Schrödinger, Inc. 8-K
PositiveEarningsGuidance raised
Hosted licensing shift weighs on software revenue; Ajax milestone boosts drug discovery revenue as FY2026 guidance rises.
Filed 2026-08-05 16:07 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with FY2026 and Q3 guidance. ACV grew 27%, while software revenue declined 10% as Schrödinger accelerated the transition to hosted licensing; GAAP net income included a large gain in the fair value of equity investments. The company launched early access to its Bunsen AI co-scientist, signed a Bunsen deployment agreement with Bristol Myers Squibb, and announced a drug discovery collaboration with Simcere.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $58.9M | $54.8M | 8% |
| Operating loss | $(41.5)M | $(52.9)M | n/m |
| Net income (loss), GAAP | $5.98M | $(43.2)M | n/m |
| Adjusted EBITDA, non-GAAP | $(31.0)M | $(38.7)M | n/m |
| Diluted EPS | $0.08 | $(0.59) | n/m |
| ACV (operating metric) | $29.6M | — | 27% |
| ACV excluding contribution (operating metric) | $22.6M | — | 23% |
- Software revenue was $32.5M, down 10%, as the hosted transition continued; hosted revenue was 47% of software revenue. Software gross margin was 71%. Drug discovery revenue rose to $23.0M from $13.9M, primarily on a $10M Ajax collaboration milestone; contribution revenue was $3.4M vs $4.8M.
- YTD net loss was $54.1M and operating cash flow was $(48.9)M, vs $91.9M provided in YTD 2025. Cash, cash equivalents, restricted cash and marketable securities totaled $418.8M at 6/30/2026.
- Other income was $48.9M, primarily reflecting a $45.9M gain from changes in the fair value of equity investments associated with Eli Lilly’s acquisition of Ajax Therapeutics. Operating expenses were $74.0M, down 6%.
- Under the Simcere collaboration, Schrödinger will lead drug design and optimization in joint research; Simcere will lead subsequent preclinical and clinical development. Schrödinger is eligible for discovery, development and commercial milestones and tiered royalties on net sales. The BMS agreement expands Bunsen deployment within BMS’s research organization; financial terms were not stated.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| ACV (operating metric) | FY2026 | $218M-$228M; 10%-15% growth over FY2025 | — | — |
| Drug discovery revenue (GAAP) | FY2026 | $65M-$75M | $55M-$65M | Raised |
| Operating expenses (GAAP) | FY2026 | Less than FY2025 | — | — |
| ACV excluding contribution (operating metric) | Q3 2026 | $41M-$45M | — | — |
Investor Takeaways
- Q3 ACV vs the $41M-$45M range will show whether contract-value growth continues.
- FY2026 drug discovery revenue vs the raised $65M-$75M range will reflect delivery against the Ajax milestone and other program activity.
- Hosted licensing adoption and software gross margin are worth watching as the transition continues.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3