# Schrödinger, Inc. (SDGR)

> Source: Nexqual · https://nexqual.com/SDGR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Schrödinger, Inc. (SDGR), nexqual.com/SDGR" · informational, not investment advice.

**Price:** USD 22.6 (-5.44% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 23.9 · day 22.05–24 · 52w 10.95–33.78 · market cap $1.69B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $259M, net income -$54.3M (-21.0% margin), free cash flow -$130M (SEC filings).
- 1 of 80 tracked superinvestors hold SDGR (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $2.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (7 analysts), mean target USD 25.86 (range 17–32).
- Total return with dividends: 1Y +2.9% vs S&P 500 +14.9%; 5Y -57.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD -0.67, revenue estimate $47.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $138M | $181M | $217M | $208M | $256M | $259M |
| Gross profit | $65.6M | $101M | $141M | $132M | $143M | — |
| Operating income | -$111M | -$147M | -$177M | -$209M | -$167M | -$153M |
| Net income | -$100M | -$149M | $40.7M | -$187M | -$103M | -$54.3M |
| EPS (diluted) | -$1.42 | -$2.10 | $0.54 | -$2.57 | -$1.41 | — |
| Free cash flow | -$77.8M | -$128M | -$150M | -$165M | $12.5M | -$130M |
| Gross margin | 47.6% | 55.8% | 64.9% | 63.6% | 55.7% | — |
| Operating margin | -80.8% | -81.1% | -81.9% | -100.8% | -65.2% | -59.2% |
| Net margin | -72.8% | -82.4% | 18.8% | -90.2% | -40.4% | -21.0% |
| Revenue growth | +27.6% | +31.2% | +19.7% | -4.2% | +23.3% | — |
| Cash + short-term investments | $576M | $451M | $463M | $352M | $395M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 6.5x · P/B 5.1x · FCF yield -7.71% · Earnings yield -3.21%
P/E at fiscal year-ends: Dec 2023 65.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SDGR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Gates | Gates Foundation Trust | 0.33% | $113M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-17 | Akinsanya Karen | See Remarks | 31,599 | $928K | 31.1% | Yes (adopted November 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-16 | Jain Rachit | EVP & CFO | 875 | $14K | 1.7% | Yes (adopted March 3, 2024) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-16…2026-04-17 | Farid Ramy | President & CEO | 86,000 | $1.1M | 17.5% | Yes (adopted September 2, 2025) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-04-16 | Jain Rachit | EVP & CFO | 844 | $11K | 1.6% | Yes (adopted March 3, 2024) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.29 on a 1–5 scale), 7 analysts; mean target USD 25.86 (low 17, high 32).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | UBS | Target raised | Neutral | $19 → $21 |
| 2026-10-16 | Keybanc | Target raised | Overweight | $20 → $32 |
| 2026-10-13 | TD Cowen | Target raised | Buy | $20 → $31 |
| 2026-10-12 | BMO Capital | Target raised | Outperform | $24 → $30 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.9% | -57.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.9% | -15.5% |
| Volatility (annualized) | 61.5% | 64.4% |
| Max drawdown | -50.8% (Oct 2025→Mar 2026) | -80.7% (Nov 2021→Mar 2026) |

## Peers (Health Information Services)
OMCL (Omnicell, Inc.) USD 37.1 +2.09% · CERT (Certara, Inc.) USD 10.09 -0.88% · GDRX (GoodRx Holdings, Inc.) USD 3.62 +1.40% · OMDA (Omada Health, Inc.) USD 18.98 -3.46% · TDOC (Teladoc Health, Inc.) USD 6.32 +0.32% · HSTM (HealthStream, Inc.) USD 34.59 +3.22%

## More
Full page: https://nexqual.com/SDGR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SDGR's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1490978/000149097826000010/sdgr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Novartis Pharma | "•our estimates or expectations regarding any milestone or other payments we may receive from drug discovery collaborations, including pursuant to our collaboration agreement with Novartis Pharma AG;" |
| Partner | Eli Lilly (LLY) | "For example, in 2024, we received $47.6 million for the equity stake that we owned in Morphic Holding, Inc., or Morphic, one of our drug discovery collaborators and co-founded companies, in connection with Morphic's acqu…" |
| Partner | Gates Ventures | "As part of our ongoing efforts to further advance our software solutions for materials science applications, in June 2020, we entered into a three-year agreement with Gates Ventures, LLC, or Gates Ventures, to develop an…" |
| Partner | Otsuka Pharmaceutical | "Our current collaborators include, but are not limited to, Ajax Therapeutics, Inc., BMS, Bright Angel Therapeutics Inc., Lilly, Novartis, Otsuka Pharmaceutical Co., Ltd., or Otsuka, Sanofi S.A., and Structure Therapeutic…" |
| Partner | Morphic Holding | "For example, in 2024, we received $47.6 million for the equity stake that we owned in Morphic Holding, Inc., or Morphic, one of our drug discovery collaborators and co-founded companies, in connection with Morphic's acqu…" |
| Partner | Structure Therapeutics Inc. (GPCR) | "Our current collaborators include, but are not limited to, Ajax Therapeutics, Inc., BMS, Bright Angel Therapeutics Inc., Lilly, Novartis, Otsuka Pharmaceutical Co., Ltd., or Otsuka, Sanofi S.A., and Structure Therapeutic…" |
| Partner | Nimbus Therapeutics | "•changes in the fair value of or receipt of distributions or proceeds on account of the equity interests we hold in our drug discovery collaborators, such as Structure Therapeutics and Nimbus;" |
| Partner | Leerink Partners | "We are party to an amended and restated sales agreement with Leerink Partners LLC (formerly SVB Securities LLC), or Leerink Partners, as sales agent, with respect to an "at the market" offering program, or the ATM, under…" |
| Partner | Copernic Catalysts | "For example, in 2023, we entered into a research collaboration with Copernic Catalysts, Inc. to help accelerate the discovery and development of sustainable catalysts for applications in e-fuels and bulk chemicals." |
| Partner | Ajax Therapeutics | "Our current collaborators include, but are not limited to, Ajax Therapeutics, Inc., BMS, Bright Angel Therapeutics Inc., Lilly, Novartis, Otsuka Pharmaceutical Co., Ltd., or Otsuka, Sanofi S.A., and Structure Therapeutic…" |
| Partner | Bright Angel Therapeutics | "Our current collaborators include, but are not limited to, Ajax Therapeutics, Inc., BMS, Bright Angel Therapeutics Inc., Lilly, Novartis, Otsuka Pharmaceutical Co., Ltd., or Otsuka, Sanofi S.A., and Structure Therapeutic…" |
| Partner | Sanofi (SNY) | "Our current collaborators include, but are not limited to, Ajax Therapeutics, Inc., BMS, Bright Angel Therapeutics Inc., Lilly, Novartis, Otsuka Pharmaceutical Co., Ltd., or Otsuka, Sanofi S.A., and Structure Therapeutic…" |
| Competitor | Cadence Design Systems (CDNS) | "These competitors include BIOVIA, a brand of Dassault Systèmes SE, or BIOVIA, Chemical Computing Group (US) Inc., Cresset Biomolecular Discovery Limited, Cadence Design Systems, Inc., Optibrium Limited, Cyrus Biotechnolo…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Software | $35.5M | 60.2% | -12.5% |
| Drug Discovery | $23.4M | 39.8% | +64.8% |
| Total revenue | $58.9M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Software Products & Services | $32.5M | 55.3% | -9.7% |
| — Hosted software (part of Software Products & Services) | $15.2M | 25.7% | +36.1% |
| — On-premise software (part of Software Products & Services) | $9.3M | 15.8% | -40.9% |
| — Software maintenance (part of Software Products & Services) | $4.9M | 8.3% | -28.0% |
| — Professional services (part of Software Products & Services) | $3.2M | 5.5% | +35.1% |
| Drug Discovery | $23.0M | 39.0% | +64.9% |
| Contribution | $3.4M | 5.7% | -29.8% |
| — Software Contribution (part of Contribution) | $2.9M | 5.0% | -35.3% |
| — Drug Discovery Contribution (part of Contribution) | $438,000 | 0.7% | +59.3% |
| Total revenue | $58.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $37.5M | 63.7% | +10.2% |
| APAC | $14.4M | 24.4% | +6.0% |
| EMEA | $6.7M | 11.4% | -3.9% |
| Rest of World | $285,000 | 0.5% | +62.9% |
| Total revenue | $58.9M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 25%, 17% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-05)

- "For the third quarter of 2026, ACV is expected to range from $41 million to $45 million, excluding contribution ACV, compared to $38.3 million in the third quarter of 2025, which included $2.2 million of contribution ACV."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.67 | $-0.63 | +6.1% | $47.6M | 7 |
| Next quarter (ends 2026-12-31) | $-0.20 | $-0.08 | +144.4% | $74.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $-1.64 | $-2.00 | -18.0% | $241.5M | 7 |
| Next fiscal year (ends 2027-12-31) | $-1.38 | $-1.22 | +13.0% | $248.9M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±20.9%; last 8 reports averaged ±7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 93.4% | ±20.9% |
| 2026-12-18 | 56 | 92.0% | ±28.9% |
| 2027-03-19 | 147 | 82.5% | ±41.2% |
| 2027-05-21 | 210 | 78.0% | ±46.2% |
| 2027-06-17 | 237 | 78.5% | ±49.6% |
| 2027-08-20 | 301 | 80.5% | ±56.4% |
| 2027-11-19 | 392 | 82.5% | ±65.9% |