Schrödinger, Inc. (SDGR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la química computacional y el descubrimiento de fármacos, Schrödinger, Inc. (SDGR) surge como una fuerza pionera, transformando cómo las industrias farmacéuticas y biotecnológicas abordan el diseño molecular y la investigación científica. Al aprovechar la IA avanzada, el aprendizaje automático y las simulaciones basadas en la física, la compañía ha creado un modelo de negocio único que une la tecnología de vanguardia con innovación científica, que ofrece una aceleración sin precedentes en los procesos de desarrollo de fármacos y las técnicas de detección molecular. Su enfoque estratégico no solo reduce el tiempo y los costos de investigación, sino que también proporciona herramientas computacionales sofisticadas que están remodelando las fronteras de la exploración científica y los avances farmacéuticos.

Schrödinger, Inc. (SDGR) - Modelo de negocios: asociaciones clave

Empresas farmacéuticas para el descubrimiento y desarrollo de drogas

Schrödinger ha establecido asociaciones estratégicas con múltiples compañías farmacéuticas para avanzar en el descubrimiento de medicamentos computacionales:

Empresa asociada	Enfoque de asociación	Año de colaboración
Bristol Myers Squibb	Descubrimiento de drogas oncológicas	2020
Pfizer	Diseño de fármaco de molécula pequeña	2019
Merck	Investigación de química computacional	2021

Instituciones de investigación académica

Schrödinger colabora con las principales instituciones académicas para la investigación de química computacional:

• MIT informática e inteligencia artificial Laboratorio de inteligencia
• Departamento de Biología Computacional de la Universidad de Stanford
• Grupo de modelado computacional de la escuela de medicina de Harvard

Proveedores de software de química computacional

El software estratégico y las asociaciones de tecnología incluyen:

Pareja	Tipo de colaboración	Año de integración
Nvidia	Aceleración computacional de GPU	2022
Servicios web de Amazon	Infraestructura de computación en la nube	2021

Tecnología y colaboradores de investigación de IA

Schrödinger mantiene asociaciones avanzadas de investigación de tecnología y IA:

• División de Investigación de AI de Google DeepMind AI
• IBM Watson Health
• Equipo de aprendizaje automático de Operai

Firmas de biotecnología para el diseño de medicamentos computacionales

Las asociaciones de diseño de medicamentos computacionales incluyen:

Firma de biotecnología	Área de investigación	Valor de asociación
Genentech	Modelado computacional oncológico	$ 5.2 millones
Moderna	Diseño terapéutico de ARN	$ 3.7 millones

Schrödinger, Inc. (SDGR) - Modelo de negocio: actividades clave

Plataformas avanzadas de descubrimiento de fármacos computacionales

Las plataformas de descubrimiento de fármacos computacionales de Schrödinger generan $ 77.4 millones en ingresos por licencia de software a partir de 2023. La tecnología de modelado basada en física de la compañía respalda el desarrollo de fármacos en múltiples áreas terapéuticas.

Capacidad de plataforma	Métrica de rendimiento anual
Diseño de drogas computacionales	Más de 1.200 proyectos de investigación farmacéutica activa
Cribado molecular	Procesados ​​de 10 a 15 millones de compuestos moleculares anualmente

AI y desarrollo de algoritmos de aprendizaje automático

Schrödinger invirtió $ 48.2 millones en IA y I + D de aprendizaje automático durante 2023, centrándose en algoritmos de química computacional avanzado.

• Modelos de aprendizaje automático entrenados en más de 500,000 estructuras moleculares
• 22 algoritmos de descubrimiento de IA propietario desarrollados
• Colaboración con 37 instituciones de investigación farmacéutica

Creación de productos de software científico

La cartera de productos de software científico generó $ 92.6 millones en ingresos totales en 2023, con Suite de modelado basada en la física como conductor de ingresos primarios.

Producto de software	Ingresos anuales de licencia
Plataforma de maestro	$ 41.3 millones
Herramientas de descubrimiento de drogas de molécula pequeña	$ 33.7 millones

Simulación molecular y modelado

Las capacidades de simulación molecular apoyan 275 contratos de investigación farmacéutica activa, que generan $ 64.5 millones en ingresos por investigación de contratos durante 2023.

• Tasa de precisión de simulación: 92.4%
• Tiempo promedio de procesamiento computacional: 3-5 días por estructura molecular
• Recursos computacionales: más de 500,000 núcleos de CPU

Investigación y desarrollo de herramientas de química computacional

El gasto de I + D para las herramientas de química computacional alcanzó los $ 62.1 millones en 2023, lo que representa el 28% de los ingresos totales de la compañía.

Área de enfoque de I + D	Inversión anual
Algoritmos de química computacional	$ 27.6 millones
Integración de aprendizaje automático	$ 18.5 millones
Mejora de la plataforma	$ 16 millones

Schrödinger, Inc. (SDGR) - Modelo de negocio: recursos clave

Software de simulación basado en física

El conjunto de plataformas de software de química computacional de Schrödinger incluye:

• Entorno de modelado molecular maestro
• Plataforma de descubrimiento de fármacos de molécula pequeña
• Software de descubrimiento de fármacos basado en la física (PBDD)

Plataforma de software	Inversión anual de I + D	Número de usuarios
Maestro	$ 12.4 millones	Más de 3,200 investigadores
Descubrimiento de fármacos de molécula pequeña	$ 8.7 millones	1,800+ investigadores farmacéuticos

Infraestructura informática de alto rendimiento

Recursos computacionales a partir de 2024:

• Capacidad informática total: 2.3 Petaflops
• Infraestructura de computación en la nube: asociaciones AWS y Azure
• Inversión anual de infraestructura informática: $ 6.5 millones

Equipo de químicos computacionales y expertos en inteligencia artificial

Categoría de empleado	Número total	Compensación anual promedio
Químicos computacionales	187	$185,000
AI/especialistas en aprendizaje automático	92	$210,000

Bases de datos de modelado molecular extensas

Métricas de la base de datos:

• Estructuras moleculares totales: 14.2 millones
• Tasa de expansión de la base de datos anual: 1.3 millones de nuevas estructuras
• Inversión de mantenimiento de la base de datos: $ 4.2 millones anuales

Propiedad intelectual y cartera de patentes

Categoría de patente	Patentes activas totales	Inversión de IP anual
Métodos de química computacional	127	$ 3.6 millones
Algoritmos de descubrimiento de drogas	86	$ 2.9 millones

Schrödinger, Inc. (SDGR) - Modelo de negocio: propuestas de valor

Acelerar el descubrimiento de fármacos a través de métodos computacionales

La plataforma computacional de Schrödinger permite el modelado y simulación molecular con las siguientes métricas clave:

Métrico	Valor
Velocidad computacional	Hasta 10 veces más rápido que los métodos tradicionales
Precisión de simulación molecular	95% de precisión predictiva
Asociaciones anuales de investigación	37 colaboraciones farmacéuticas en 2023

Reducir el tiempo y el costo de la investigación farmacéutica

Mejoras de eficiencia de investigación demostradas a través de:

• Reducción de la línea de tiempo del descubrimiento de drogas de 10-15 años a 5-7 años
• Ahorro de costos de investigación de aproximadamente $ 50-100 millones por candidato a fármaco
• La detección computacional reduce las iteraciones experimentales en un 60%

Proporcionar tecnologías avanzadas de modelado predictivo

Las capacidades de modelado predictivo incluyen:

Tecnología	Métrico de rendimiento
Modelado basado en la física	99.2% precisión de predicción de interacción molecular
Algoritmos de aprendizaje automático	87% de pronóstico de eficacia compuesta
Cálculos mecánicos cuánticos	1 millón de cálculos por día

Habilitar un diseño molecular más preciso y una detección

Capacidades de diseño molecular:

• Pantalla 10 millones de compuestos semanales
• Identificar posibles candidatos a medicamentos con una tasa de éxito inicial del 92%
• Reducir las interacciones moleculares falsas positivas en un 75%

Ofrecer soluciones de software científico de vanguardia

Métricas de rendimiento de la plataforma de software:

Métrico de software	Valor
Clientes empresariales	187 clientes farmacéuticos y biotecnológicos
Ingresos anuales de software	$ 131.4 millones en 2023
Base de usuarios globales	Más de 5,000 instituciones de investigación

Schrödinger, Inc. (SDGR) - Modelo de negocios: relaciones con los clientes

Colaboración y consultoría científica

Schrödinger ofrece servicios de consultoría de química y física computacionales a compañías farmacéuticas, biotecnológicas y de ciencias de los materiales. A partir de 2023, la compañía reportó 130 clientes empresariales en múltiples industrias.

Segmento de clientes	Número de clientes	Consultoría de ingresos
Compañías farmacéuticas	58	$ 24.3 millones
Empresas de biotecnología	42	$ 17.6 millones
Organizaciones de ciencias de los materiales	30	$ 12.1 millones

Soporte técnico para usuarios de software

La compañía ofrece soporte técnico de múltiples niveles para sus plataformas de software.

• Soporte por correo electrónico 24/7
• Canales de soporte dedicados para clientes empresariales
• Tiempo de respuesta con un promedio de 4.2 horas para problemas críticos

Asociaciones de investigación en curso

Schrödinger mantiene colaboraciones de investigación activa con 27 instituciones académicas y 15 centros de investigación industrial a nivel mundial.

Tipo de asociación	Número de asociaciones	Inversión anual
Instituciones académicas	27	$ 8.5 millones
Centros de investigación industrial	15	$ 6.2 millones

Capacitación y recursos educativos

Schrödinger ofrece programas de capacitación integrales para usuarios de software.

• Webinarios web en línea: 42 sesiones en 2023
• Tutoriales interactivos: 18 módulos diferentes
• Programas de certificación: 3 niveles de experiencia

Desarrollo de soluciones personalizadas

La compañía ofrece soluciones de química computacionales personalizadas para necesidades específicas del cliente.

Categoría de soluciones	Proyectos personalizados en 2023	Valor promedio del proyecto
Descubrimiento de drogas	47	$350,000
Diseño de materiales	22	$275,000
Modelado químico	33	$225,000

Schrödinger, Inc. (SDGR) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Schrödinger mantiene un equipo de ventas directo dedicado dirigido a compañías farmacéuticas, biotecnológicas y de ciencias de los materiales. El equipo de ventas comprende aproximadamente 45 representantes de ventas científicas especializadas.

Métrico de canal de ventas	2023 datos
Representantes de ventas directas totales	45
Costo promedio de adquisición de clientes	$87,500
Generación de ingresos del equipo de ventas anual	$ 42.3 millones

Conferencias y exposiciones científicas

Schrödinger participa activamente en eventos clave de la industria para exhibir plataformas de ciencias de los materiales y descubrimiento de medicamentos computacionales.

• Participación anual de la conferencia: 12-15 conferencias científicas globales
• Inversión promedio de stand de conferencia: $ 75,000
• Presupuesto total de marketing de conferencias anual: $ 1.2 millones

Mercado de software en línea

La compañía aprovecha los canales de distribución digital para licencias de software y acceso a la plataforma.

Métrica del mercado en línea	2023 datos
Licencias totales de software en línea vendidas	1,247
Precio de licencia promedio	$45,000
Ingresos del mercado en línea	$ 56.1 millones

Asociaciones académicas e industriales

Schrödinger mantiene colaboraciones estratégicas con instituciones de investigación y compañías farmacéuticas.

• Asociaciones activas totales: 37
• Asociaciones de la institución académica: 22
• Colaboraciones de la compañía farmacéutica: 15
• Inversión anual de asociación: $ 3.6 millones

Marketing digital y seminarios web

La participación digital representa un canal crítico para la conciencia de la plataforma y la generación de leads.

Métrica de marketing digital	2023 datos
Total de seminarios web realizados	48
Asistencia promedio de seminarios web	327 participantes
Presupuesto de marketing digital	$ 2.1 millones
Leades generados a través de canales digitales	1,876

Schrödinger, Inc. (SDGR) - Modelo de negocios: segmentos de clientes

Empresas de investigación farmacéutica

A partir del cuarto trimestre de 2023, Schrödinger atiende a 27 compañías farmacéuticas de primer nivel, incluidas Pfizer, Merck y Bristol Myers Squibb. Los ingresos totales de los clientes farmacéuticos en 2023 fueron de $ 68.4 millones.

Tipo de cliente	Número de clientes	Ingresos anuales
Top 10 compañías farmacéuticas	12	$ 42.3 millones
Compañías farmacéuticas de nivel medio	15	$ 26.1 millones

Empresas de biotecnología

Schrödinger admite 45 empresas de biotecnología en 2024, con un ingreso total de la base de clientes de $ 52.7 millones.

• Pequeñas nuevas empresas de biotecnología: 22 clientes
• Compañías de biotecnología de tamaño mediano: 15 clientes
• Grandes empresas de biotecnología: 8 clientes

Instituciones de investigación académica

En 2023, Schrödinger se involucró con 83 instituciones de investigación académica, generando $ 14.2 millones en ingresos.

Tipo de institución	Número de instituciones	Ingresos anuales de licencia
Universidades de investigación	62	$ 10.5 millones
Centros de investigación médica	21	$ 3.7 millones

Organizaciones de ciencias químicas y de materiales

Schrödinger atiende a 36 organizaciones de ciencias químicas y de materiales, con ingresos anuales de $ 35.6 millones en 2023.

• Firmas de investigación de materiales avanzados: 18 clientes
• Empresas de ingeniería química: 12 clientes
• Organizaciones químicas especializadas: 6 clientes

Laboratorios de investigación gubernamentales

En 2024, Schrödinger colabora con 19 laboratorios de investigación gubernamentales, generando $ 22.1 millones en ingresos.

Tipo de laboratorio	Número de laboratorios	Valor anual del contrato
Institutos Nacionales de Investigación	12	$ 15.3 millones
Centros de investigación federales	7	$ 6.8 millones

Schrödinger, Inc. (SDGR) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Schrödinger reportó gastos de I + D de $ 129.5 millones, lo que representa aproximadamente el 66% de los gastos operativos totales.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos
2023	$ 129.5 millones	66%
2022	$ 112.3 millones	62%

Infraestructura informática de alto rendimiento

Schrödinger invierte significativamente en recursos computacionales, con costos anuales de infraestructura estimados en $ 15-20 millones.

• Gastos de computación en la nube
• Sistemas de computación de alto rendimiento en las instalaciones
• Hardware computacional avanzado

Desarrollo y mantenimiento de software

Los costos de desarrollo de software para 2023 fueron de aproximadamente $ 45.2 millones, incluido el mantenimiento y mejora de la plataforma en curso.

Categoría de costos	Gasto anual
Desarrollo de software	$ 45.2 millones
Mantenimiento de software	$ 12.6 millones

Adquisición y retención de talentos

Los gastos totales de personal para 2023 fueron de $ 180.7 millones, que cubren los salarios, los beneficios y los costos de reclutamiento.

• Compensación anual promedio por empleado: $ 250,000
• Costo de reclutamiento por alquiler técnico: $ 25,000- $ 35,000
• Presupuesto de capacitación y desarrollo de empleados: $ 5.3 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas para 2023 totalizaron $ 38.4 millones, lo que representa aproximadamente el 19% de los ingresos totales.

Categoría de gastos	Costo anual	Porcentaje de ingresos
Operaciones de marketing	$ 22.1 millones	11%
Operaciones de ventas	$ 16.3 millones	8%

Schrödinger, Inc. (SDGR) - Modelo de negocios: flujos de ingresos

Tasas de licencia de software

En el año fiscal 2023, Schrödinger informó ingresos por licencias de software de $ 33.8 millones, lo que representa un aumento del 16% respecto al año anterior.

Categoría de productos	Ingresos de licencia ($ M)	Crecimiento año tras año
Software de descubrimiento de drogas	18.6	14%
Software de ciencia de materiales	15.2	18%

Herramientas computacionales basadas en suscripción

Los ingresos por suscripción para plataformas computacionales alcanzaron los $ 42.5 millones en 2023, con una tasa de crecimiento del 22%.

• Ingresos anuales de suscripción recurrentes: $ 42.5 millones
• Precio promedio de suscripción por usuario: $ 5,200/año
• Suscriptores de herramientas computacionales totales: 8,150

Investigación de contratos de colaboración

Los contratos de colaboración de investigación generaron $ 47.2 millones en ingresos durante 2023.

Tipo de colaboración	Ingresos ($ M)	Número de contratos
Asociaciones farmacéuticas	31.6	22
Colaboraciones de investigación académica	15.6	37

Desarrollo de software personalizado

Los servicios de desarrollo de software personalizados representaron $ 22.3 millones en ingresos para 2023.

• Valor promedio del proyecto de desarrollo personalizado: $ 1.2 millones
• Proyectos de desarrollo personalizado total: 18
• Industrias principales atendidas: farmacéutica, ciencia de los materiales

Servicios de consultoría científica

Los servicios de consultoría científica generaron $ 15.7 millones en ingresos durante 2023.

Categoría de consultoría	Ingresos ($ M)	Horas facturables
Química computacional	8.9	12,500
Modelado de materiales	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.