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--(BUSINESS WIRE)-- 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 |
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Three Months Ended |
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Twelve Months Ended |
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December 31, |
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|
December 31, |
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||||||||||||||||||||
|
2021 |
|
2020 |
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%
|
|
|
2021 |
|
2020 |
|
%
|
|
||||||||||||
|
(in millions) |
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|
|
|
|
(in millions) |
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|
||||||||||||||
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 |
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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 follow us on LinkedIn and Twitter, or visit our blog, Extrapolations.com.
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.
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
|
|
$ |
(100,393 |
) |
|
$ |
(24,463 |
) |
|
$ |
(24,571 |
) |
Net loss per share attributable to Schrödinger
|
|
$ |
(1.42 |
) |
|
$ |
(0.41 |
) |
|
$ |
(4.09 |
) |
Weighted average shares used to compute net loss
|
|
|
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
|
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value. Authorized 500,000,000 shares;
|
|
|
618 |
|
|
|
607 |
|
Limited common stock, $0.01 par value. Authorized 100,000,000 shares;
|
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
— |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005188/en/
Jaren Irene Madden (Investors)
Schrödinger, Inc.
[email protected]
617-286-6264
Tracy Lessor (Media)
Schrödinger, Inc.
[email protected]
617-519-9827
Source: Schrödinger, Inc.