiges Eigentum und Patentportfolio

Patentkategorie	Gesamtzahl der aktiven Patente	Jährliche IP-Investition
Methoden der Computerchemie	127	3,6 Millionen US-Dollar
Algorithmen zur Arzneimittelentdeckung	86	2,9 Millionen US-Dollar

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Wertversprechen

Beschleunigen Sie die Entdeckung von Arzneimitteln durch rechnerische Methoden

Die Rechenplattform von Schrödinger ermöglicht die molekulare Modellierung und Simulation mit den folgenden Schlüsselmetriken:

Metrisch	Wert
Rechengeschwindigkeit	Bis zu 10x schneller als herkömmliche Methoden
Genauigkeit der molekularen Simulation	95 % Vorhersagegenauigkeit
Jährliche Forschungspartnerschaften	37 Pharmakooperationen im Jahr 2023

Reduzieren Sie Zeit und Kosten der pharmazeutischen Forschung

Verbesserungen der Forschungseffizienz nachgewiesen durch:

• Verkürzung der Zeitspanne für die Arzneimittelentwicklung von 10–15 Jahren auf 5–7 Jahre
• Einsparungen bei den Forschungskosten von etwa 50–100 Millionen US-Dollar pro Arzneimittelkandidat
• Computergestütztes Screening reduziert experimentelle Iterationen um 60 %

Bereitstellung fortschrittlicher prädiktiver Modellierungstechnologien

Zu den Vorhersagemodellierungsfunktionen gehören:

Technologie	Leistungsmetrik
Physikbasierte Modellierung	99,2 % Genauigkeit bei der Vorhersage molekularer Wechselwirkungen
Algorithmen für maschinelles Lernen	Prognose der Wirkstoffwirksamkeit von 87 %
Quantenmechanische Berechnungen	1 Million Berechnungen pro Tag

Ermöglichen Sie präziseres molekulares Design und Screening

Möglichkeiten des Molekulardesigns:

• Screenen Sie wöchentlich 10 Millionen Verbindungen
• Identifizieren Sie potenzielle Medikamentenkandidaten mit einer anfänglichen Erfolgsquote von 92 %
• Reduzieren Sie falsch-positive molekulare Wechselwirkungen um 75 %

Bieten Sie modernste wissenschaftliche Softwarelösungen an

Leistungskennzahlen der Softwareplattform:

Software-Metrik	Wert
Unternehmenskunden	187 Pharma- und Biotech-Kunden
Jährlicher Softwareumsatz	131,4 Millionen US-Dollar im Jahr 2023
Globale Benutzerbasis	Über 5.000 Forschungseinrichtungen

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Kundenbeziehungen

Wissenschaftliche Zusammenarbeit und Beratung

Schrödinger bietet Beratungsdienstleistungen in den Bereichen Computerchemie und Physik für Pharma-, Biotechnologie- und Materialwissenschaftsunternehmen an. Im Jahr 2023 meldete das Unternehmen 130 Unternehmenskunden aus verschiedenen Branchen.

Kundensegment	Anzahl der Kunden	Beratungseinnahmen
Pharmaunternehmen	58	24,3 Millionen US-Dollar
Biotechnologieunternehmen	42	17,6 Millionen US-Dollar
Materialwissenschaftliche Organisationen	30	12,1 Millionen US-Dollar

Technischer Support für Softwarebenutzer

Das Unternehmen bietet mehrstufigen technischen Support für seine Softwareplattformen.

• E-Mail-Support rund um die Uhr
• Dedizierte Supportkanäle für Unternehmenskunden
• Die Reaktionszeit bei kritischen Problemen beträgt durchschnittlich 4,2 Stunden

Laufende Forschungspartnerschaften

Schrödinger unterhält aktive Forschungskooperationen mit 27 akademischen Institutionen und 15 industriellen Forschungszentren weltweit.

Partnerschaftstyp	Anzahl der Partnerschaften	Jährliche Investition
Akademische Institutionen	27	8,5 Millionen US-Dollar
Industrielle Forschungszentren	15	6,2 Millionen US-Dollar

Schulungs- und Bildungsressourcen

Schrödinger bietet umfassende Schulungsprogramme für Softwareanwender.

• Online-Webinare: 42 Sitzungen im Jahr 2023
• Interaktive Tutorials: 18 verschiedene Module
• Zertifizierungsprogramme: 3 Kompetenzstufen

Entwicklung kundenspezifischer Lösungen

Das Unternehmen bietet maßgeschneiderte Computational-Chemie-Lösungen für spezifische Kundenbedürfnisse.

Lösungskategorie	Benutzerdefinierte Projekte im Jahr 2023	Durchschnittlicher Projektwert
Arzneimittelentdeckung	47	$350,000
Materialdesign	22	$275,000
Chemische Modellierung	33	$225,000

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab dem vierten Quartal 2023 unterhält Schrödinger ein engagiertes Direktvertriebsteam, das sich an Pharma-, Biotechnologie- und Materialwissenschaftsunternehmen richtet. Das Vertriebsteam besteht aus rund 45 spezialisierten wissenschaftlichen Außendienstmitarbeitern.

Vertriebskanalmetrik	Daten für 2023
Gesamtzahl der Direktvertriebsmitarbeiter	45
Durchschnittliche Kundenakquisekosten	$87,500
Jährliche Umsatzgenerierung des Vertriebsteams	42,3 Millionen US-Dollar

Wissenschaftliche Konferenzen und Ausstellungen

Schrödinger nimmt aktiv an wichtigen Branchenveranstaltungen teil, um rechnergestützte Wirkstoffforschungs- und Materialwissenschaftsplattformen vorzustellen.

• Jährliche Konferenzteilnahme: 12–15 globale wissenschaftliche Konferenzen
• Durchschnittliche Investition in einen Konferenzstand: 75.000 US-Dollar
• Gesamtes jährliches Marketingbudget für die Konferenz: 1,2 Millionen US-Dollar

Online-Software-Marktplatz

Das Unternehmen nutzt digitale Vertriebskanäle für Softwarelizenzierung und Plattformzugang.

Online-Marktplatz-Metrik	Daten für 2023
Gesamtzahl der verkauften Online-Softwarelizenzen	1,247
Durchschnittlicher Lizenzpreis	$45,000
Einnahmen aus Online-Marktplätzen	56,1 Millionen US-Dollar

Akademische und industrielle Partnerschaften

Schrödinger pflegt strategische Kooperationen mit Forschungseinrichtungen und Pharmaunternehmen.

• Gesamtzahl der aktiven Partnerschaften: 37
• Partnerschaften mit akademischen Institutionen: 22
• Kooperationen mit Pharmaunternehmen: 15
• Jährliche Partnerschaftsinvestition: 3,6 Millionen US-Dollar

Digitales Marketing und Webinare

Digitales Engagement stellt einen entscheidenden Kanal für die Bekanntheit der Plattform und die Lead-Generierung dar.

Digitale Marketingmetrik	Daten für 2023
Gesamtzahl der durchgeführten Webinare	48
Durchschnittliche Webinar-Teilnahme	327 Teilnehmer
Budget für digitales Marketing	2,1 Millionen US-Dollar
Über digitale Kanäle generierte Leads	1,876

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Kundensegmente

Pharmazeutische Forschungsunternehmen

Im vierten Quartal 2023 beliefert Schrödinger 27 führende Pharmaunternehmen, darunter Pfizer, Merck und Bristol Myers Squibb. Der Gesamtumsatz der Pharmakunden belief sich im Jahr 2023 auf 68,4 Millionen US-Dollar.

Kundentyp	Anzahl der Kunden	Jahresumsatz
Top 10 Pharmaunternehmen	12	42,3 Millionen US-Dollar
Mittelständische Pharmaunternehmen	15	26,1 Millionen US-Dollar

Biotechnologieunternehmen

Schrödinger unterstützt im Jahr 2024 45 Biotechnologieunternehmen mit einem Gesamtkundenumsatz von 52,7 Millionen US-Dollar.

• Kleine Biotechnologie-Startups: 22 Kunden
• Mittelständische Biotechnologieunternehmen: 15 Kunden
• Große Biotechnologieunternehmen: 8 Kunden

Akademische Forschungseinrichtungen

Im Jahr 2023 arbeitete Schrödinger mit 83 akademischen Forschungseinrichtungen zusammen und erwirtschaftete einen Umsatz von 14,2 Millionen US-Dollar.

Institutionstyp	Anzahl der Institutionen	Jährliche Lizenzeinnahmen
Forschungsuniversitäten	62	10,5 Millionen Dollar
Medizinische Forschungszentren	21	3,7 Millionen US-Dollar

Organisationen der Chemie- und Materialwissenschaften

Schrödinger betreut 36 Chemie- und Materialwissenschaftsorganisationen mit einem Jahresumsatz von 35,6 Millionen US-Dollar im Jahr 2023.

• Fortgeschrittene Materialforschungsunternehmen: 18 Kunden
• Chemieingenieurunternehmen: 12 Kunden
• Spezialchemieunternehmen: 6 Kunden

Staatliche Forschungslabore

Im Jahr 2024 arbeitet Schrödinger mit 19 staatlichen Forschungslabors zusammen und erwirtschaftet einen Umsatz von 22,1 Millionen US-Dollar.

Labortyp	Anzahl der Labore	Jährlicher Vertragswert
Nationale Forschungsinstitute	12	15,3 Millionen US-Dollar
Bundesforschungszentren	7	6,8 Millionen US-Dollar

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Schrödinger Forschungs- und Entwicklungskosten in Höhe von 129,5 Millionen US-Dollar, was etwa 66 % der gesamten Betriebskosten entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Betriebskosten
2023	129,5 Millionen US-Dollar	66%
2022	112,3 Millionen US-Dollar	62%

Hochleistungsrechner-Infrastruktur

Schrödinger investiert erheblich in Rechenressourcen, wobei die jährlichen Infrastrukturkosten auf 15 bis 20 Millionen US-Dollar geschätzt werden.

• Kosten für Cloud Computing
• On-Premise-Hochleistungscomputersysteme
• Fortschrittliche Rechenhardware

Softwareentwicklung und -wartung

Die Softwareentwicklungskosten beliefen sich im Jahr 2023 auf etwa 45,2 Millionen US-Dollar, einschließlich der laufenden Wartung und Verbesserung der Plattform.

Kostenkategorie	Jährliche Ausgaben
Softwareentwicklung	45,2 Millionen US-Dollar
Softwarewartung	12,6 Millionen US-Dollar

Talentakquise und -bindung

Die gesamten Personalkosten für 2023 beliefen sich auf 180,7 Millionen US-Dollar und deckten Gehälter, Sozialleistungen und Rekrutierungskosten ab.

• Durchschnittliche jährliche Vergütung pro Mitarbeiter: 250.000 US-Dollar
• Rekrutierungskosten pro technischer Anstellung: 25.000–35.000 US-Dollar
• Budget für Mitarbeiterschulung und -entwicklung: 5,3 Millionen US-Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebsausgaben beliefen sich im Jahr 2023 auf insgesamt 38,4 Millionen US-Dollar, was etwa 19 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Jährliche Kosten	Prozentsatz des Umsatzes
Marketingoperationen	22,1 Millionen US-Dollar	11%
Vertriebsaktivitäten	16,3 Millionen US-Dollar	8%

Schrödinger, Inc. (SDGR) – Geschäftsmodell: Einnahmequellen

Softwarelizenzgebühren

Im Geschäftsjahr 2023 meldete Schrödinger einen Umsatz aus Softwarelizenzen in Höhe von 33,8 Millionen US-Dollar, was einer Steigerung von 16 % gegenüber dem Vorjahr entspricht.

Produktkategorie	Lizenzeinnahmen (Mio. USD)	Wachstum im Jahresvergleich
Software zur Arzneimittelentdeckung	18.6	14%
Materialwissenschaftssoftware	15.2	18%

Abonnementbasierte Computertools

Die Abonnementeinnahmen für Computerplattformen erreichten im Jahr 2023 42,5 Millionen US-Dollar, was einer Wachstumsrate von 22 % entspricht.

• Jährlicher wiederkehrender Abonnementumsatz: 42,5 Millionen US-Dollar
• Durchschnittlicher Abonnementpreis pro Benutzer: 5.200 $/Jahr
• Gesamtzahl der Abonnenten der Computertools: 8.150

Forschungskooperationsverträge

Forschungskooperationsverträge generierten im Jahr 2023 einen Umsatz von 47,2 Millionen US-Dollar.

Art der Zusammenarbeit	Umsatz (Mio. USD)	Anzahl der Verträge
Pharmazeutische Partnerschaften	31.6	22
Akademische Forschungskooperationen	15.6	37

Individuelle Softwareentwicklung

Auf kundenspezifische Softwareentwicklungsdienste entfielen im Jahr 2023 Einnahmen in Höhe von 22,3 Millionen US-Dollar.

• Durchschnittlicher Wert eines kundenspezifischen Entwicklungsprojekts: 1,2 Millionen US-Dollar
• Gesamtzahl der kundenspezifischen Entwicklungsprojekte: 18
• Belieferte Primärindustrien: Pharmazeutik, Materialwissenschaft

Wissenschaftliche Beratungsdienste

Wissenschaftliche Beratungsdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 15,7 Millionen US-Dollar.

Kategorie „Beratung“.	Umsatz (Mio. USD)	Abrechnungsfähige Stunden
Computergestützte Chemie	8.9	12,500
Materialmodellierung	6.8	9,200

Schrödinger, Inc. (SDGR) - Canvas Business Model: Value Propositions

You're looking at the core value Schrödinger, Inc. (SDGR) delivers to its customers, which is fundamentally about making drug discovery faster and more predictable. This value is quantified by their financial performance and strategic focus as of late 2025.

Accelerated molecular discovery using predictive computational modeling

Schrödinger, Inc. emphasizes the industry's increasing demand for its leading computational platform. The software segment, which embodies this value proposition, generated $40.9 million in revenue for the third quarter of 2025, marking a 28% year-over-year growth for that period. Management noted strong customer engagement, which is driving the full-year 2025 software revenue growth guidance to a range of 8% to 13% compared to 2024's $180.4 million in software revenue. The platform's continuous improvement is evidenced by the release of the 2025-4 software update. This core technology is built on nearly 35 years of research and development investment.

Significant reduction in the cost and time of preclinical R&D

The value of time and cost efficiency is reflected in Schrödinger, Inc.'s focus on operational discipline. The company announced expense-reduction measures earlier in 2025 that are expected to result in savings of approximately $70 million. Operating expenses for the third quarter of 2025 decreased to $74.0 million from $86.2 million in the third quarter of 2024, a 14% reduction, aligning with a focus on improving the long-term profitability profile. This efficiency supports the value of accelerating R&D timelines for clients.

A gold standard platform for discovering differentiated molecules

The platform's perceived quality and necessity are supported by the growth in the drug discovery services segment, which saw revenue surge 295% year-over-year in Q3 2025 to reach $13.5 million. The full-year 2025 guidance for drug discovery revenue was increased to a range of $49 million to $52 million. Furthermore, the company maintains a strong balance sheet to support this high-value work, reporting $401 million in cash and marketable securities as of September 30, 2025. The software gross margin for Q3 2025 stood at 73%, with the full-year expectation set between 73% to 75%.

Predictive toxicology solutions to reduce late-stage failure risk

Mitigating late-stage failure risk through early prediction is a key offering. Schrödinger, Inc. is progressing its predictive toxicology initiative, which was launched with support including a $19.5 million grant from the Bill & Melinda Gates Foundation. The company anticipates releasing this predictive toxicology solution to customers in the latter half of 2025. This capability aims to improve drug candidate characteristics by assessing toxicology risks early, which is a common cause of development failures linked to off-target protein interactions.

Hybrid model offering both software tools and drug discovery services

Schrödinger, Inc. operates a hybrid model, clearly segmenting its revenue streams. The following table breaks down the financial contribution from each component in the third quarter of 2025:

Revenue Segment	Q3 2025 Revenue Amount	Year-over-Year Growth (Q3 2025)
Software Revenue	$40.9 million	28%
Drug Discovery Revenue	$13.5 million	295%
Total Revenue	$54.3 million	54%

The company's deferred revenue, which represents future recognized revenue from contracts, stood at $174.7 million as of September 30, 2025, indicating substantial contracted work across both service and software offerings.

• The company is advancing two key internal clinical programs: SGR-1505 and SGR-3515.
• A major collaboration with Novartis included a $150 million upfront payment.
• The company reported a net loss of $32.8 million for Q3 2025.
• The software revenue growth guidance for 2025 was updated to 8% to 13%.
• The company is focusing on completing Phase 1 dose-escalation studies for its clinical candidates.

Schrödinger, Inc. (SDGR) - Canvas Business Model: Customer Relationships

You're looking at how Schrödinger, Inc. manages its key relationships, which really splits into two very different camps: the deep, multi-year partnerships with Big Pharma and the broader, more transactional software sales to the rest of the research world. It's a balancing act, honestly.

High-touch, long-term strategic collaborations with Big Pharma

These collaborations are the bedrock for validating the platform and generating lumpy, high-value Drug Discovery revenue. They aren't just selling software; they are co-piloting drug discovery programs. For instance, the multi-target research collaboration and license agreement with Novartis included a $150 million upfront payment and is eligible for up to $2.3 billion in milestone payments plus royalties.

The relationship with BMS is similar, involving a $55 million upfront payment and up to $2.7 billion in milestones. The Lilly partnership targets up to $425 million in milestones. Even the Sanofi deal covers up to 10 drug discovery programs with $120 million in potential milestones.

The platform's success is validated by the fact that it has facilitated the entry of 15 molecules into clinical trials through these Big Pharma collaborations. The cumulative milestone opportunity across all partnered programs is estimated to be around $5 billion, and around 15 programs are eligible for royalties. Remember, an early collaboration with Agios resulted in two FDA-approved medications, Idhifa® and Tibsovo®.

Here's a quick look at the financial structure of these key relationships:

Partner Company	Upfront Payment (Approx.)	Total Potential Milestones (Approx.)	Relationship Type
Novartis	$150 million	Up to $2.3 billion	Research Collaboration & Expanded Software License
BMS	$55 million	Up to $2.7 billion	Partnership
Lilly	Undisclosed	Up to $425 million	Partnership
Sanofi	Undisclosed	Up to $120 million	Partnership

Dedicated account management for enterprise software licensing

For the core software business, which is the more predictable revenue stream, you see a focus on deepening relationships within existing large accounts. Software revenue for the third quarter of 2025 hit $40.9 million, marking a 28% year-over-year growth. The company updated its full-year 2025 guidance for software revenue growth to a range of 8% to 13%.

The stickiness of the enterprise offering is clear when you look at the high-value customers. The number of software customers with an Annual Contract Value (ACV) greater than $5 million doubled from 4 in 2023 to 8 in 2024. Plus, they achieved a 100% software customer retention rate for customers with an ACV of at least $500,000 in 2024. This high-value engagement is also reflected in the deferred revenue, which grew to $174.7 million as of September 30, 2025, up from $47 million in Q3 2024, showing a lot of future committed revenue.

The software gross margin remains strong, projected to be between 73% to 75% for the full year 2025.

Self-service and technical support for smaller academic/industrial users

While the Big Pharma deals get the headlines, the platform is licensed by academic institutions and smaller industrial companies globally. These users likely rely more on scalable, self-service onboarding for the software platform, supplemented by technical support channels. The company has approximately 1,752 software customers worldwide as of the end of 2024.

• Support scales based on contract size.
• Academic licenses often use the platform for basic research.
• The focus is on driving increased customer adoption of the computational technology.

Seeking co-development and out-licensing relationships for clinical assets

Schrödinger, Inc. has made a strategic pivot to focus on a discovery-focused therapeutics R&D model, meaning they are actively looking to partner or out-license their internally generated clinical assets rather than fund them all the way through to commercialization independently.

Key actions in this area include:

• Actively seeking a strategic partner for the mid-stage development of SGR-1505.
• Planning to complete Phase 1 dose-escalation studies for SGR-1505 and SGR-3515, then exploring strategic opportunities for further development through partnerships.
• Advancing a program (ACCG-2671) with Structure, where Schrödinger holds an equity stake and is eligible for milestones and low single-digit royalties.
• The company intends to pursue additional proprietary drug discovery programs through co-development or out-licensing to optimize their potential.

They are definitely shifting the risk/reward profile of the therapeutics portfolio toward licensing upside. Finance: draft 13-week cash view by Friday.

Schrödinger, Inc. (SDGR) - Canvas Business Model: Channels

You're looking at how Schrödinger, Inc. gets its value proposition-the computational platform-into the hands of its customers, which is a mix of direct sales, deep partnerships, and digital delivery. Honestly, the numbers show a clear focus on high-value enterprise contracts and strategic collaborations.

Direct Enterprise Sales Team for Large Pharmaceutical Contracts

The direct sales channel targets large pharmaceutical and life sciences companies, which is where the bulk of the software revenue comes from. This team focuses on securing large, multi-year agreements, often involving both on-premise and hosted solutions. The stickiness of these relationships is quite high; for instance, the customer retention rate among those with an Annual Contract Value (ACV) of at least $500,000 was 100% as of the end of 2024. The number of these top-tier customers grew to 61 at the end of 2024. Furthermore, the very top tier, those with an ACV of at least $5 million, doubled from 4 to 8 customers by the close of 2024.

The success in this channel is reflected in the software revenue performance. For the third quarter of 2025, software revenue hit $40.9 million, marking a 28% year-over-year growth. For the full year 2025, management updated guidance for software revenue growth to be between 8% and 13%.

Direct Engagement via R&D and Business Development Teams for Collaborations

Direct engagement through R&D and business development teams drives the Drug Discovery segment, which is characterized by large, upfront payments and milestone potential. These teams broker the multi-target collaborations that are critical for the high growth seen in this segment. Drug discovery revenue for Q3 2025 surged to $13.5 million, a massive 295% increase compared to Q3 2024, largely due to recognizing revenue from upfront payments associated with advancing these ongoing collaborations. The full-year 2025 drug discovery revenue guidance was increased to a range of $49 million to $52 million.

Key examples of this channel's impact include the Novartis collaboration, which brought in a $150 million upfront payment in January 2025. Another major deal with Bristol Myers Squibb involves a $55 million upfront payment plus milestones and royalties. The Sanofi partnership involves up to 120 million USD in milestone payments alone.

Here's a quick look at the collaboration pipeline metrics:

• Established drug discovery collaborations since 2018: 19 (as of Q1 2025).
• Total cash received from upfront payments in early 2025 from new/expanded deals: Over $150 million.
• Number of ongoing programs eligible for royalties at year-end 2024: 13.

Online Platform and Technical Support for Software Distribution

The core software is distributed via the online platform, increasingly through hosted contracts, which suggests a move toward more predictable, recurring revenue streams. Technical support is integral to maintaining the high retention rates in the enterprise segment. The company reported having approximately 1,752 software customers worldwide as of December 31, 2024. The platform continues to be enhanced, with the 2025-4 software update released and the predictive toxicology solution in beta testing, which currently includes approximately 50 representative kinases.

The shift to hosted solutions is notable, as it impacts revenue recognition timing, though it bolsters the deferred revenue balance, which stood at $174.7 million as of September 30, 2025, up significantly from $47 million in Q3 2024.

Scientific and Industry Conferences

Conferences serve as a key channel for visibility, lead generation, and maintaining relationships with the scientific community and investors. Schrödinger, Inc. was scheduled to present at the Jefferies London Healthcare Conference on November 6, 2025. These events are where the company showcases platform advancements, like the new capabilities in protein degrader modeling and crystal structure prediction, directly to decision-makers.

To be fair, looking at the revenue mix across these channels gives you a clearer picture of the current business focus:

Metric	Q1 2025 Amount	Q3 2025 Amount	Full-Year 2025 Guidance Range (Software)
Total Revenue	$59.6 million	$54.3 million	N/A
Software Revenue	$48.8 million	$40.9 million	Implied growth of 8% to 13% YoY
Drug Discovery Revenue	$10.7 million	$13.5 million	$49 million to $52 million
Software Gross Margin	72%	73%	73% to 75%

Finance: review the Q4 2025 bookings pipeline against the lower end of the 8% software growth guidance by next Tuesday.

Schrödinger, Inc. (SDGR) - Canvas Business Model: Customer Segments

You're looking at the core groups Schrödinger, Inc. serves with its computational platform, which is a mix of big pharma deals and broader software licensing. Honestly, the customer base is segmented by the scale of their R&D budget and their need for high-fidelity molecular modeling.

The financial performance in late 2025 clearly shows the impact of these segments. For the third quarter ended September 30, 2025, Schrödinger reported total revenue of $54.3 million, with software revenue at $40.9 million and drug discovery revenue at $13.5 million. The trailing twelve-month (TTM) revenue as of September 30, 2025, stood at $257 million.

Schrödinger, Inc. has been growing its high-value customer base. The number of customers with an Annual Contract Value (ACV) greater than $5 million increased from 4 in 2023 to 8 in 2024.

Here's a breakdown of the key customer segments and how they interact with Schrödinger, Inc.

Customer Segment	Primary Engagement Model	Key Financial/Statistical Data Points
Global Big Pharmaceutical companies (e.g., Novartis, BMS)	Large-scale software licensing agreements and multi-target research collaborations.	Upfront payment from Novartis expected in Q1 2025 was $150 million. The Novartis deal is eligible for up to $2.3 billion in milestones plus royalties. Schrödinger's platform facilitated 15 molecules entering clinical trials via Big Pharma collaborations.
Biotechnology and emerging biopharma companies	Drug discovery collaborations, equity stakes, and software licensing.	Cumulative number of drug discovery collaborators since 2018 is 19. An oncology program with an undisclosed company is in a Phase 1 clinical study. Ajax Therapeutics, a co-founded company, initiated a Phase 1 clinical trial.
Academic research institutions and government labs	Software licensing for research and specific grants/funding.	The platform is licensed by academic institutions around the world. The predictive toxicology initiative is funded by the Gates Foundation.
Materials science and industrial companies	Software licensing for materials design and molecular discovery.	The Software segment serves customers in materials science industries. The platform is used for materials design.

The focus on Big Pharma is evident in the large, upfront payments recognized in revenue. For instance, Q1 2025 total revenue of $59.6 million included higher recognition from collaborations, particularly with Novartis. Drug discovery revenue, which is heavily tied to these collaborations, was projected to be between $49 million to $52 million for the full year 2025.

You see the breadth of the customer base by looking at the total count. As of December 31, 2024, Schrödinger had approximately 1,752 active customers worldwide (defined as having an ACV greater than $1,000).

The company is actively looking to deepen relationships within these segments, planning to increase platform adoption among existing pharma customers and targeting increased ACV from customers in the $1 million to $5 million range.

• Software gross margin remained stable at 73% for Q3 2025.
• The company has over 50 off-targets structurally enabled in its predictive toxicology solutions as of Q1 2025.
• Schrödinger, Inc. had ~800 employees worldwide as of August 2025.

Schrödinger, Inc. (SDGR) - Canvas Business Model: Cost Structure

You're looking at the cost base for Schrödinger, Inc. as of the third quarter of 2025, which shows a clear focus on managing expenses while still investing in the platform.

High R&D expenses for platform and drug development remain a significant cost driver, though they have been actively managed. For the third quarter of 2025, total operating expenses were reported at $74.0 million. This figure represented a 14% decrease compared to the third quarter of 2024's $86.2 million operating expenses. This reduction aligns with a strategic shift and earlier expense-reduction measures that are expected to yield approximately $70 million in savings overall.

Significant employee-related expenses for specialized scientists and engineers are embedded within the operating expense categories, particularly Research & Development (R&D). The decline in operating expenses across the board was primarily attributed to lower employee-related costs. The company also announced a decision not to move forward with certain internal programs, which is expected to save an additional $40 million.

The breakdown of operating expenses for Q3 2025 shows where the spending is concentrated:

Expense Category	Q3 2025 Amount (USD Millions)	Year-over-Year Change vs. Q3 2024
Total Operating Expenses	$74.0	Decreased 14%
Research & Development (R&D)	$42.8	Decreased 16%
General & Administrative (G&A)	$21.7	Decreased 13%
Sales & Marketing	$9.5	Decreased 8%

The R&D decrease was partly due to a shift of predictive toxicology expenses into the cost of revenue line item.

Costs of revenue for software, including cloud computing and infrastructure, are reflected in the software gross margin. For Q3 2025, the software gross margin was 73%. Cost of revenues for software generally includes personnel-related expenses for employees directly involved in software delivery, royalties for third-party licensed technology used in the software, and allocated overhead like facilities and IT support. The shift of certain predictive toxicology expenses from R&D into software cost of goods sold impacts this area.

Regarding clinical trial costs for proprietary drug candidates, Schrödinger has made a strategic pivot. The company explicitly stated, 'Beyond our planned clinical investments to complete the Phase 1 dose-escalation studies for SGR-1505 and SGR-3515, we do not intend to advance discovery programs into the clinic independently.' This signals a reduction in direct, independent clinical trial spending in favor of a discovery-focused therapeutics R&D model centered on collaborations and licensing.

Sales and marketing expenses to drive software adoption were $9.5 million in the third quarter of 2025. This represented an 8% decrease compared to the third quarter of 2024. The overall software revenue growth of 28% in Q3 2025 to $40.9 million suggests that the marketing spend is supporting continued customer engagement.

Finance: draft 13-week cash view by Friday.

Schrödinger, Inc. (SDGR) - Canvas Business Model: Revenue Streams

You're looking at how Schrödinger, Inc. actually brings in the cash to fund its platform development and drug discovery efforts as of late 2025. It's a dual engine: steady software income and the lumpy, but potentially massive, returns from drug discovery partnerships. Honestly, the mix is what makes their story interesting right now.

The core, reliable money comes from their computational platform licensing. For the third quarter of 2025, the software revenue hit $40.9 million, which was a solid 28% year-over-year growth. That tells you the industry is still heavily investing in their computational tools. This recurring revenue stream is the foundation.

The other side, Drug Discovery Revenue, is more variable, often tied to when big partners pay up. For the full year 2025, Schrödinger updated its guidance for this segment to be between $49 million to $52 million. To give you context on how that revenue is recognized, the Q3 2025 Drug Discovery Revenue specifically came in at $13.5 million, a huge jump from just $3.4 million in Q3 2024, largely because of upfront payments being recognized.

Here's a quick look at the key components making up the revenue picture based on recent figures:

Revenue Stream Component	Latest Reported/Guidance Figure	Context/Timing
Software Revenue (Q3 2025)	$40.9 million	Reported for the quarter ended September 30, 2025
Drug Discovery Revenue (2025 Guidance)	$49 million to $52 million	Updated full-year 2025 expectation
Drug Discovery Revenue (Q3 2025 Actual)	$13.5 million	Reported for the quarter ended September 30, 2025
Total Revenue (Q3 2025)	$54.3 million	Reported for the quarter ended September 30, 2025

The upfront payments are significant cash infusions when new, large-scale collaborations kick off. These aren't recurring, but they certainly boost the balance sheet. You definitely saw this impact in Q1 2025 when the Novartis deal closed.

The revenue streams from collaborations can be broken down like this:

• Software Revenue from subscription licenses.
• Drug Discovery Revenue from collaborations, which includes upfront payments.

When you look at the big partnership deals, the upfront cash is a major component. For example:

• The research collaboration and license agreement with Novartis included an upfront payment of $150 million, which Schrödinger expected to receive in the first quarter of 2025.
• The collaboration agreement with Bristol-Myers Squibb Company (BMS) included an upfront payment of $55.0 million.

Then you have the potential upside, which is what analysts really watch for long-term value creation. These are milestone payments and royalties tied to the success of the partnered drug programs as they advance through development and commercialization. The total potential value across some of these deals is staggering, though it's all contingent on clinical success, which is never a sure thing.

Here are some of the milestone and royalty potentials mentioned in recent agreements:

• Novartis collaboration: Eligible for up to $2.3 billion in milestone payments plus royalties.
• BMS partnership: Up to $2.7 billion in milestone payments along with royalties.
• Lilly partnership: Up to $425 million in milestone payments.
• Sanofi partnership: Up to $120 million in milestone payments.
• Total potential milestones across some partnerships are around $5 billion.

Finally, the potential future royalties on net sales of partnered products represent the long-term, passive income stream if any of these joint efforts result in a commercialized drug. This is the ultimate payoff for the discovery work Schrödinger helps facilitate.

Finance: draft the Q4 2025 revenue forecast based on the updated 2025 guidance by next Tuesday.