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Schrodinger, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenues of $35.3 million for the quarter, a decrease from $42.6 million in the same quarter of the previous year. This decline was primarily due to a reduction in drug discovery services revenue.
Software products and services revenue increased by 10% to $31.9 million, driven by higher sales of hosted software subscriptions and software contributions.
Drug discovery revenue decreased by 75% to $3.4 million, reflecting fewer milestone achievements compared to the prior year period.
Cost of revenues decreased to $17.6 million from $18.9 million, with software products and services costs rising due to increased personnel expenses and cloud computing costs.
Research and development expenses increased by 9% to $51.0 million, primarily due to higher personnel-related expenses and increased investment in early-stage product candidates.
Sales and marketing expenses rose by 14% to $10.3 million, attributed to increased personnel and travel expenses.
General and administrative expenses were $24.8 million, a 4% increase from the previous year, driven by higher personnel-related expenses.
Schrodinger reported a net loss of $38.1 million for the quarter, compared to a net loss of $62.0 million in the same period last year.
The company highlighted several risks, including its dependence on software sales, the competitive landscape, and the challenges of drug discovery and development.
Schrodinger continues to focus on its proprietary drug discovery programs and expanding its software offerings, with ongoing investments in research and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Schrodinger Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.