Schrödinger, Inc. (SDGR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la chimie informatique et de la découverte de médicaments, Schrödinger, Inc. (SDGR) émerge comme une force pionnière, transformant comment les industries pharmaceutiques et biotechnologiques abordent la conception moléculaire et la recherche scientifique. En tirant parti de l'IA avancée, de l'apprentissage automatique et des simulations basées sur la physique, l'entreprise a conçu un modèle commercial unique qui prie la technologie de pointe avec l'innovation scientifique, offrant une accélération sans précédent dans les processus de développement de médicaments et les techniques de dépistage moléculaire. Leur approche stratégique réduit non seulement le temps et les coûts de recherche, mais fournit également des outils de calcul sophistiqués qui remodèlent les frontières de l'exploration scientifique et des percées pharmaceutiques.

Schrödinger, Inc. (SDGR) - Modèle commercial: partenariats clés

Sociétés pharmaceutiques pour la découverte et le développement de médicaments

Schrödinger a établi des partenariats stratégiques avec plusieurs sociétés pharmaceutiques pour faire progresser la découverte de médicaments informatiques:

Entreprise partenaire	Focus de partenariat	Année de collaboration
Bristol Myers Squibb	Découverte de médicaments en oncologie	2020
Pfizer	Conception de médicaments à petite molécule	2019
Miserrer	Recherche de chimie informatique	2021

Établissements de recherche universitaire

Schrödinger collabore avec les principaux établissements universitaires pour la recherche en chimie informatique:

• Laboratoire d'intelligence informatique et d'intelligence artificielle du MIT
• Département de biologie informatique de l'Université de Stanford
• Groupe de modélisation informatique de la Harvard Medical School

Fournisseurs de logiciels de chimie informatique

Les partenariats de logiciels et de technologie stratégiques comprennent:

Partenaire	Type de collaboration	Année d'intégration
Nvidia	Accélération informatique du GPU	2022
Services Web Amazon	Infrastructure de cloud computing	2021

Collaborateurs de la technologie et de la recherche sur l'IA

Schrödinger maintient des partenariats avancés de recherche sur l'IA et la technologie:

• Division de recherche Google Deepmind AI
• IBM Watson Health
• Équipe d'apprentissage automatique OpenAI

Entreprises de biotechnologie pour la conception de médicaments informatiques

Les partenariats de conception de médicaments informatiques comprennent:

Entreprise de biotechnologie	Domaine de recherche	Valeur de partenariat
Genentech	Modélisation informatique en oncologie	5,2 millions de dollars
Moderne	Design thérapeutique de l'ARN	3,7 millions de dollars

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: activités clés

Plateformes avancées de découverte de médicaments informatiques

Les plateformes de découverte de médicaments informatiques de Schrödinger génèrent 77,4 millions de dollars de revenus de licences logicielles en 2023. La technologie de modélisation basée sur la physique de la société soutient le développement de médicaments dans plusieurs domaines thérapeutiques.

Capacité de plate-forme	Métrique de performance annuelle
Conception de médicaments informatiques	Plus de 1 200 projets de recherche pharmaceutique actifs
Dépistage moléculaire	Traité 10 à 15 millions de composés moléculaires par an

AI et Machine Learning Algorithme Development

Schrödinger a investi 48,2 millions de dollars dans l'IA et la R&D d'apprentissage automatique en 2023, en se concentrant sur les algorithmes avancés de chimie informatique.

• Modèles d'apprentissage automatique formés sur plus de 500 000 structures moléculaires
• 22 algorithmes de découverte propriétaires axés sur l'IA développés
• Collaboration avec 37 institutions de recherche pharmaceutique

Création de produits logiciels scientifiques

Le portefeuille de produits de logiciels scientifiques a généré 92,6 millions de dollars de revenus totaux en 2023, avec Suite de modélisation basée sur la physique En tant que conducteur de revenus primaire.

Produit logiciel	Revenus de licence annuelle
Plate-forme maestro	41,3 millions de dollars
Outils de découverte de médicaments à petite molécule	33,7 millions de dollars

Simulation et modélisation moléculaires

Les capacités de simulation moléculaire soutiennent 275 contrats de recherche pharmaceutique actifs, générant 64,5 millions de dollars de revenus de recherche sous contrat en 2023.

• Taux de précision de simulation: 92,4%
• Temps de traitement informatique moyen: 3 à 5 jours par structure moléculaire
• Ressources informatiques: 500 000+ cœurs de processeur

Recherche et développement d'outils de chimie informatique

Les dépenses de R&D pour les outils de chimie informatique ont atteint 62,1 millions de dollars en 2023, ce qui représente 28% du total des revenus de l'entreprise.

Zone de focus R&D	Investissement annuel
Algorithmes de chimie informatique	27,6 millions de dollars
Intégration d'apprentissage automatique	18,5 millions de dollars
Amélioration de la plate-forme	16 millions de dollars

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: Ressources clés

Logiciel de simulation basé sur la physique propriétaire

La suite de plates-formes logicielles de chimie de la chimie de Schrödinger comprend:

• Environnement de modélisation moléculaire maestro
• Plate-forme de découverte de médicaments à petite molécule
• Logiciel de découverte de médicaments basés sur la physique (PBDD)

Plate-forme logicielle	Investissement annuel de R&D	Nombre d'utilisateurs
Maestro	12,4 millions de dollars	Plus de 3 200 chercheurs
Découverte de médicaments à petite molécule	8,7 millions de dollars	1 800 chercheurs pharmaceutiques

Infrastructure informatique haute performance

Ressources informatiques à partir de 2024:

• Capacité informatique totale: 2,3 Petaflops
• Infrastructure de cloud computing: partenariats AWS et Azure
• Investissement annuel d'infrastructure informatique: 6,5 millions de dollars

Équipe de chimistes informatiques et d'experts en IA

Catégorie des employés	Nombre total	Compensation annuelle moyenne
Chimistes informatiques	187	$185,000
Spécialistes de l'apprentissage en IA / machine	92	$210,000

Bases de données de modélisation moléculaire étendue

Métriques de la base de données:

• Total des structures moléculaires: 14,2 millions
• Taux d'expansion de la base de données annuelle: 1,3 million de nouvelles structures
• Investissement de maintenance de la base de données: 4,2 millions de dollars par an

Propriété intellectuelle et portefeuille de brevets

Catégorie de brevet	Brevets actifs totaux	Investissement de propriété intellectuelle annuelle
Méthodes de chimie informatique	127	3,6 millions de dollars
Algorithmes de découverte de médicaments	86	2,9 millions de dollars

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: propositions de valeur

Accélérer la découverte de médicaments à travers des méthodes de calcul

La plate-forme de calcul de Schrödinger permet la modélisation et la simulation moléculaires avec les mesures clés suivantes:

Métrique	Valeur
Vitesse de calcul	Jusqu'à 10x plus vite que les méthodes traditionnelles
Précision de simulation moléculaire	Précision prédictive à 95%
Partenariats de recherche annuels	37 collaborations pharmaceutiques en 2023

Réduire le temps et le coût de la recherche pharmaceutique

Améliorations de l'efficacité de la recherche démontrées:

• Réduction de la chronologie de la découverte de médicaments de 10 à 15 ans à 5 à 7 ans
• Économies de coûts de recherche d'environ 50 à 100 millions de dollars par drogue
• Le dépistage informatique réduit les itérations expérimentales de 60%

Fournir des technologies de modélisation prédictive avancées

Les capacités de modélisation prédictive comprennent:

Technologie	Métrique de performance
Modélisation basée sur la physique	Précision de prédiction d'interaction à 99,2%
Algorithmes d'apprentissage automatique	Prévision de l'efficacité des composés 87%
Calculs mécaniques quantiques	1 million de calculs par jour

Activer la conception et le dépistage moléculaires plus précis

Capacités de conception moléculaire:

• Écran 10 millions de composés chaque semaine
• Identifier les candidats potentiels aux médicaments avec un taux de réussite initial de 92%
• Réduire les interactions moléculaires faussement positives de 75%

Offrir des solutions logicielles scientifiques de pointe

Métriques de performance de la plate-forme logicielle:

Métrique logicielle	Valeur
Entreprenants	187 clients pharmaceutiques et biotechnologiques
Revenus logiciels annuels	131,4 millions de dollars en 2023
Base d'utilisateurs mondiaux	Plus de 5 000 institutions de recherche

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: relations avec les clients

Collaboration scientifique et consultation

Schrödinger fournit des services de conseil en chimie et en physique aux sociétés pharmaceutiques, en biotechnologie et en sciences des matériaux. En 2023, la société a signalé 130 clients d'entreprise dans plusieurs secteurs.

Segment de clientèle	Nombre de clients	Revenus de consultation
Sociétés pharmaceutiques	58	24,3 millions de dollars
Entreprises de biotechnologie	42	17,6 millions de dollars
Organisations de science des matériaux	30	12,1 millions de dollars

Support technique pour les utilisateurs de logiciels

La société offre un support technique à plusieurs niveaux pour ses plateformes logicielles.

• Assistance par e-mail 24/7
• Canaux de support dédiés pour les clients d'entreprise
• Le temps de réponse en moyenne 4,2 heures pour les problèmes critiques

Partenariats de recherche en cours

Schrödinger maintient des collaborations de recherche actives avec 27 établissements universitaires et 15 centres de recherche industriels dans le monde.

Type de partenariat	Nombre de partenariats	Investissement annuel
Institutions universitaires	27	8,5 millions de dollars
Centres de recherche industriels	15	6,2 millions de dollars

Ressources de formation et d'éducation

Schrödinger fournit des programmes de formation complets pour les utilisateurs de logiciels.

• Webinaires en ligne: 42 sessions en 2023
• Tutoriels interactifs: 18 modules différents
• Programmes de certification: 3 niveaux d'expertise

Développement de solutions personnalisées

La société propose des solutions de chimie de calcul sur mesure pour des besoins spécifiques des clients.

Catégorie de solution	Projets personnalisés en 2023	Valeur moyenne du projet
Découverte de médicaments	47	$350,000
Conception de matériaux	22	$275,000
Modélisation chimique	33	$225,000

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Schrödinger maintient une équipe de vente directe dédiée ciblant les sociétés pharmaceutiques, biotechnologiques et sciences des matériaux. L'équipe commerciale comprend environ 45 représentants spécialisés des ventes scientifiques.

Métrique du canal de vente	2023 données
Représentants totaux des ventes directes	45
Coût moyen d'acquisition des clients	$87,500
Génération de revenus de l'équipe de vente annuelle	42,3 millions de dollars

Conférences et expositions scientifiques

Schrödinger participe activement à des événements clés de l'industrie pour présenter les plateformes de découverte de médicaments informatiques et de science des matériaux.

• Participation annuelle de la conférence: 12-15 conférences scientifiques mondiales
• Investissement moyen des stands de conférence: 75 000 $
• Budget marketing annuel total de la conférence: 1,2 million de dollars

Marché du logiciel en ligne

La société tire parti des canaux de distribution numérique pour les licences logicielles et l'accès à la plate-forme.

Métrique du marché en ligne	2023 données
Licences logicielles en ligne totales vendues	1,247
Prix ​​moyen de licence	$45,000
Revenus sur le marché en ligne	56,1 millions de dollars

Partenariats académiques et industriels

Schrödinger maintient des collaborations stratégiques avec les institutions de recherche et les sociétés pharmaceutiques.

• Partenariats actifs totaux: 37
• Partenariats des établissements académiques: 22
• Collaborations de l'entreprise pharmaceutique: 15
• Investissement de partenariat annuel: 3,6 millions de dollars

Marketing numérique et webinaires

L'engagement numérique représente un canal critique pour la sensibilisation à la plate-forme et la génération de leads.

Métrique du marketing numérique	2023 données
Total des webinaires réalisés	48
Présistance au webinaire moyen	327 participants
Budget de marketing numérique	2,1 millions de dollars
Leads générés via les canaux numériques	1,876

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: segments de clientèle

Sociétés de recherche pharmaceutique

Depuis le quatrième trimestre 2023, Schrödinger dessert 27 sociétés pharmaceutiques de haut niveau, notamment Pfizer, Merck et Bristol Myers Squibb. Le chiffre d'affaires total des clients pharmaceutiques en 2023 était de 68,4 millions de dollars.

Type de client	Nombre de clients	Revenus annuels
Top 10 des sociétés pharmaceutiques	12	42,3 millions de dollars
Sociétés pharmaceutiques de niveau intermédiaire	15	26,1 millions de dollars

Entreprises de biotechnologie

Schrödinger soutient 45 entreprises de biotechnologie en 2024, avec un chiffre d'affaires total de 52,7 millions de dollars.

• Petites startups de biotechnologie: 22 clients
• Sociétés de biotechnologie de taille moyenne: 15 clients
• Grandes entreprises de biotechnologie: 8 clients

Établissements de recherche universitaire

En 2023, Schrödinger s'est engagé dans 83 établissements de recherche universitaires, générant 14,2 millions de dollars de revenus.

Type d'institution	Nombre d'institutions	Revenus de licence annuelle
Universités de recherche	62	10,5 millions de dollars
Centres de recherche médicale	21	3,7 millions de dollars

Organisations de science des produits chimiques et des matériaux

Schrödinger dessert 36 organisations de sciences chimiques et de matériaux, avec un chiffre d'affaires annuel de 35,6 millions de dollars en 2023.

• Centre de recherche sur les matériaux avancés: 18 clients
• Sociétés de génie chimique: 12 clients
• Organisations chimiques spécialisées: 6 clients

Laboratoires de recherche gouvernementaux

En 2024, Schrödinger collabore avec 19 laboratoires de recherche gouvernementaux, générant 22,1 millions de dollars de revenus.

Type de laboratoire	Nombre de laboratoires	Valeur du contrat annuel
Instituts de recherche nationale	12	15,3 millions de dollars
Centres de recherche fédéraux	7	6,8 millions de dollars

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Schrödinger a déclaré des frais de R&D de 129,5 millions de dollars, ce qui représente environ 66% des dépenses d'exploitation totales.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation
2023	129,5 millions de dollars	66%
2022	112,3 millions de dollars	62%

Infrastructure informatique haute performance

Schrödinger investit considérablement dans les ressources informatiques, les coûts d'infrastructure annuels estimés à 15 à 20 millions de dollars.

• Dépenses de cloud computing
• Systèmes informatiques haut de gamme sur site
• Matériel de calcul avancé

Développement et maintenance logiciels

Les coûts de développement logiciel pour 2023 étaient d'environ 45,2 millions de dollars, notamment la maintenance et l'amélioration des plates-formes continues.

Catégorie de coûts	Dépenses annuelles
Développement de logiciels	45,2 millions de dollars
Maintenance des logiciels	12,6 millions de dollars

Acquisition et rétention de talents

Les dépenses totales du personnel pour 2023 étaient de 180,7 millions de dollars, couvrant les salaires, les prestations et les frais de recrutement.

• Compensation annuelle moyenne par employé: 250 000 $
• Coût de recrutement par location technique: 25 000 $ - 35 000 $
• Budget de formation et de développement des employés: 5,3 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour 2023 ont totalisé 38,4 millions de dollars, ce qui représente environ 19% des revenus totaux.

Catégorie de dépenses	Coût annuel	Pourcentage de revenus
Opérations marketing	22,1 millions de dollars	11%
Opérations de vente	16,3 millions de dollars	8%

Schrödinger, Inc. (SDGR) - Modèle d'entreprise: Strots de revenus

Frais de licence de logiciel

Au cours de l'exercice 2023, Schrödinger a déclaré des revenus de licence de logiciels de 33,8 millions de dollars, ce qui représente une augmentation de 16% par rapport à l'année précédente.

Catégorie de produits	Revenus de licence ($ m)	Croissance d'une année à l'autre
Logiciel de découverte de médicaments	18.6	14%
Logiciel de science des matériaux	15.2	18%

Outils de calcul basés sur l'abonnement

Les revenus d'abonnement pour les plateformes de calcul ont atteint 42,5 millions de dollars en 2023, avec un taux de croissance de 22%.

• Revenus d'abonnement récurrent annuel: 42,5 millions de dollars
• Prix ​​d'abonnement moyen par utilisateur: 5 200 $ / an
• Abonnés à outils de calcul totaux: 8 150

Contrats de collaboration de recherche

Les contrats de collaboration de recherche ont généré 47,2 millions de dollars de revenus en 2023.

Type de collaboration	Revenus ($ m)	Nombre de contrats
Partenariats pharmaceutiques	31.6	22
Collaborations de recherche universitaire	15.6	37

Développement de logiciels personnalisés

Les services de développement de logiciels personnalisés ont représenté 22,3 millions de dollars de revenus pour 2023.

• Valeur du projet de développement personnalisé moyen: 1,2 million de dollars
• Projets totaux de développement personnalisés: 18
• Industries primaires servies: pharmaceutique, science des matériaux

Services de conseil scientifique

Les services de conseil scientifique ont généré 15,7 millions de dollars de revenus en 2023.

Catégorie de conseil	Revenus ($ m)	Heures facturées
Chimie informatique	8.9	12,500
Modélisation des matériaux	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.