Schrödinger, Inc. 8-K
EarningsGuidance reaffirmed
Hosted licensing shift cut software revenue despite ACV growth; Lilly’s Ajax acquisition includes milestone-linked payments.
Filed 2026-05-05 16:06 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q1 2026 results with Q2 and FY2026 outlook. ACV grew 12%, while total revenue declined 2% as the planned shift to hosted software licensing reduced software revenue; drug discovery revenue rose on accelerated recognition of deferred collaboration revenue. Lilly’s announced acquisition of Ajax for up to $2.3B, where Schrödinger held a 5.8% stake at year-end 2025, includes additional payments tied to clinical and regulatory milestones.
Key Figures
| Metric | Q1 2026 | Q1 2025 | Y/Y |
|---|---|---|---|
| Revenue | $58.6M | $59.6M | -1.6% |
| Loss from operations | $(48.8)M | $(50.9)M | n/m |
| Net loss (GAAP) | $(60.0)M | $(59.8)M | n/m |
| Adjusted EBITDA (non-GAAP) | $(37.7)M | $(37.3)M | n/m |
| Diluted EPS | $(0.81) | $(0.82) | n/m |
| Operating cash flow | $(14.8)M | $144M | n/m |
| ACV (operating metric) | $28.4M | — | 12% |
- Software revenue fell 21% to $35.6M, reflecting the planned accelerated transition to hosted licensing. Drug discovery revenue rose to $22.9M from $10.2M, driven by deferred revenue recognition as collaborations progressed and the discontinuation of one program; contribution revenue was $0.148M vs $4.34M, primarily due to completion of a grant.
- Cash, cash equivalents, restricted cash and marketable securities totaled $406M at quarter-end. Operating expenses were $78.3M, down 4% Y/Y.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| ACV (operating metric) | FY2026 | $218M-$228M; 10%-15% growth over 2025 | — | Reaffirmed |
| Drug discovery revenue (GAAP) | FY2026 | $55M-$65M | — | Reaffirmed |
| Operating expenses | FY2026 | Less than 2025 | — | Reaffirmed |
| ACV (operating metric; excluding contribution ACV) | Q2 2026 | $19M-$23M | — | — |
Investor Takeaways
- Track Q2 and FY2026 ACV against the stated ranges, alongside FY drug discovery revenue and operating expense outlook.
- Schrödinger plans an early-access release of Bunsen, its agentic AI co-scientist, this summer; adoption and utilization will test the expected expansion of platform use.
- Ajax-related payments beyond the upfront amount depend on clinical and regulatory milestones.
The summary is written by an AI model reading the filing.
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