0001564590-22-006692.txt : 20220224 0001564590-22-006692.hdr.sgml : 20220224 20220224160619 ACCESSION NUMBER: 0001564590-22-006692 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220224 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220224 DATE AS OF CHANGE: 20220224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Schrodinger, Inc. CENTRAL INDEX KEY: 0001490978 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 954284541 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39206 FILM NUMBER: 22670906 BUSINESS ADDRESS: STREET 1: 1540 BROADWAY STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 503-299-1150 MAIL ADDRESS: STREET 1: 1540 BROADWAY STREET 2: 24TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10036 8-K 1 sdgr-8k_20220224.htm 8-K sdgr-8k_20220224.htm
false 0001490978 0001490978 2022-02-24 2022-02-24

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 24, 2022

 

Schrodinger, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

 

 

 

 

 

Delaware

 

 

 

95-4284541

(State or other jurisdiction of

incorporation or organization)

 

001-39206

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

 

 

1540 Broadway, 24th Floor

New York, NY

 

 

 

10036

(Address of principal executive offices)

 

 

 

(Zip Code)

Registrant’s telephone number, including area code: (212) 295-5800

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange on which registered

Common stock, par value $0.01 per share

  

SDGR

  

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On February 24, 2022, Schrödinger, Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit
Number

 

Description

99.1

104

  

Press release dated February 24, 2022

Cover Page Interactive Data File (embedded within the Inline XBRL document)

1

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

 

 

Schrödinger, Inc.

 

 

 

 

Date: February 24, 2022

 

 

 

By:

 

/s/ JOEL LEBOWITZ

 

 

 

 

 

 

Joel Lebowitz

Chief Financial Officer

 

2

 EX-99.1 2 sdgr-ex991_6.htm EX-99.1 sdgr-ex991_6.htm

 

 

Exhibit 99.1

 

Schrödinger Reports Financial Results for the Fourth Quarter and Full Year 2021

 

Delivered Strong Fourth Quarter, with Software Revenue of $38.6 Million, a 55 Percent Increase over Fourth Quarter of 2020

 

Full Year 2021 Total Revenue of $137.9 Million, up 28 Percent Year-over-Year, with Full Year 2021 Software Revenue of $113.2 Million, up 22 Percent Year-over-Year

 

Provides Financial Outlook for 2022 and Outlines Key Strategic Goals for 2022-2023

 

New York, February 24, 2022 – Schrödinger, Inc. (Nasdaq: SDGR), whose physics-based software platform is transforming the way therapeutics and materials are discovered, today announced financial results for the fourth quarter and full year ended December 31, 2021, and provided its financial outlook for 2022.

 

Schrödinger also announced today the promotion of Karen Akinsanya, Ph.D., from executive vice president and chief biomedical scientist to president of R&D, therapeutics. The promotion reflects Dr. Akinsanya’s extraordinary contributions to leading Schrödinger’s drug discovery team, which leverages the company’s platform at scale, as well as her strategic contributions to expanding and advancing the company’s collaborative and wholly-owned programs.

 

“We are very pleased to have delivered a strong year, capped by fourth quarter software revenue of $38.6 million, a 55 percent increase over the fourth quarter of 2020. Looking ahead, we expect continued scale up and adoption of our software platform as our collaborators and customers continue to experience success in rapidly generating high-quality molecules to advance the next generation of therapeutics and materials,” said Ramy Farid, Ph.D., chief executive officer of Schrödinger. “I’m also thrilled to announce Karen’s promotion today. Karen came to Schrödinger in 2018 with a vision to transform and accelerate drug discovery and has made incredible progress building a pipeline and a team that spans discovery to early clinical development.”

 

“Our software platform is critical to our success in both our collaborative and internal drug discovery pipeline, and we are pleased to see multiple programs advance into preclinical and clinical development. This includes seven collaborative programs that have advanced into the clinic, which underscores the impact of our platform,” stated Dr. Akinsanya. “Our internal pipeline is also advancing, and later this year we expect to initiate our first Phase 1 clinical study of our MALT1 inhibitor in patients with relapsed and resistant lymphoma.”


 

 

Fourth Quarter and Full Year 2021 Financial Highlights

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

December 31,

 

 

December 31,

 

 

2021

 

 

2020

 

 

% Change

 

 

2021

 

 

2020

 

 

% Change

 

 

(in millions)

 

 

 

 

 

 

(in millions)

 

 

 

 

 

Total revenue

$

46.2

 

 

$

33.0

 

 

40%

 

 

$

137.9

 

 

$

108.1

 

 

28%

 

Software revenue

 

38.6

 

 

 

25.0

 

 

55%

 

 

 

113.2

 

 

 

92.5

 

 

22%

 

Drug discovery revenue

 

7.6

 

 

 

8.1

 

 

(6%)

 

 

 

24.7

 

 

 

15.6

 

 

59%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

$

26.4

 

 

$

19.0

 

 

39%

 

 

$

65.6

 

 

$

63.5

 

 

3%

 

Software gross margin

 

78

%

 

 

77

%

 

 

 

 

 

 

77

%

 

 

81

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

$

48.9

 

 

$

35.6

 

 

37%

 

 

$

177.1

 

 

$

124.4

 

 

42%

 

Other income (expense)

$

(7.9

)

 

$

5.2

 

 

(252%)

 

 

$

10.6

 

 

$

34.6

 

 

(69%)

 

Net loss

$

(30.7

)

 

$

(11.6

)

 

165%

 

 

$

(101.2

)

 

$

(26.6

)

 

280%

 

 

At December 31, 2021, Schrödinger had cash, cash equivalents, restricted cash and marketable securities of approximately $579 million, compared to approximately $600 million at September 30, 2021.

 

Full Year 2021 Key Performance Indicators

 

Key Performance Indicator

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Total annual contract value (ACV)

 

$112.1 million

 

 

$92.1 million

 

 

 

 

 

 

 

 

 

 

Customer retention over $100,000 ACV

 

98%

 

 

99%

 

 

 

 

 

 

 

 

 

 

ACV of Top 10 customers

 

$34.1 million

 

 

$28.5 million

 

 

 

 

 

 

 

 

 

 

Number of customers over $1M in ACV*

 

15

 

 

16

 

 

 

 

 

 

 

 

 

 

Number of customers over $100,000 in ACV

 

190

 

 

153

 

 

 

 

 

 

 

 

 

 

Number of active customers with ACV over $1,000

 

 

1,647

 

 

 

1,463

 

 

 

 

 

 

 

 

 

 

*Total ACV for customers with ACV over $1 million increased to $40.2 million in 2021 from $35.5 million in 2020.

 

For additional information about our Key Performance Indicators, see “Operating Metrics” below.

 

2022 Financial Outlook

As of February 24, 2022, Schrödinger outlined the following expectations for the fiscal year ending December 31, 2022:

•

Total revenue expected to range from $161 million to $181 million, representing 17 percent to 31 percent growth over 2021

•

Total software revenue expected to range from $126 million to $136 million, representing 11 percent to 20 percent growth over 2021

•

Total drug discovery expected to range from $35 million to $45 million, representing 42 to 82 percent growth over 2021

•

Operating expense growth is expected to be slightly lower than the 42 percent reported for the year ended December 31, 2021

•

Software gross margin percentage is expected to be in the mid-70s

 

 

For the first quarter of 2022, software revenue is expected to range from $28 to $30 million.

 

2022-2023 Key Strategic Goals

Today, Schrödinger laid out the following strategic objectives for 2022-2023:

•

Ongoing growth in adoption and scale up of software platform, with target ACV growth of over 20 percent in 2023

•

Inflection in drug discovery revenue in 2023, with target 2023 drug discovery revenue of at least $100 million – excludes potential revenue from partnering the company’s three lead internal programs

•

IND submission for the MALT1 program in first half of 2022, IND submission for the CDC7 program in early 2023 and IND submission for the Wee1 program in 2023

•

Initiate a Phase 1 clinical study for the MALT1 program in the second half of 2022, and initiate Phase 1 clinical studies for the CDC7 and Wee1 programs in 2023

•

Publication of data from internal programs in peer-reviewed forums, including presentation of preclinical data from the Wee1 program in the first half of 2022

•

Multiple new internal programs leveraging internal structural biology capabilities

•

Materials science collaborations in multiple verticals, such as clean energy and sustainable materials

 

Recent Business Highlights

Internal Pipeline

•

Presented preclinical data from MALT1 program at ASH: In December, Schrödinger presented preclinical data on the company’s MALT1 allosteric inhibitor program at the American Society of Hematology Annual Meeting demonstrating that its MALT1 inhibitors showed single agent and combination anti-tumor activity with approved anti-cancer therapies in preclinical models of B-cell lymphoma. The data presented suggest that targeting MALT1 may expand therapeutic options for patients with selected B-cell lymphomas, such as activated B-cell subtype of diffuse large B cell lymphoma, with the possibility of expanding into other B-cell lymphomas such as mantle cell lymphoma.

 

•

Expanded internal pipeline: During 2021, Schrödinger added two new programs to its internal pipeline in the areas of oncology and immunology. 

 

Collaborative Programs

•

In January 2022, Nimbus announced initiation of a Phase 2b study of its investigational oral allosteric TYK2 inhibitor in patients with active psoriatic arthritis.

•

In November 2021, Nimbus announced the initiation of its first-in-human Phase 1/2 study of its HPK1 inhibitor, NDI-101150, in patients with solid tumors.

 

Underlying Science

•

Published 27 peer-reviewed papers across life sciences and materials science in 2021: During 2021, Schrödinger scientists continued to make scientific advances and were authors on 27 publications in peer-reviewed life sciences and materials sciences journals. Recent publications include an article in collaboration with Janssen to assess the performance of affinity predictions as well as data from a collaboration with scientists at Samyang Corp. aimed at accelerating the design of photoinitiators, which are light sensitive molecules used in inks and coatings, adhesives and other products.

 

Corporate

•

Acquired XTAL Biostructures to expand structural biology capabilities: Last month, Schrödinger announced the $6 million all-cash purchase of XTAL BioStructures, Inc., a private company based in the Greater Boston area that provides structural biology services, including biophysical methods, protein production and purification, and X-ray crystallography, to the pharmaceutical and biotechnology industries. The acquisition of XTAL BioStructures enables Schrödinger to pursue scientific advancements in the field of structural biology, augment its ability to produce high quality target structures for its drug discovery programs, and expand its future offerings to include an advanced and differentiated service that provides

 

customers access to protein structures that have been computationally validated and are ready for structure-based virtual screening and lead optimization.

 

•

Established operations in South Korea and expanded presence in India: In January 2022, Schrödinger established operations in Seoul, South Korea to strengthen its global expansion efforts, enhance competitive positioning and support both life science and materials sciences customers in this region. In December 2021, Schrödinger expanded its operations in Hyderabad, India. Employees in the Hyderabad location will focus on a broad range of strategic initiatives across the company, including software development and support of Schrödinger’s software platform, and its drug discovery programs.

 

Webcast and Conference Call Information

Schrödinger will host a conference call to discuss its fourth quarter and full year 2021 financial results on Thursday, February 24, 2022, at 4:30 p.m. ET. To participate in the live call, please dial (833) 727-9520 (domestic) or +1 (830) 213-7697 (international) and refer to conference ID 3169814. The webcast can also be accessed under “News & Events” in the investors section of Schrödinger’s website, https://ir.schrodinger.com/news-and-events/event-calendar. The archived webcast will be available on Schrödinger’s website for approximately 90 days following the event.

 

About Schrödinger

Schrödinger is transforming the way therapeutics and materials are discovered. Schrödinger has pioneered a physics-based software platform that enables discovery of high-quality, novel molecules for drug development and materials applications more rapidly and at lower cost compared to traditional methods. The software platform is used by biopharmaceutical and industrial companies, academic institutions, and government laboratories around the world. Schrödinger’s multidisciplinary drug discovery team also leverages the software platform to advance collaborative programs and its own pipeline of novel therapeutics to address unmet medical needs.

 

Founded in 1990, Schrödinger has over 650 employees and is engaged with customers and collaborators in more than 70 countries. To learn more, visit www.schrodinger.com and follow us on LinkedIn and Twitter.

 

Operating Metrics

To supplement the financial measures presented in our press release and related conference call or webcast in accordance with generally accepted accounting principles in the United States (“GAAP”), we also present certain other performance metrics, such as annual contract value and customer retention rate.

 

Annual Contract Value (ACV). We track the ACV for each of our customers. With respect to contracts that have a duration of one year or less, or contracts of more than one year in duration that are billed annually, we define ACV as the contract value billed during the applicable period. For contracts with a duration of more than one year that are billed upfront, ACV in each period represents the total billed contract value divided by the term. ACV should be viewed independently of revenue and does not represent revenue calculated in accordance with GAAP on an annualized basis, as it is an operating metric that can be impacted by contract execution start and end dates and renewal rates. ACV is not intended to be a replacement for, or forecast of, revenue.

 

Customer Retention for our customers with an ACV of over $100,000. We calculate year-over-year customer retention for our customers in this cohort by starting with the number of customers we had in the previous fiscal year. We then calculate how many of these customers were active customers in the current fiscal year. We then divide this number by the number of customers with an ACV over $100,000 we had in the previous fiscal year to arrive at the year-over-year customer retention rate for such customers.

 

Active Customers. We define an active customer as a customer that had an ACV of at least $1,000 in the fiscal year. We use $1,000 as a threshold for defining our active customers as this amount will generally exclude customers that only license our PyMOL software, which is our open-source molecular visualization system broadly available at low cost.

 

 

 

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 including, but not limited to those statements regarding our expectations about the speed and capacity of our computational platform, our financial outlook for the fiscal year ending December 31, 2022, and first quarter ending March 31, 2022, our key strategic goals, targets and objectives for the fiscal years ending December 31, 2022 and 2023, our plans to continue to invest in research and our strategic plans to accelerate the growth of our software business and advance our collaborative and internal drug discovery programs, our ability to improve and advance the science underlying our platform, the timing of potential IND applications as well as initiation of clinical trials for our internal drug discovery programs, the potential of our MALT1 inhibitors to be used for the treatment of certain B-cell lymphomas, the potential for our MALT1 inhibitors to be used in combination with other therapies, our expectations with respect to the potential impact and benefits of the acquisition of XTAL BioStructures, as well as our expectations related to the use of our cash, cash equivalents, and marketable securities. Statements including words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and statements in the future tense are forward-looking statements. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in these forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and important factors that are beyond our control, including the demand for our software solutions, our ability to further develop our computational platform, our reliance upon third-party providers of cloud-based infrastructure to host our software solutions, our reliance upon our third-party drug discovery collaborators, the uncertainties inherent in drug development and commercialization, such as the conduct of research activities and the timing of and our ability to initiate and complete preclinical studies and clinical trials, whether results from preclinical studies will be predictive of the results of later preclinical studies and clinical trials, uncertainties associated with the regulatory review of IND submissions, clinical trials and applications for marketing approvals, the ability to retain and hire key personnel and the direct and indirect impacts of the ongoing COVID-19 pandemic on our business and other risks detailed under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission filings and reports, including our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the Securities and Exchange Commission on February 24, 2022, as well as future filings and reports by us. Any forward-looking statements contained in this press release speak only as of the date hereof. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events, changes in expectations or otherwise.

 

Contacts:

Jaren Irene Madden (Investors)

Schrödinger, Inc.

jaren.madden@schrodinger.com

617-286-6264

 

Tracy Lessor (Media)

Schrödinger, Inc.

tracy.lessor@schrodinger.com

617-519-9827

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations

 

(in thousands, except for share and per share amounts)

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Software products and services

 

$

113,236

 

 

$

92,530

 

 

$

66,735

 

Drug discovery

 

 

24,695

 

 

 

15,565

 

 

 

18,808

 

Total revenues

 

 

137,931

 

 

 

108,095

 

 

 

85,543

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Software products and services

 

 

26,495

 

 

 

18,003

 

 

 

13,646

 

Drug discovery

 

 

45,816

 

 

 

26,620

 

 

 

22,804

 

Total cost of revenues

 

 

72,311

 

 

 

44,623

 

 

 

36,450

 

Gross profit

 

 

65,620

 

 

 

63,472

 

 

 

49,093

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

90,904

 

 

 

64,695

 

 

 

39,404

 

Sales and marketing

 

 

22,150

 

 

 

17,795

 

 

 

21,364

 

General and administrative

 

 

64,009

 

 

 

41,898

 

 

 

27,040

 

Total operating expenses

 

 

177,063

 

 

 

124,388

 

 

 

87,808

 

Loss from operations

 

 

(111,443

)

 

 

(60,916

)

 

 

(38,715

)

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) gain on equity investments

 

 

(1,781

)

 

 

4,108

 

 

 

943

 

Change in fair value

 

 

11,359

 

 

 

28,263

 

 

 

9,922

 

Interest income

 

 

1,057

 

 

 

2,253

 

 

 

1,878

 

Total other income

 

 

10,635

 

 

 

34,624

 

 

 

12,743

 

Loss before income taxes

 

 

(100,808

)

 

 

(26,292

)

 

 

(25,972

)

Income tax expense (benefit)

 

 

411

 

 

 

345

 

 

 

(291

)

Net loss

 

 

(101,219

)

 

 

(26,637

)

 

 

(25,681

)

Net loss attributable to noncontrolling interest

 

 

(826

)

 

 

(2,174

)

 

 

(1,110

)

Net loss attributable to Schrödinger common and

   limited common stockholders

 

$

(100,393

)

 

$

(24,463

)

 

$

(24,571

)

Net loss per share attributable to Schrödinger

   common and limited common stockholders, basic and diluted:

 

$

(1.42

)

 

$

(0.41

)

 

$

(4.09

)

Weighted average shares used to compute net loss

   per share attributable to Schrödinger common and

   limited common stockholders, basic and diluted:

 

 

70,594,950

 

 

 

60,024,658

 

 

 

6,004,500

 

 


 

 

Consolidated Balance Sheets

 

(in thousands, except for share and per share amounts)

 

 

 

 

 

 

 

 

 

 

Assets

 

December 31, 2021

 

 

December 31, 2020

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

120,267

 

 

$

202,296

 

Restricted cash

 

 

3,000

 

 

 

500

 

Marketable securities

 

 

456,212

 

 

 

440,395

 

Accounts receivable, net of allowance for doubtful accounts of $108 and $60

 

 

31,744

 

 

 

31,423

 

Unbilled and other receivables, net for allowance for unbilled receivables of $30 and $0

 

 

8,807

 

 

 

3,955

 

Prepaid expenses

 

 

5,030

 

 

 

4,409

 

Total current assets

 

 

625,060

 

 

 

682,978

 

Property and equipment, net

 

 

10,025

 

 

 

5,140

 

Equity investments

 

 

43,167

 

 

 

45,664

 

Right of use assets

 

 

75,384

 

 

 

10,129

 

Other assets

 

 

2,851

 

 

 

2,352

 

Total assets

 

$

756,487

 

 

$

746,263

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

8,079

 

 

$

8,398

 

Accrued payroll, taxes, and benefits

 

 

18,405

 

 

 

12,000

 

Deferred revenue

 

 

55,368

 

 

 

45,403

 

Lease liabilities

 

 

2,042

 

 

 

4,543

 

Other accrued liabilities

 

 

7,317

 

 

 

2,861

 

Total current liabilities

 

 

91,211

 

 

 

73,205

 

Deferred revenue, long-term

 

 

30,064

 

 

 

41,164

 

Lease liabilities, long-term

 

 

77,827

 

 

 

7,221

 

Other liabilities, long-term

 

 

300

 

 

 

654

 

Total liabilities

 

 

199,402

 

 

 

122,244

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value. Authorized 10,000,000 shares; zero shares issued and

   outstanding at December 31, 2021 and December 31, 2020, respectively

 

 

—

 

 

 

—

 

Common stock, $0.01 par value. Authorized 500,000,000 shares;

   61,834,515 and 60,713,534 shares issued and outstanding at December 31, 2021

   and December 31, 2020, respectively

 

 

618

 

 

 

607

 

Limited common stock, $0.01 par value. Authorized 100,000,000 shares;

   9,164,193 shares issued and outstanding at December 31, 2021 and

   December 31, 2020, respectively

 

 

92

 

 

 

92

 

Additional paid-in capital

 

 

786,964

 

 

 

752,558

 

Accumulated deficit

 

 

(229,952

)

 

 

(129,559

)

Accumulated other comprehensive (loss) income

 

 

(651

)

 

 

317

 

Total stockholders’ equity of Schrödinger stockholders

 

 

557,071

 

 

 

624,015

 

Noncontrolling interest

 

 

14

 

 

 

4

 

Total stockholders’ equity

 

 

557,085

 

 

 

624,019

 

Total liabilities and stockholders’ equity

 

$

756,487

 

 

$

746,263

 


 

 

Consolidated Statements of Cash Flows

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(101,219

)

 

$

(26,637

)

 

$

(25,681

)

Adjustments to reconcile net loss to net cash (used in) provided by

 

 

 

 

 

 

 

 

 

 

 

 

operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Loss (gain) on equity investments

 

 

1,781

 

 

 

(4,108

)

 

 

(943

)

Noncash revenue from equity investments

 

 

(107

)

 

 

(397

)

 

 

(186

)

Fair value adjustments

 

 

(11,359

)

 

 

(28,263

)

 

 

(9,922

)

Depreciation

 

 

2,847

 

 

 

3,658

 

 

 

3,640

 

Stock-based compensation

 

 

26,490

 

 

 

10,545

 

 

 

2,193

 

Noncash research and development expenses

 

 

811

 

 

 

2,137

 

 

 

1,051

 

Noncash investment accretion

 

 

5,270

 

 

 

646

 

 

 

(506

)

Loss on disposal of property and equipment

 

 

140

 

 

 

—

 

 

 

—

 

Decrease (increase) in assets:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(321

)

 

 

(12,747

)

 

 

(5,038

)

Unbilled and other receivables

 

 

(5,187

)

 

 

3,468

 

 

 

(1,556

)

Reduction in the carrying amount of right of use assets

 

 

5,799

 

 

 

5,342

 

 

 

4,177

 

Prepaid expenses and other assets

 

 

(1,121

)

 

 

187

 

 

 

410

 

(Decrease) increase in liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

 

(411

)

 

 

4,882

 

 

 

(294

)

Accrued payroll, taxes, and benefits

 

 

6,405

 

 

 

4,966

 

 

 

2,948

 

Deferred revenue

 

 

(1,028

)

 

 

59,705

 

 

 

6,715

 

Lease liabilities

 

 

(2,949

)

 

 

(5,417

)

 

 

(4,025

)

Other accrued liabilities

 

 

3,490

 

 

 

(1,210

)

 

 

958

 

Net cash (used in) provided by operating activities

 

 

(70,669

)

 

 

16,757

 

 

 

(26,059

)

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(7,167

)

 

 

(2,538

)

 

 

(1,836

)

Purchases of equity investments

 

 

(3,700

)

 

 

(2,869

)

 

 

—

 

Distribution from equity investment

 

 

375

 

 

 

4,582

 

 

 

943

 

Proceeds from sale of equity investments

 

 

15,735

 

 

 

—

 

 

 

—

 

Purchases of marketable securities

 

 

(414,802

)

 

 

(519,668

)

 

 

(110,187

)

Proceeds from sale and maturity of marketable securities

 

 

392,747

 

 

 

138,772

 

 

 

57,225

 

Net cash used in investing activities

 

 

(16,812

)

 

 

(381,721

)

 

 

(53,855

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Issuances of common stock upon initial public offering, net

 

 

—

 

 

 

211,491

 

 

 

—

 

Issuances of common stock upon follow-on public offering, net

 

 

—

 

 

 

325,600

 

 

 

—

 

Issuances of Series E preferred stock, net

 

 

—

 

 

 

—

 

 

 

29,893

 

Issuances of common stock upon stock option exercise

 

 

7,927

 

 

 

4,183

 

 

 

549

 

Contribution by noncontrolling interest

 

 

25

 

 

 

—

 

 

 

100

 

Deferred offering costs

 

 

—

 

 

 

—

 

 

 

(1,858

)

Net cash provided by financing activities

 

 

7,952

 

 

 

541,274

 

 

 

28,684

 

Net (decrease) increase in cash and cash equivalents and restricted cash

 

 

(79,529

)

 

 

176,310

 

 

 

(51,230

)

Cash and cash equivalents and restricted cash, beginning of year

 

 

202,796

 

 

 

26,486

 

 

 

77,716

 

Cash and cash equivalents and restricted cash, end of year

 

$

123,267

 

 

$

202,796

 

 

$

26,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow and noncash information

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

448

 

 

$

381

 

 

$

139

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Accrued deferred offering costs

 

 

—

 

 

 

—

 

 

 

2,142

 

Purchases of property and equipment in accounts payable

 

 

705

 

 

 

8

 

 

 

90

 

Acquisitions of right of use assets in exchange for lease obligations

 

 

71,054

 

 

 

2,709

 

 

 

464

 

Right of use assets recognized on adoption

 

 

—

 

 

 

—

 

 

 

16,475

 

Reclassification of deferred financing costs to additional paid-in capital

 

 

—

 

 

 

1,858

 

 

 

—

 

 

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