Schrodinger Inc (SDGR) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to Schrödinger's conference call to review first-quarter 2025 financial results. My name is Kelvin, and I will be your operator for today's call. Please be advised that this call is being recorded at the company's request.

感謝您的支持。歡迎參加薛丁格的電話會議，回顧 2025 年第一季的財務表現。我叫凱爾文，今天我將擔任您的電話接線生。請注意，應公司要求，本次通話正在錄音。

Now, I would like to introduce your host for today's conference, Ms. Jaren Madden, Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead.

現在，我想介紹今天會議的主持人，投資者關係和公司事務高級副總裁 Jaren Madden 女士。請繼續。

Thank you, and good afternoon, everyone. Welcome to today's call, during which we will provide an update on the company and review our first-quarter 2025 financial results. Earlier today, we issued a press release summarizing our financial results and progress across the company, which is available on our website at schwinger.com. Here on our call today are Ramy Farid, Chief Executive Officer; Geoff Porges, Chief Financial Officer; and Karen Akinsanya, President of R&D Therapeutics. Following our prepared remarks, we'll open the call for Q&A.

謝謝大家，下午好。歡迎參加今天的電話會議，我們將在會上介紹公司的最新情況並回顧我們 2025 年第一季的財務表現。今天早些時候，我們發布了一份新聞稿，總結了我們的財務表現和整個公司的進展，您可以在我們的網站 schwinger.com 上查閱。今天參加我們電話會議的是執行長 Ramy Farid；傑夫·波格斯（Geoff Porges），財務長；和研發療法總裁 Karen Akinsanya。在我們準備好發言之後，我們將開始問答環節。

During today's call, management will make statements that are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitations, statements related to our financial outlook for the full year 2025 and the second quarter 2025, our plans to accelerate the growth of software business and advance our collaborative and proprietary drug discovery programs, the timing of and initiation of and readouts from our clinical trials, the clinical potential and properties of our compounds, the use of our cash resources, as well as our future expenses. 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 the assumptions we have made.

在今天的電話會議中，管理層將根據《1995 年私人證券訴訟改革法》的安全港條款做出前瞻性聲明，包括但不限於與我們對 2025 年全年和 2025 年第二季度的財務展望有關的聲明、我們加速軟體業務增長和推進我們的合作和專有藥物發現計劃的計劃、我們臨床試驗的時間和啟動潛力以及我們未來的化合物這些前瞻性陳述反映了我們對我們的計劃、意圖、期望、策略和前景的當前看法，這些看法是基於我們目前掌握的資訊和我們所做的假設。

Actual results may differ materially due to a number of important factors, including the considerations described in the Risk Factor section and elsewhere in the filings we make with the SEC, including our Form 10-Q for the quarter ended March 31, 2025. These forward-looking statements represent our views only as of today, and we caution you that except as required by law, we may not update them in the future, whether as a result of new information, future events, or otherwise.

由於許多重要因素，實際結果可能存在重大差異，包括「風險因素」部分和我們向美國證券交易委員會提交的文件中其他部分所述的考慮因素，包括截至 2025 年 3 月 31 日的季度的 10-Q 表。這些前瞻性陳述僅代表我們截至今天的觀點，我們提醒您，除非法律要求，否則我們將來可能不會更新這些陳述，無論是由於新資訊、未來事件或其他原因。

Also included in today's call are certain non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and should be considered only in addition to and not a substitute for or superior to GAAP measures. Please refer to the tables at the end of our press release, which is available on our website for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

在今天的電話會議中還包括某些非公認會計準則財務指標。這些非 GAAP 財務指標並非依照公認會計原則編制，僅應被視為 GAAP 指標的補充，而不能替代或優於 GAAP 指標。請參閱我們新聞稿末尾的表格，該表格可在我們的網站上找到，以了解這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳情況。

And with that, I'd like to turn the call over to Ramy.

說完這些，我想把電話轉給拉米。

Thanks, Jaren, and thank you, everyone, for joining us today. We are pleased with our progress during the first quarter, which builds on the positive momentum from 2024. Our software and drug discovery revenue demonstrated strong growth. We're confident about our revenue outlook for the year and are reiterating our full-year financial guidance. We are having productive discussions with customers and are encouraged about the opportunities for increased adoption of our software, even with the potential challenges of the macroeconomic environment. Total revenue for the quarter was $59.6 million. Software revenue was $48.8 million, representing 46% growth. Drug discovery revenue for the quarter was $10.7 million, with growth driven by milestones from collaborative programs and the recognition of upfront revenue from our collaboration with Novartis.

謝謝，Jaren，也謝謝大家今天加入我們。我們對第一季的進展感到滿意，這是建立在 2024 年積極勢頭的基礎上的。我們的軟體和藥物研發收入呈現強勁成長。我們對今年的收入前景充滿信心，並重申我們的全年財務指導。我們正在與客戶進行富有成效的討論，即使面臨宏觀經濟環境的潛在挑戰，我們也對我們軟體的採用機會的增加感到鼓舞。本季總營收為 5,960 萬美元。軟體營收為 4,880 萬美元，成長 46%。本季藥物研發收入為 1,070 萬美元，成長主要得益於合作項目的里程碑以及與諾華合作產生的前期收入確認。

We are encouraged by the FDA's recently stated goal to reduce pre-clinical animal testing. We have been pioneering computational molecular discovery for nearly 35 years and continue to develop new solutions to integrate physics with machine learning to accelerate the discovery of safer drugs. We already offer our customers solutions that can be used to reduce the potential for toxicity associated with binding to off targets.

FDA 最近宣布的減少臨床前動物試驗的目標令我們感到鼓舞。近 35 年來，我們一直致力於計算分子發現，並不斷開發新的解決方案，將物理學與機器學習相結合，以加速發現更安全的藥物。我們已經為客戶提供了可用於降低與脫靶結合相關的毒性可能性的解決方案。

We're also continuing to advance our predictive toxicology initiative. We have structure enabled more than 50 off targets and have been leveraging this technology within our collaborative and proprietary programs with highly encouraging results. We expect to proceed with a beta release of the solution to select customers later this year and expect to make it broadly available to customers once beta testing is completed. We are optimistic about its potential to contribute meaningfully to our long-term revenue growth trajectory.

我們仍在繼續推進我們的預測毒理學計劃。我們已經實現了 50 多個目標，並在我們的協作和專有專案中利用這項技術，並取得了令人鼓舞的成果。我們預計將在今年稍後向選定的客戶發布該解決方案的測試版，並希望在測試完成後向廣大客戶推出該解決方案。我們對其為我們長期收入成長軌跡做出重大貢獻的潛力感到樂觀。

We are also continuing to advance the science underlying other aspects of our platform. This week, we released our second software update of the year. Major enhancements include new crystal structure prediction software to identify stable crystal polymorphs, which has important applications for drug formulation, and we have also expanded support for protein degrader modeling and launched new capabilities to enable machine learning based T-cell receptor structure prediction, which is important for biologics discovery. We're also continuing to advance our collaborative and proprietary pipeline. We look forward to sharing initial Phase 1 data from our three lead clinical programs starting this quarter with SGR-1505, our MALT1 inhibitor.

我們也正在繼續推進我們平台其他方面的基礎科學。本週，我們發布了今年的第二次軟體更新。主要增強功能包括新的晶體結構預測軟體，用於識別穩定的晶體多晶型物，這對於藥物配方具有重要應用，我們還擴大了對蛋白質降解劑建模的支持，並推出了新功能，以實現基於機器學習的 T 細胞受體結構預測，這對於生物製劑發現非常重要。我們還在繼續推進我們的合作和專有管道。我們期待從本季開始與大家分享我們的 MALT1 抑制劑 SGR-1505 的三個主要臨床項目的初步第 1 階段數據。

Overall, we are well-positioned to advance all aspects of our business in 2025. This is a pivotal year for the company, and we look forward to providing updates throughout the year.

整體而言，我們已做好準備，在 2025 年全面推動業務發展。今年是公司的關鍵一年，我們期待全年提供最新動態。

I will now turn the call over to Geoff.

現在我將電話轉給傑夫。

Thank you, Ramy, and good afternoon, everyone. We're very happy with our financial results for Q1. Software revenue growth was robust and drug discovery revenue was higher than last year as we benefited from the recognition of revenue from our collaboration with Novartis, as well as the recent expansions to other collaborations.

謝謝你，拉米，大家下午好。我們對第一季的財務表現非常滿意。軟體收入成長強勁，藥物發現收入高於去年，因為我們受益於與諾華合作的收入確認，以及最近對其他合作的擴展。

Our operating expenses declined year over year and our cash position was boosted by collections from contracts closed late in Q4, including receipt of the upfront payment from Novartis. Our financial position is very strong, and our business is relatively protected from the turmoil that we are seeing in the capital markets and across many parts of the economy.

我們的營運費用年減，第四季末簽訂的合約的回款（包括收到諾華的預付款）增強了我們的現金狀況。我們的財務狀況非常強勁，我們的業務相對而言沒有受到資本市場和經濟許多領域動盪的影響。

Our technology continues to prove its value, and even in these challenging conditions, our customers are increasing their investment in our platform, enabling them to meet their innovation goals at lower cost with better outcomes. We remain very positive about the outlook for the year and are excited to be advancing towards our first clinical data disclosure this quarter.

我們的技術不斷證明其價值，即使在這些充滿挑戰的條件下，我們的客戶仍在增加對我們平台的投資，使他們能夠以更低的成本獲得更好的結果來實現他們的創新目標。我們對今年的前景仍然非常樂觀，並很高興在本季度取得首次臨床數據揭露的進展。

The Q1 total revenue is $59.6 million, an increase of 63% compared to Q1 2024. The increase was driven by higher software and drug discovery revenue. Software revenue is $48.8 million and increased by 46% compared to Q1 2024. The increase was driven by increased revenue from larger customer renewals in Q4 that were partially recognized in Q1, as well as early expansions and additions to pre-existing multiyear contracts and the increasing contribution of recurring revenue from hosted software contracts.

第一季總營收為 5,960 萬美元，與 2024 年第一季相比成長 63%。成長的動力來自於軟體和藥物研發收入的增加。軟體營收為 4,880 萬美元，與 2024 年第一季相比成長了 46%。成長的動力來自於第四季度較大客戶續約帶來的收入增加（部分收入已在第一季度確認），以及對現有多年期合約的早期擴展和補充，以及託管軟體合約的經常性收入的不斷增加。

As expected, most of the growth in our software revenue came from increasing scale of deployments at global accounts. The growth contribution from new accounts and small and emerging biotech customers was minimal.

正如預期的那樣，我們的軟體收入的大部分成長來自於全球帳戶部署規模的擴大。新帳戶和小型及新興生物技術客戶對成長的貢獻微乎其微。

On-prem software increased by 44% to $25.4 million, and hosted revenue grew by 52% to $10.9 million. Maintenance revenue increased by 15%, and growth was lower due to the continued effect of the transition from on-prem to hosted contracts in prior periods.

內部部署軟體營收成長 44% 至 2,540 萬美元，託管收入成長 52% 至 1,090 萬美元。維護收入成長了 15%，由於前期從內部部署到託管合約的轉變的持續影響，增幅較低。

Professional services revenue declined by 31%, the service contracts from prior periods were completed, and contribution revenue was $3.8 million this quarter, as we continue to recognize revenue from the Gates funded predictive tox project.

專業服務收入下降了 31%，前期的服務合約已經完成，本季貢獻收入為 380 萬美元，因為我們繼續確認蓋茲資助的預測毒性項目的收入。

Drug discovery revenue was $10.7 million compared to $3.2 million in Q1 last year. Revenue this quarter was increased based on recognition of the upfront payment from the Novartis collaboration and from other recently expanded collaborations.

藥物研發收入為 1,070 萬美元，而去年第一季為 320 萬美元。本季營收的成長是基於對諾華合作以及其他近期擴大的合作的預付款的確認。

Software cost of revenue was $13.5 million in Q1 compared to $8 million in Q1 of 2024. The increase was due to the expenses associated with the Gates predictive tox initiative. We also recognize increases in royalties associated with the Novartis software license and collaboration.

第一季軟體收入成本為 1,350 萬美元，而 2024 年第一季為 800 萬美元。增加的原因是與蓋茲預測毒性計劃相關的費用。我們也認識到與諾華軟體授權和合作相關的版稅有所增加。

Our software gross margin was 72% compared to 76% in Q1 2024. The lower gross margin was due to the change in revenue mix associated with the Gates grant. Apart from this effect, the software gross margin would have been consistent with the prior year.

我們的軟體毛利率為 72%，而 2024 年第一季為 76%。毛利率下降是由於蓋茲基金會的資助導致的收入結構改變。除此影響外，軟體毛利率與上年持平。

Drug discovery cost of revenue increased from $9.7 million to $14.9 million, with the increase being driven by the high costs associated with the initiation of work on the projects in the Novartis collaboration, as well as increased allocation of research staff to collaborations overall.

藥物發現成本收入從 970 萬美元增加到 1,490 萬美元，成長的原因在於與諾華合作計畫啟動相關的高成本，以及研究人員在合作中整體分配的增加。

Our overall gross margin was 52% and was very similar to the overall gross margin in Q1 2024. R&D expense declined $50.6 million in Q1 last year to $46 million in Q1 2025. The decrease was due to the shift in allocation of staff from proprietary drug discovery to collaborations and also lower preclinical CRO expenses for proprietary programs for the advanced to the clinic, all being discontinued.

我們的整體毛利率為 52%，與 2024 年第一季的整體毛利率非常相似。研發費用從去年第一季的 5,060 萬美元下降至 2025 年第一季的 4,600 萬美元。下降的原因是工作人員的分配從專有藥物研發轉向合作，以及用於先進臨床的專有項目的臨床前 CRO 費用降低，所有這些都被停止了。

Sales and marketing expense increased by 2% to $10.4 million based on slightly higher FTE expenses. GNA increased by 1% to $25.8 million, driven by slight increases in professional services. Total operating expenses were $82 million compared to $86 million in Q1 2024. The reduction was made due to lower R&D.

由於 FTE 費用略有增加，銷售和行銷費用增加了 2%，達到 1,040 萬美元。由於專業服務略有成長，GNA 成長 1%，達到 2,580 萬美元。總營運費用為 8,200 萬美元，而 2024 年第一季為 8,600 萬美元。減少的原因是研發費用減少。

There were no gains in equity method investments in the quarter, and the change in fair value of equity method investments was a loss of $13 million based on the mark to market of our shareholding and structured therapeutics. This compares to a gain in value of $8 million in Q1 of 2024.

本季權益法投資沒有收益，根據我們持股和結構化療法的市價計算，權益法投資公允價值變動損失 1,300 萬美元。相比之下，2024 年第一季的價值增加了 800 萬美元。

Other income was $4.2 million in Q1 compared to $5 million in Q1 2024. The lower other income was due to a lower cash balance and lower yields, partially offset by a favorable effect of currency fluctuations on foreign currency balances. Total other expense was a loss of $8.9 million compared to a gain of $13 million in Q1 last year. Taxes were minimal, resulting in net loss after taxes of $60 million or $0.82 per share, compared to a net loss after taxes of $54.7 million or $0.76 per diluted share in Q1 2024. The fully diluted share cap for Q1 was $73 million compared to $72.3 million in Q1 2024.

第一季其他收入為 420 萬美元，而 2024 年第一季為 500 萬美元。其他收入減少是由於現金餘額減少和收益率降低，但貨幣波動對外幣餘額的有利影響部分抵消了這一影響。其他支出總額虧損 890 萬美元，而去年第一季則獲利 1,300 萬美元。稅收微薄，導致稅後淨虧損 6,000 萬美元或每股 0.82 美元，而 2024 年第一季的稅後淨虧損為 5,470 萬美元或每股 0.76 美元。第一季的完全稀釋股本上限為 7,300 萬美元，而 2024 年第一季為 7,230 萬美元。

Our net operating cash flow was $144 million in Q1 compared to cash use of $39 million in Q1 2024. The reversal of our quarterly cash burn was driven by the receipt of the upfront payment from Novartis in Q1, as well as collections of other receivables that were outstanding at year-end. Accounts receivable declined by $215 million between year end and March 31, and as a result, our cash remarkable securities balance increased from $367 million on December 31 to $512 million at the end of Q1. Current liabilities decreased by 14%, and total referred revenue declined by 5% and remains $210 million.

我們第一季的淨營運現金流為 1.44 億美元，而 2024 年第一季的現金使用量為 3,900 萬美元。我們季度現金消耗的逆轉是由於第一季收到了諾華的預付款，以及收回了年底未償還的其他應收款。從年底到 3 月 31 日，應收帳款減少了 2.15 億美元，因此，我們的現金及可比證券餘額從 12 月 31 日的 3.67 億美元增加到第一季末的 5.12 億美元。流動負債減少了 14%，總轉介收入下降了 5%，仍為 2.1 億美元。

I'll now provide some comments on the risks and opportunities for our business associated with the ongoing political and economic uncertainty. Schrödinger technology in business is built on a licensing and use platform. As such, at the present time, we do not expect any direct impact on our revenue outlook from US tariffs. It is unclear what form retaliatory tariffs or trade barriers could have, and for that reason it is impossible to forecast if or when they could have a meaningful impact in the future.

現在，我將就當前政治和經濟不確定性對我們的業務帶來的風險和機會發表一些評論。薛丁格技術在商業上的應用是建立在授權和使用平台之上的。因此，目前我們預期美國關稅不會對我們的收入前景產生任何直接影響。目前尚不清楚報復性關稅或貿易壁壘可能採取何種形式，因此無法預測它們是否或何時在未來產生重大影響。

We are aware of the risks of new tariffs being applied to the pharmaceutical industry and the impact they could have on industry profitability. At this stage, we are not encountering resistance or reluctance to purchase in our customer conversations, but of course, we are watching carefully for new policies or regulations that might affect the industry's outlook and R&D investments.

我們意識到對製藥業徵收新關稅的風險及其可能對行業盈利能力的影響。現階段，我們在與客戶的交談中並沒有遇到購買阻力或不願意購買的情況，但當然，我們正在密切關注可能影響產業前景和研發投資的新政策或法規。

Our direct exposure to revenue from China is small, with low-single-digit percentage of our revenue for software in 2024 coming from entities based in China. Although our software ubiquitous in academic institutions, our revenue from that segment is also small, with US academic institutions and government-affiliated organizations such as the NIH contributing less than 4% of software revenue in 2024.

我們從中國獲得的直接收入很小，2024 年軟體收入中來自中國實體的收入佔比將達到個位數以下。儘管我們的軟體在學術機構中無處不在，但我們從該領域獲得的收入也很小，到 2024 年，美國學術機構和 NIH 等政府附屬組織貢獻的軟體收入不到 4%。

Additionally, we are encouraged by the FDA's public statements about the importance of adopting alternative approaches, including computation for drug discovery and development and believe that our technology is uniquely suited to supporting these goals. While the uneven treatment of biologics and small molecules has been a headwind for our software sales in certain accounts in recent years, that headwind could also be reduced by the executive order regarding the duration of the non-negotiation period for Medicare Part D.

此外，FDA 公開聲明了採用替代方法的重要性，包括藥物發現和開發的計算，這讓我們感到鼓舞，並且相信我們的技術非常適合支持這些目標。雖然近年來，生物製劑和小分子的不平等待遇對我們在某些​​帳戶中的軟體銷售造成了不利影響，但有關醫療保險 D 部分非談判期持續時間的行政命令也可以減輕這種不利影響。

Finally, currency has been a drag on our reported revenue growth from ex US markets for several years. And with the changing exchange rate, we could see some modest benefit to our reported sales from international markets later in the year. Overall, the effect of these variables is hard to quantify at this stage, and they are largely excluded from our financial guidance for the year, although our quarterly guidance reflects our latest and highest confidence expectations for the near-term trends and outlook.

最後，貨幣因素多年來一直拖累我們報告的美國以外市場的收入成長。隨著匯率的變化，我們預計今年稍後國際市場的銷售額將略有成長。總體而言，這些變數的影響在現階段很難量化，而且它們基本上被排除在我們今年的財務指導之外，儘管我們的季度指導反映了我們對近期趨勢和前景的最新和最高信心預期。

Looking ahead, our financial guidance for the full year 2025 is unchanged. We still expect our software revenue growth to be 10% to 15%, and expect drug discovery revenue to be in the range of $45 million to $50 million. We continue to expect our full-year software gross margin to be in the range of 74% to 75% and expect our operating expense growth to be less than 5% for the year.

展望未來，我們對 2025 年全年的財務指引保持不變。我們仍預期軟體收入成長率將達到 10% 至 15%，藥物研發收入預計將達到 4,500 萬美元至 5,000 萬美元。我們繼續預計全年軟體毛利率將在 74% 至 75% 之間，並預計全年營運費用成長率將低於 5%。

Our cash burn this year is expected to be significantly below our cash burn last year, and we remain very confident about our current capital position and a long-range financial outlook.

預計今年我們的現金消耗將大大低於去年的現金消耗，我們對目前的資本狀況和長期財務前景仍然非常有信心。

We expect software revenue in Q2 to be in the range of $38 million to $42 million. We expect that the majority of the year's remaining software revenue will be recognized in Q4, with the balance of drug discovery revenue likely to be approximately evenly distributed through the remaining quarters.

我們預計第二季的軟體收入將在 3,800 萬美元至 4,200 萬美元之間。我們預計，今年剩餘的大部分軟體收入將在第四季度確認，而藥物發現收入的餘額可能會大致平均分佈在剩餘的幾個季度中。

To conclude, Schrödinger had an excellent Q1 with strong financial performance, building on the positive announcements from Q4 and early in Q1. We remain very confident about the outlook for the year and see our business being relatively protected from the volatility and uncertainty affecting capital markets and other businesses and industry segments. We are excited about our approaching clinical data presentations and look forward to talking to you all about those presentations in the coming weeks.

總而言之，Schrödinger 在第一季表現出色，財務表現強勁，這得益於第四季和第一季初的積極公告。我們對今年的前景仍然充滿信心，並認為我們的業務相對而言不會受到影響資本市場和其他業務及行業部門的波動和不確定性的影響。我們對即將進行的臨床數據報告感到非常興奮，並期待在接下來的幾週內與大家討論這些報告。

With that, I'll turn the call over to Karen to discuss our therapeutics R&D.

說完這些，我將把電話轉給凱倫 (Karen)，討論我們的治療研發。

Thank you, Geoff, and good afternoon, everyone. Our therapeutics team continues to advance our pipeline of collaborative and proprietary medicines. Across our collaborations, we are making important progress in the discovery of preclinical and clinical candidates for several high-value targets.

謝謝你，傑夫，大家下午好。我們的治療團隊繼續推進我們的合作和專有藥物的研發。透過我們的合作，我們在發現幾個高價值目標的臨床前和臨床候選藥物方面取得了重要進展。

We are pleased with the growing number of emerging new medicines designed using our platform across programs initiated at companies we co-founded, such as Nimbus, Morphic, Ajax, and Structure. As Ramy mentioned, this is a pivotal year for Schrödinger, with initial Phase 1 clinical data expected across 3 proprietary programs.

我們很高興看到，在我們共同創立的公司（例如 Nimbus、Morphic、Ajax 和 Structure）發起的計畫中，使用我們的平台設計的新興藥物數量不斷增加。正如拉米所提到的，今年對薛丁格來說至關重要，預計將在 3 個專有項目中獲得初步的 1 期臨床數據。

Beginning with SGR-1505, our MALT1 inhibitor, our Phase 1 trial in patients with relapsed refractory B cell malignancies is progressing. And we look forward to reporting initial clinical data from this study at the European Hematology Association meeting in mid-June.

從我們的 MALT1 抑制劑 SGR-1505 開始，我們針對復發難治性 B 細胞惡性腫瘤患者進行的 1 期試驗正在進行中。我們期待在六月中旬的歐洲血液學協會會議上報告這項研究的初步臨床數據。

As a reminder, this is an open-label dose-escalation study. We plan to provide initial data describing the clinical profile of SGR-1505. This data cut will include safety, pharmacokinetic, and pharmacodynamic data across doses and schedules, as well as PKPD relationship and preliminary efficacy data from patients across a number of B cell malignancies and dose levels. We look forward to sharing the abstract when the EHA embargo lifts next week. The EHA poster will include additional data collected after the cutoff date for the abstract submission.

提醒一下，這是一項開放標籤劑量遞增研究。我們計劃提供描述 SGR-1505 臨床特徵的初步數據。該數據集將包括不同劑量和方案的安全性、藥物動力學和藥效學數據，以及來自多種 B 細胞惡性腫瘤和劑量水平的患者的 PKPD 關係和初步療效數據。我們期待下週 EHA 禁令解除後分享摘要。EHA 海報將包括在摘要提交截止日期之後收集的額外數據。

Following EHA, we will also present data at the International Conference on Malignant Lymphoma taking place later in June. In the second half of this year, we expect initial data readouts from the ongoing Phase 1 clinical studies of our CDC7 inhibitor, SGR-2921, and of our Wee1/Myt1 co-inhibitor, SGR-3515. SGR-2921 is advancing in a dose-escalation study in patients with acute myeloid leukemia or myelodysplastic syndrome.

繼 EHA 之後，我們也將在 6 月下旬舉行的國際惡性淋巴瘤會議上展示數據。今年下半年，我們預計將獲得我們正在進行的 CDC7 抑制劑 SGR-2921 和 Wee1/Myt1 共抑制劑 SGR-3515 的 1 期臨床研究的初步數據。SGR-2921 針對急性骨髓性白血病或骨髓增生異常綜合症患者的劑量遞增研究正在取得進展。

We are also evaluating SGR-3515 in patients with advanced solid tumors predicted to be sensitive to Wee1/Myt1 inhibition, including ovarian, uterine, and breast cancer, in addition to other solid tumors. These studies are progressing well with multiple dose escalation steps completed.

我們也正在評估 SGR-3515 對預期對 Wee1/Myt1 抑制敏感的晚期實體瘤患者的作用，包括卵巢癌、子宮癌和乳腺癌以及其他實體瘤。這些研究進展順利，已完成多個劑量遞增步驟。

As with the SGR-1505 Phase 1 trial, the goal of the 2921 and 3515 studies is to evaluate safety, tolerability, preliminary clinical activity, and to determine the recommended Phase 2 dose and schedule. We look forward to updating you on the progress of these studies later this year.

與 SGR-1505 第 1 階段試驗一樣，2921 和 3515 研究的目標是評估安全性、耐受性、初步臨床活動，並確定建議的第 2 階段劑量和時間表。我們期待在今年稍後向您通報這些研究的進展。

Last week at the annual American Association for Cancer Research meeting, we presented preclinical data demonstrating that SGR-3515 showed improved anti-tumor activity in preclinical models compared with other known Wee1 and Myt1 inhibitors. We also presented preclinical data showing how the dosing schedule for SGR-3515 can be optimized to preserve efficacy while also allowing for complete recovery from target-related side effects.

上週在美國癌症研究協會年會上，我們展示了臨床前數據，證明與其他已知的 Wee1 和 Myt1 抑制劑相比，SGR-3515 在臨床前模型中表現出更好的抗腫瘤活性。我們也提供了臨床前數據，展示如何優化 SGR-3515 的給藥方案以維持療效，同時也能完全恢復與目標相關的副作用。

Additionally, at AACR last week, we reported preclinical data for SGR-4174, our SOS1 inhibitor, demonstrating differentiated potency, selectivity, and drug-like properties, as well as evidence of monotherapy and additive activity in combination with MEK inhibitors or G12CK RAS inhibitors. This data along with the well-tolerated profile of SGR-4174 in GLP tox studies supports further development potential. Over the past three years, we have advanced several programs into the clinic and partnered some of our early-stage programs. We continue to see additional opportunities for value creation from our portfolio through out licensing, new ventures, and collaborations.

此外，上週在 AACR 上，我們報告了 SOS1 抑制劑 SGR-4174 的臨床前數據，展示了差異化效力、選擇性和類藥物特性，以及與 MEK 抑制劑或 G12CK RAS 抑制劑聯合使用單一療法和附加活性的證據。這些數據以及 GLP 毒理學研究中 SGR-4174 的良好耐受性支持了進一步的發展潛力。在過去三年中，我們已經將幾個計畫推進到臨床階段，並與一些早期計畫建立了合作關係。我們繼續看到透過許可、新企業和合作從我們的投資組合中創造更多價值的機會。

2025 is poised to be an exciting year for Schrödinger. We expect broad pipeline progress and are very much looking forward to sharing Phase 1 data from all three clinical programs throughout the year.

2025 年對薛丁格來說將是令人興奮的一年。我們期待廣泛的管道進展，並非常期待全年分享所有三個臨床項目的第一階段數據。

I'll now turn the call back to Ramy.

我現在將電話轉回給拉米。

Thank you, Karen. As you heard, we are off to a strong start in 2025. I'm optimistic about the rest of the year and look forward to updating you on our progress. At this time, we'd be happy to take your questions.

謝謝你，凱倫。正如您所聽到的，我們在 2025 年將有一個好的開始。我對今年剩餘的時間充滿樂觀，並期待向您報告我們的進展。現在，我們很樂意回答您的問題。

We are now going to start the Q&A session. (Operator instructions)

我們現在開始問答環節。（操作員指示）

Michael Yee, Jefferies.

麥可‧餘 (Michael Yee)，傑富瑞集團 (Jefferies)。

Hey guys, great. Thanks for taking two questions. One is thinking about your first ever presentation of your wholly on drug MALT1 coming up soon. Maybe we'll guess which conference it is. But can you rightsize our expectations around any meaningful single agent activity? Do you expect it? What is good, or is this about safety in combination with other therapies in lymphoma? Maybe talk a little bit about what is more important and what should we think about in terms of what is great.

嘿，大家好，太棒了。感謝您回答兩個問題。一是想到您即將首次就藥物 MALT1 進行演講。也許我們可以猜一下這是哪個會議。但是，您能否根據任何有意義的單一代理活動調整我們的期望？你期待嗎？這有什麼好處？或是與淋巴瘤其他療法合併治療的安全性有關嗎？也許可以稍微談談什麼更重要，以及我們該如何思考什麼是偉大的。

And the second question is financial, maybe for Geoff, you've given guidance on cash burn this year, which is fantastic. If you continue to want to push forward on R&D for your cancer drugs, should we expect that should be a consideration for growing expenses and growing burn, or would you consider other options and when is the right time to partner?

第二個問題是關於財務的，也許對於傑夫，你已經給了今年現金消耗的指導，這太棒了。如果您繼續想要推進抗癌藥物的研發，我們是否應該預期這需要考慮不斷增長的費用和不斷增加的資金，或者您會考慮其他選擇，什麼時候才是合作的最佳時機？

So those are two important questions as we come upon this data. Thank you.

因此，當我們遇到這些數據時，這是兩個重要的問題。謝謝。

So first of all, on the 1505 update, we are very pleased that we have both EHA and ICML abstracts. So with respect to what we plan to share, we're really excited to share an update on the profile of SGR-1505.

首先，關於 1505 更新，我們很高興我們同時擁有 EHA 和 ICML 摘要。因此，就我們計劃分享的內容而言，我們非常高興分享 SGR-1505 的最新消息。

As you asked, we are providing an initial update, of the dose escalation study. This is a dose escalation in a variety of B cell malignant -- malignancy patients, where we've been exploring safety, PK/PD, and initial signs of activity. We're excited to present that, and we will be providing an initial part of the data which will be in the abstract and then obviously an update once the poster is presented in the middle of June.

正如您所問的，我們正在提供劑量遞增研究的初步更新。這是針對多種 B 細胞惡性腫瘤患者的劑量遞增，我們一直在探索安全性、PK/PD 和活動的初始跡象。我們很高興能夠展示這一點，我們將提供摘要中的初始數據部分，然後在 6 月中旬展示海報後進行更新。

And then Mike, to your question about cash flow, we haven't guided to cash flowing for next year, but I really think that we're in a position where we're maintaining optionality with respect to all three of the leading programs.

然後麥克，關於現金流的問題，我們還沒有預測明年的現金流，但我確實認為，我們對所有三個主要項目都保持了可選性。

As Karen pointed out, these are interim looks at ongoing Phase 1 studies, and those Phase 1 studies don't finish at the end of the calendar year. So I don't see a scenario in which our cash burn goes up substantially next year. And we still have a lot of options with respect to those programs.

正如凱倫 (Karen) 指出的那樣，這些都是對正在進行的第一階段研究的中期觀察，而第一階段研究不會在年底完成。因此，我認為明年我們的現金消耗不會大幅增加。對於這些項目，我們仍然有很多選擇。

So with sort of giving a specific guidance or range for next year, I think that we're in very good shape. And I don't see a significantly greater draw on our cash next year than the investment we're making in expenses this year.

因此，透過為明年提供具體的指導或範圍，我認為我們的狀況非常好。我認為明年我們的現金消耗不會比今年的支出投資大得多。

Perfect. Thank you.

完美的。謝謝。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Great. Thanks for taking the questions, everyone, and congrats on the quarter. I just want to actually ask about the upcoming predictive tox model that you've referenced a few times now. So when you look at what FDA is initiating with the new animal testing guidance and kind of the broader implications there, how should we think about potential points of differentiation for your offering versus maybe some of the other preclinical non-animal stimulators that are out there today? And just any thoughts on how you might price this software relative to the existing offerings that you have. Thanks.

偉大的。感謝大家回答問題，並祝賀本季取得佳績。我實際上只是想問一下您多次提到的即將推出的預測毒性模型。因此，當您看到 FDA 正在啟動的新動物測試指南及其更廣泛的影響時，我們應該如何考慮您的產品與當今市場上其他一些臨床前非動物刺激物之間的潛在差異點？以及您對如何根據現有產品為該軟體定價的任何想法。謝謝。

Sure. Yeah, we're obviously very excited about the FDA's goal of reducing animal testing. We're also, of course, excited about the solution that we've been working on, that we've been using actually, in a very -- in a prospective way on our collaborative and proprietary programs.

當然。是的，我們顯然對 FDA 減少動物試驗的目標感到非常興奮。當然，我們也對我們一直在研究的解決方案感到非常興奮，我們實際上一直在以非常有前瞻性的方式在我們的協作和專有程序中使用該解決方案。

And what's differentiated is the same thing that I think differentiates almost everything that we do in our platform. We're developing highly accurate models that leverage both physics and machine learning where we have the benefit of physics-based methods in the form of accuracy, very high accuracy, and predicting binding to off targets. And the benefits of machine learning, which is, throughput, being able to do it on a large scale. So we think that's what the differentiation is accuracy and is the key.

我認為，差異化和我們在平台上所做的幾乎所有事情的差異化是一樣的。我們正在開發利用物理學和機器學習的高精度模型，其中我們利用基於物理學的方法在精度、非常高的精度以及預測與脫靶的結合方面的優勢。機器學習的好處是吞吐量，能夠大規模地進行學習。因此我們認為差異化的關鍵在於準確性。

Okay, great. And any thoughts on how you might price it relative to what you do today?

好的，太好了。相對於您目前所做的事情，您對於如何定價有什麼想法嗎？

Yeah, we have not talked about pricing as we often do with solutions like this is, first, get feedback from customers on the level of accuracy, on the impact, and then we make determinations on the price after that. As we said in our prepared remarks, we are going to be releasing it in a data form to customers this year. So we will start to get that feedback and make a determination on the pricing following the results of the beta testing.

是的，我們沒有談論定價，因為我們經常對這樣的解決方案這樣做，首先，從客戶那裡獲得關於準確度和影響的反饋，然後我們再確定價格。正如我們在準備好的演講中所說，我們將在今年以數據形式向客戶發布它。因此，我們將開始獲取回饋，並根據 Beta 測試的結果確定定價。

Got it, okay. Makes sense. Thanks, guys.

知道了，好的。有道理。謝謝大家。

Mani Foroohar, Leerink Partners.

Mani Foroohar，Leerink Partners。

Thanks for taking the question. Congrats on another great quarter. A couple of quick ones. Some of your competitors admittedly are more leverage towards late-stage elements of drug development, have reported challenges of customer dynamics. They've pointed to large pharma companies delaying decision-making and some smaller players facing budget constraints hasn't shown through in your numbers. Could you elaborate a little bit on the trends you'd observed the year to date and how you'd compare these dynamics versus what you're seeing where you play? And then I have a quick follow-up.

感謝您回答這個問題。恭喜您又一個出色的季度。幾個簡單的。不可否認，您的一些競爭對手在藥物開發的後期階段更具影響力，並報告了客戶動態的挑戰。他們指出，大型製藥公司推遲決策，而一些小型企業面臨預算限制，但這並沒有在數據中反映出來。您能否詳細說明您今年迄今為止觀察到的趨勢，以及如何將這些動態與您在實踐中看到的情況進行比較？然後我有一個快速的跟進。

Sure. Hi, Mani. Yeah. Well, obviously, we're paying close attention to what's going on in the marketplace with all the noise, and I highlighted my prepared remarks. The small so of emerging biotech segment is that's not growing. We're -- I think we're sort of level pegging in terms of the customers that are growing is offsetting the customers that are declining, new customers are offsetting, the customers who are terminating their contracts and scaling back on their R&D. So I'd say we're holding our ground there, and then the growth is being driven by the large accounts.

當然。你好，瑪尼。是的。嗯，顯然，我們正在密切關注市場上發生的一切，我強調了我準備好的發言。新興生物技術領域的規模較小，沒有成長。我認為，我們在客戶數量方面處於一種平衡狀態，即不斷增長的客戶數量抵消了不斷減少的客戶數量，新客戶數量抵消了終止合約和縮減研發開支的客戶數量。所以我想說我們在那裡站穩了腳跟，而成長則由大客戶推動。

Interestingly, we are not seeing any bumps or pushback on our renewals, and that includes the software contracts that we have with some of the largest companies in the industry. They're actually going through restructuring. Not just in response to all the issues that we're seeing right now, but for their own reasons because of their portfolio status and things.

有趣的是，我們的續約工作沒有遇到任何阻礙或阻力，其中包括我們與業內一些最大的公司簽訂的軟體合約。他們實際上正在重組。這不僅是為了應對我們現在看到的所有問題，還因為他們的投資組合狀況和其他原因。

So we think that the level of spend on our software is small compared to the scale of their R&D budgets. I think they generally view this as necessary to have not nice to have. And for those reasons, we are seeing that pushback, and that's consistent with the guidance that we maintain. So hopefully, that's helpful.

因此，我們認為，與他們的研發預算規模相比，我們在軟體上的支出水準很小。我認為他們普遍認為這是必要的，而不是可有可無的。由於這些原因，我們看到了這種阻力，這與我們所堅持的指導方針是一致的。希望這會有所幫助。

That is. And you have told me approximately 1,100 times that Schrödinger is not an AI company, but as a company that is native -- that natively uses AI. That being the case, obviously, we've seen a lot of concerns around incumbent industry being disrupted by [AI followers], et cetera. Even companies as large as Google/Apple and Today's News. How do you think about threats that you might face from companies native to -- that are also native AI users, and how do you think about threats to your base business or growth, and what metrics do you follow to make sure that you are defending yourself from these emerging threats most effectively?

那是。您已經跟我說過大約 1,100 次了，Schrödinger 不是一家人工智慧公司，而是一家本土公司——本土使用人工智慧的公司。既然如此，顯然，我們看到很多人擔心現有產業會受到[人工智慧追隨者]等的干擾。甚至像是谷歌/蘋果和今日新聞這樣的大公司。您如何看待您可能面臨的來自本土人工智慧用戶的公司的威脅？您如何看待對您的基礎業務或成長的威脅？您遵循哪些指標來確保您能夠最有效地防禦這些新興威脅？

Yeah, thanks for the question. So first of all, of course, there's no evidence of any threat at the moment. We're very well aware of what other people are working on.

是的，謝謝你的提問。首先，當然，目前還沒有任何證據顯示有任何威脅。我們非常清楚其他人正在做什麼。

And I think the other thing that's really important to keep in mind is that we have a very deep understanding of what the domain of applicability of AI is, where it's advantages are, and what its limitations are. And I think we've addressed that very well by developing well -- first of all, remember we have tens of thousands of users of our software. We have all these internal programs that we're working on so we have a really good understanding of what's required to advance programs and what's required to make accurate predictions.

我認為另一件真正需要牢記的事情是，我們對人工智慧的適用領域、它的優點和限制有著非常深入的理解。我認為我們透過良好的開發很好地解決了這個問題——首先，請記住我們的軟體有成千上萬的用戶。我們正在進行所有這些內部項目，因此我們非常了解推進項目需要什麼以及做出準確預測需要什麼。

So I think our main thesis that machine learning is only as powerful as the training set is it's not something that's all of a sudden going to change. That's a fundamental fact of machine learning whether it applies to ChatGPT, LLMs, self-driving cars, image processing, or chemistry. Machine learning is only as powerful as the training sets, and nobody can just sort of magically produce a training set that will replace the kinds of predictions and the level of accuracy that's possible with the physics-based methods that we've been developing over the last 35 years.

所以我認為我們的主要論點是，機器學習的強度取決於訓練集，它不會突然改變。這是機器學習的基本事實，無論它適用於 ChatGPT、LLM、自動駕駛汽車、影像處理或化學。機器學習的強度取決於訓練集，沒有人能夠神奇地製作出訓練集來取代我們在過去 35 年中一直在開發的基於物理的方法所能達到的預測類型和準確度水平。

So I think the key is that deep understanding of the fundamental aspect of the technology and making sure that we're always using the state-of-the art technology both in the physics but also of course in machine learning and AI.

因此，我認為關鍵在於深入了解技術的基本面，並確保我們始終在物理、機器學習和人工智慧領域使用最先進的技術。

Thanks, guys. I'll hop off. I know you've got a lot of other questions in the line.

謝謝大家。我就跳下去。我知道您還有很多其他問題。

Thanks, Mani.

謝謝，瑪尼。

Evan Seigerman, BMO Capital Markets.

埃文·塞格曼 (Evan Seigerman)，BMO 資本市場。

Hi guys, thank you so much for taking my questions. I want to follow up on some comments that you may Geoff around your conversations with your pharma partners. We asked differently, what could break their sentiment and maybe change their approach to investment in a platform like yours? Like, what are they really looking for?

大家好，非常感謝你們回答我的問題。傑夫，我想跟進一下您在與製藥合作夥伴的對話中可能提出的一些評論。我們換個角度問，什麼事情可能會打擊他們的情緒，甚至改變他們對你們這樣的平台的投資方式？比如，他們真正在尋找什麼？

And secondarily, when you look at kind of the FDA guidance on reducing animal testing, can you just remind us what you guys have done in this space that contribute to this goal? Thank you so much.

其次，當您看到 FDA 關於減少動物試驗的指導時，您能否提醒我們你們在這個領域做了哪些工作來為實現這一目標做出貢獻？太感謝了。

What are customers looking for? We'll start there. What they're looking for is impact. Is the technology allowing them to design better molecules with a higher success probability? And that takes a little bit of time to determine that, and it requires using the technology on a really large scale as we've talked about many times. So there's a little bit of a chicken and egg problem where you have to be sort of convinced that the technology will have an impact in order to scale up the usage. But in order to scale up your usage, you need to be convinced that it's that's going to have an impact.

客戶在尋找什麼？我們就從那裡開始。他們尋求的是影響力。這項技術是否能讓他們設計出更好的分子並提高成功率？這需要一點時間來確定，並且正如我們多次討論的那樣，它需要大規模地使用該技術。因此，這有點像先有雞還是先有蛋的問題，你必須確信這項技術會產生影響，才能擴大其使用範圍。但為了擴大使用範圍，您需要確信它會產生影響。

So what we're finding is, of course, we've succeeded in doing that quite a number of times. But what we're finding now is that something new is happening, which is the companies that are taking a little bit longer than other companies are to sort of break that cycle and start using the technology to large scale are listening to those other companies. These companies now that are using the technology at scale and seeing this enormous impact are starting to talk about the impact that technology is having more widely, and we think that's going to start to have a really big impact on transforming the industry and how companies deploy this technology at scale, but that's what it is, it's impact. And that can either come internally from them using it themselves or of course by attending scientific conferences and seeing the impact that other companies that have scaled up and are willing to talk about it and that's just happening right now.

因此我們發現，我們當然已經成功做到了這一點很多次了。但我們現在發現，一些新的事情正在發生，即那些比其他公司花費更長時間來打破這種循環並開始大規模使用這項技術的公司正在聽取其他公司的意見。這些公司現在正在大規模使用這項技術，並看到了它的巨大影響，他們開始談論這項技術更廣泛的影響，我們認為這將對改變行業以及公司如何大規模部署這項技術產生真正重大的影響，但這就是它的影響。這可以透過他們自己內部使用來實現，當然也可以透過參加科學會議並看到其他已經擴大規模並願意談論它的影響，而這種情況現在正在發生。

So I think the other question you asked was about predicted tox, but I don't remember --

所以我認為你問的另一個問題是關於預測毒性的，但我不記得--

Animal testing, if there's guidance on animal testing and what we have --

動物測試，如果有關於動物測試的指導，以及我們有什麼--

Okay, yeah. Because we did, yeah, sure, of course. So obviously, the predictive tox initiative that we've been focusing on is going to have we think a really dramatic impact on that. And like I -- like we said, we're already seeing a pretty big impact from that on our collaborative and proprietary programs.

好的，是的。因為我們確實這麼做了，是的，當然。因此，顯然，我們認為我們一直關注的預測毒性計劃將對此產生真正巨大的影響。正如我所說，我們已經看到它對我們的合作和專有項目產生了相當大的影響。

But there are many properties of molecules that dictate the success in preclinical studies and animal studies and even in the clinic, and we have many solutions in that area, bioavailability, oral bioavailability, solubility, per even efficacy, by the way.

但是分子的許多特性決定了臨床前研究、動物研究甚至臨床的成功，我們在該領域有很多解決方案，順便說一下，生物利用度、口服生物利用度、溶解度，甚至功效。

So efficacy has a big impact on therapeutic window. So that's also something that is going to have a really big impact on the success in in preclinical and clinical studies.

因此療效對治療窗口有很大影響。所以這也會對臨床前和臨床研究的成功產生重大影響。

In the area of predictive tox and/or toxicity associated with off-target binding, recall that we have had solutions for some of those really key off targets available to customers already, most notably we published on this is [Herb], which is a ion channel that has disrupted preclinical and clinical trials quite a bit by molecules binding to it. So we already have solutions available for predicting selectivity against some of the really bad actors like Herb, is a good example. Of course, the predictive tox project is meant to scale that one or two off targets that we already have to hundreds. That's the goal of the project.

在預測毒性和/或與脫靶結合相關的毒性領域，回想一下，我們已經為客戶提供了一些非常關鍵的脫靶解決方案，最值得注意的是我們發表的[Herb]，它是一種離子通道，透過與其結合的分子，它已經嚴重擾亂了臨床前和臨床試驗。因此，我們已經有了可用的解決方案來預測對一些真正壞的行為者的選擇性，例如 Herb，就是一個很好的例子。當然，預測毒性項目的目的是將我們已經擁有的一兩個偏離目標擴大到數百個。這就是該專案的目標。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Hey, thanks guys, and congrats on the quarter strong start to the year. I want to follow up on one of the earlier questions that kind of touched on opportunity for incremental spend, but I want to phrase it differently. I think that question was sort of in regards to ability to continue to support your three or four leading programs.

嘿，謝謝大家，恭喜你們今年第一季表現強勁。我想跟進之前的一個問題，這個問題涉及增加支出的機會，但我想用不同的方式來表達。我認為這個問題是關於繼續支持你的三個或四個主要項目的能力。

I want to ask about maybe sort of broadening the pipeline. You've got the MALT1, CDC7, the various programs that are already in the clinic where you've got Phase 1 readouts upcoming this year, but you've also got pretty healthy pipeline, a lot of which you haven't disclosed openly. Just talk about given the balance sheet and the $150 million you've brought in from Novartis, your thoughts on sort of broadening that pipeline, moving more programs sort of your ability to scale your R&D expense and to expand your clinical assets.

我想問一下關於拓寬通路的問題。您擁有 MALT1、CDC7 等多個已進入臨床階段的項目，其中第一階段的讀數將於今年公佈，但您也擁有相當健康的研發管線，其中許多您尚未公開披露。請談談鑑於資產負債表和您從諾華獲得的 1.5 億美元，您對拓寬產品線、轉移更多項目、擴大研發費用和擴大臨床資產的能力有何想法。

Yeah, thanks for the question, Mike. I'll just talk about the sort of balance sheet and the cash use, and then Karen talk about some of the preclinical, programs.

是的，謝謝你的提問，麥克。我只會談論資產負債表和現金使用情況，然後 Karen 會談論一些臨床前項目。

So you're right, we are continuing to make a significant investment in identifying and advancing more proprietary preclinical programs that's in effect to sort of backfill the existing clinical programs. That's an investment that we plan to continue. I don't foresee that investment having to step up materially. It's the research group has been very productive already. And frankly, between what we're advancing ourselves and what we're putting into collaborations, I think we're getting a good yield from that. But we're not sensing that we need to make that much larger.

你說得對，我們正在繼續進行大量投資，以確定和推進更多專有的臨床前項目，這實際上是為了填補現有的臨床項目。這是我們計劃繼續進行的一項投資。我預計這項投資不會大幅增加。該研究小組已經取得了豐碩成果。坦白說，在我們自身推進的和我們合作的成果之間，我認為我們從中獲得了良好的收益。但我們並不認為我們需要把它做得那麼大。

So I think that we're, as I said, In response to the earlier question, we're in pretty good shape in terms of our expense outlook for the next couple of years, not just this year, and therefore, I think that we shouldn't be anticipating a materially higher cash burden as a result of that, even though we have a lot of options available to us with the clinical programs and then also with that next wave of preclinical programs.

所以我認為，正如我之前回答的問題那樣，我們未來幾年（不僅僅是今年）的支出前景都非常好，因此，我認為我們不應該預期現金負擔會因此而大幅增加，儘管我們在臨床項目以及下一波臨床前項目中有很多選擇。

Yeah, certainly. So as you heard AACR, we did present data on some of the emerging programs in our portfolio. Obviously, we're very happy with the profile of those compounds as we described at that recent cancer meeting. However, for the next batch, I think what I'll say is today, we're super focused on the releases that we'll be making in our clinical portfolio this year. The decision around what to do with those next programs in oncology, I think, we will continue to evaluate that and we'll provide you with updates, in due course.

是的，當然。正如您所聽到的，AACR，我們確實提供了有關我們投資組合中一些新興項目的數據。顯然，我們對最近的癌症會議上描述的這些化合物的概況非常滿意。然而，對於下一批產品，我想我今天要說的是，我們非常關註今年我們將在臨床組合中發布的產品。關於如何處理腫瘤學的下一個項目的決定，我認為，我們將繼續評估，並在適當的時候向您提供最新消息。

But I also want to emphasize something that Geoff just said. Over the last three years, we have actually taken several of our wholly owned programs and partnered them with companies like Novartis and with Lilly. And so those programs actually have already been funded to some degree through the next stages, and we have a ready-made partner as the programs include discovery. And so obviously, those will not necessarily be transparent because they're partnered already. But we do continue to identify new programs that we think have high potential, and we will consider as they progress whether to partner them early on in discovery or whether to advance them. So I think more to come over time.

但我也想強調傑夫剛才說的一點。在過去三年中，我們實際上已經將幾個全資項目與諾華和禮來等公司進行了合作。因此，這些計畫實際上已經在下一階段獲得了一定程度的資助，而且由於這些計畫包括發現，我們有一個現成的合作夥伴。顯然，這些不一定是透明的，因為他們已經是合作夥伴了。但我們確實會繼續發現那些我們認為具有高潛力的新項目，並且我們會隨著它們的進展考慮是否在早期發現階段與它們合作或是否推進它們。所以我認為隨著時間的推移，還會有更多事情發生。

Okay, that's all really helpful. And then for my follow-up, I hate asking this question, but I still want to make sure I get it right. It's going to be about the quarterly pacing through the year. I know we've talked about this ad nauseam, just sort of how we shouldn't worry too much about quarterly volatility both in software and drug discovery. Think about it on a more 12-month basis. But still one software came in a little bit better than the guide and then that we had expected once your drug discovery came in a little bit better.

好的，這些都很有幫助。然後對於我的後續問題，我不想問這個問題，但我仍然想確保我回答正確。這將是有關全年季度進度的事情。我知道我們已經討論過這個問題了，我們不應該太擔心軟體和藥物研發的季度波動。以 12 個月為一個更長遠的眼光來考慮這個問題。但仍然有一款軟體比指南要好一點，而且正如我們所預料的，一旦你的藥物發現會更好一點。

Geoff, I think I caught in your prepared remarks saying that you expect drug discovery for the rest of the year to be a little bit more even throughout the year, 2, 3, 4Q. And then you got it to about $40 million at the midpoint on software. So just in terms of where how those quarters fall versus how they may have looked three months ago, this is just confirming is this just the usual some of the noise and unpredictability, or is there any significant change in how we should think about quarterly pacing timing?

傑夫，我想我從你準備好的發言中聽到了，你預計今年剩餘時間的藥物研發會在第二、三、第四季更加均衡。然後你在軟體上花費的中點金額達到約 4,000 萬美元。因此，僅就這些季度的表現與三個月前相比而言，這只是證實了這是否只是通常的一些噪音和不可預測性，或者我們應該如何看待季度節奏時間是否有任何重大變化？

Yeah, no, good question. I understand the sort of background. So we've been talking about the transition to hosted revenue for some time, and that puts a base into our revenue, particularly in the early quarters of the year. And I think you're seeing that consistently in the early quarters. We're north of 20% of our software revenue coming from hosted contracts, and that base is going to continue to build. So that will help, Q1, 2, and 3.

是的，不，好問題。我了解這種背景。因此，我們一直在談論向託管收入的轉變，這為我們的收入奠定了基礎，特別是在今年前幾季。我認為你在前幾個季度就一直能看到這種情況。我們的軟體收入有 20% 以上來自託管合同，而且這個基礎還將繼續擴大。所以這對 Q1、2 和 3 有幫助。

We still think that the majority of the remaining revenue for the year will come in the fourth quarter. But if I was looking ahead, I'd be saying that maybe, there was a big fourth quarter last year, and with the transition to hosted, maybe we won't have quite the same degree of fourth quarter concentration for software this year that we had last year. But it's still going to be the largest quarter.

我們仍然認為，今年剩餘的大部分收入將來自第四季。但如果展望未來，我會說，也許去年第四季表現強勁，但隨著向託管的過渡，今年第四季軟體的集中度可能不會像去年那麼高。但它仍將是最大的季度。

And then with respect to drug discovery, yeah, we don't -- I don't want to get into guiding to individual quarters for drug discovery, but I think it's reasonable to assume that the balance to our guide is spread out through the remainder of the year. As you know, that revenue is a mixture of recognizing over an extended period of time, the upfront payments associated with conflicts such as Novartis and that, of course, is going to build and then recognizing smaller milestones as they come along. And in some cases, large milestones when they occur. But those large milestones if we have confidence about them, we'll be included in that in our guidance. So that's the way I would think about why.

然後關於藥物發現，是的，我們不想 - 我不想指導各個季度的藥物發現，但我認為可以合理地假設我們的指南的平衡將分散在今年剩餘的時間內。如您所知，收入是在較長時期內確認的混合體，與諾華等衝突相關的預付款當然會不斷增加，然後在出現較小的里程碑時進行確認。在某些情況下，當它們發生時，就會產生重大里程碑。但如果我們對這些重大里程碑有信心，我們就會將其納入我們的指導中。這就是我思考原因的方式。

Okay. Very helpful. Thanks a lot.

好的。非常有幫助。多謝。

Scott Schoenhaus, KeyBanc.

KeyBanc 的 Scott Schoenhaus。

Hey, team. Thanks for taking my question. I guess it's really a follow-up, Geoff, on that last question that you noted the a large customer pushed forward a renewal. I'm assuming that would have happened in fourth quarter. Can you maybe give us a call on why they did that customer decided to do that?

嘿，團隊。感謝您回答我的問題。傑夫，我想這實際上是對最後一個問題的後續回答，你提到一個大客戶推動了續約。我假設這會在第四季發生。您能否告訴我們為什麼客戶會這麼做？

And then it's the second part of that, was that contract renewal shifted to a hosted versus on-prem? Thanks.

然後是第二部分，合約續約是否轉移到託管還是本地？謝謝。

Yeah, no, good question. So that particular contract had multiple elements to it, and most of the renewal occurred in the fourth quarter, and then there was a part of that contract that was stood up and renewed in the first quarter. So that contributed principally to what contributed a portion of the growth in the on-prem revenue in Q1 compared to the prior year.

是的，不，好問題。因此，該特定合約包含多個要素，大部分續約發生在第四季度，然後合約的一部分在第一季度簽署和續約。因此，這主要促成了第一季內部部署收入與去年同期相比的部分成長。

And then separately, on the drug discovery side, of course, there was a significant step up as we started to recognize the upfront payment of the Novartis upfront contract. Once we geared up to work on those projects, then we saw that revenue start to be recognized and that will continue throughout the duration of that contract.

然後，在藥物研發方面，當然，隨著我們開始確認諾華預付合約的預付款，我們取得了顯著的進步。一旦我們準備好開展這些項目，我們就會看到收入開始得到確認，而這種收入將在整個合約期間內持續下去。

Thanks. And then I'm following up on just the phasing out -- potential phasing out of animal testing. Are you seeing more demand or inbounds from interested parties, clients broad-based? Is it more biotech given sort of the monoclonal antibody first kind of direction here, or is it broad-based in large pharma also coming to you guys? just curious about sort of how broad-based that demand is. Thanks.

謝謝。然後，我正在跟進逐步淘汰——可能逐步淘汰動物測試的情況。您是否看到來自相關方、廣大客戶更多的需求或入站資訊？鑑於單株抗體優先的方向，它是否更多地涉及生物技術，還是大型製藥公司也向你們尋求幫助？我只是好奇這種需求到底有多廣。謝謝。

Yea. What we can tell you is that since that announcement in early April, we have had inbound interest from -- or questions, I should say, about our initiative which, of course, was widely known to learn more about it. It's very clear that there's significant interest in a solution like the one that we're building. And I think there's exciting because, of course, they're hearing that we've enabled already 50 targets and that the beta is coming out soon so that has drummed up interest.

是的。我們可以告訴你們的是，自從四月初宣布這一消息以來，我們就收到了來自各方的興趣——或者說是疑問，他們對我們的計劃很感興趣，當然，眾所周知，人們都想了解更多有關該計劃的信息。很明顯，人們對我們正在建立的解決方案有濃厚的興趣。我認為這很令人興奮，因為他們聽說我們已經啟用了 50 個目標，而測試版即將發布，這引起了他們的興趣。

I think you're asking something else though in addition, which is there somehow increased interest in antibodies? Is that what you're -- no, you're not asking that. Okay, good. Just the predictive tox. Go ahead.

我認為您還想問其他問題，即人們對抗體的興趣是否增加了？這就是你想要問的嗎？不，你不是在問這個。好的，很好。只是預測毒性。前進。

No, I was just saying if the demand --

不，我只是說如果需求--

What I said answered your question, right?

我所說的回答了你的問題，對嗎？

Yeah.

是的。

Good.

好的。

Well, I was wondering if it was more pronounced by tier of your clients, like is it broad-based or is it more -- are you seeing more demand in one specific faction of your client base?

好吧，我想知道這是否更明顯地體現在您的客戶層級上，例如它是廣泛的，還是更多——您是否看到客戶群中某一特定派系的需求更多？

Yeah. I think it -- I'm not sure I would call it demand. I would say significant interest in the solution from biotech companies. I think pharma companies were already so deeply engaged in those discussions. We've already been talking to them for quite a while actually about this so nothing has changed. We've been talking to them about it since last year actually, when the grant was actually announced, the significant grant from the Gates Foundation. So that interest is already there. What's built up since that announcement is now continued interest from even from smaller companies.

是的。我認為——我不確定我是否會稱之為需求。我想說生物技術公司對該解決方案有濃厚的興趣。我認為製藥公司已經深入參與了這些討論。事實上，我們已經就此事與他們討論了很長一段時間，所以什麼都沒有改變。事實上，自從去年宣布撥款以來，我們就一直在與他們談論此事，這是蓋茲基金會提供的一筆巨額撥款。所以這種興趣已經存在了。自從該聲明發布以來，越來越多的公司甚至對它產生了興趣。

Yeah. Got it. Thanks.

是的。知道了。謝謝。

Vikram Purohit, Morgan Stanley.

摩根士丹利的維克拉姆·普羅希特（Vikram Purohit）。

Hi, good afternoon. Thanks for taking our questions. We had two. The first on the MALT1 data expected in the next couple of months here. Understood that it's regarding to it being a bit of an early read, but what sort of read through do you think is fair to draw between the data you'll show here versus the data we'll get from your other molecules later on? I know investors often try to draw like a sense of platform potential and R&D productivity from one molecule to another, so I just was curious if you have any thoughts on what this data set for the first from the first read I might tell you about other molecules.

嗨，下午好。感謝您回答我們的問題。我們有兩個。這是預計未來幾個月內發布的 MALT1 數據的第一份報告。我理解這與早期的讀取有關，但是您認為對您在此處顯示的數據與我們稍後從您的其他分子中獲得的數據進行什麼樣的讀取才是公平的呢？我知道投資者經常試圖從一種分子到另一個分子來了解平台潛力和研發生產力，所以我只是好奇你是否對這個數據集有什麼想法，從第一次閱讀開始我可能會告訴你有關其他分子的信息。

And then secondly, on business development and partnerships outside of your currently internal oncology programs, what is your appetite towards BD broadly throughout the year, and are there specific therapeutic areas that you would find more interesting than others? Thanks.

其次，在您目前的內部腫瘤學課程之外的業務發展和合作夥伴關係方面，您對 BD 全年的興趣如何，以及是否存在比其他治療領域更讓您感興趣的特定治療領域？謝謝。

So first of all, on the clinical update, we are sharing initial data as you point out, monotherapy dose escalation study, it be some malignancies for SGR-1505. We will be sharing, as we said earlier, a safety PK and PD. We think the PD is really important. It lets us tie back to the healthy volunteer study, the results we saw there and now assess that patients, but it is an early read. It is across multiple dose levels, multiple different tumor types, and so it is just that initial read, but we are excited to share the update.

首先，關於臨床更新，正如您所指出的，我們正在分享初步數據，單一療法劑量遞增研究，它是針對 SGR-1505 的一些惡性腫瘤。正如我們之前所說，我們將分享安全 PK 和 PD。我們認為 PD 確實很重要。它讓我們回顧健康志願者研究，我們在那裡看到的結果，現在對患者進行評估，但這只是早期的解讀。它涉及多個劑量水平、多種不同腫瘤類型，因此只是初步讀數，但我們很高興分享更新。

Now, your second part of the question with respect to how this reads through potentially to the other studies, I will say that one was our first R&D, therefore, it is a bit more advanced than the others. What we are proposing to share across all three of these programs is really just the initial profiles of these compounds. But one is more advanced, we've obviously accumulated a bit more data there, and so that will be the first one that we share. And then later this year, we'll have the opportunity to share an update on, I would say, just the preliminary again, PK/PD safety, and we will determine whether there is additional information that we'll be able to share about those molecules.

現在，關於這個問題的第二部分，關於這對其他研究有何潛在影響，我想說，這是我們的第一個研發項目，因此，它比其他的要先進一些。我們建議在這三個項目中分享的其實只是這些化合物的初始概況。但其中一個更先進，我們顯然在那裡累積了更多的數據，所以這將是我們分享的第一個。今年晚些時候，我們將有機會分享最新進展，我想說，這只是初步的 PK/PD 安全性，我們將確定是否有其他資訊可以分享這些分子的資訊。

And these three assets are all different indications. So while CDC7 and MALT1 are both [hemo], they are in different settings, so AML versus B cell malignancy, so it's very difficult to compare and contrast there. But I think that we feel the molecules are performing well and therefore will give people a sense of the original goals of the program, the goals of how we use the platform, and so that will be something we can comment on as we go through the year here.

而這三種資產都是不同的指標。因此，雖然 CDC7 和 MALT1 都是 [血液]，但它們處於不同的環境中，因此 AML 與 B 細胞惡性腫瘤，因此很難進行比較和對比。但我認為，我們認為這些分子表現良好，因此會讓人們了解該計劃的最初目標、我們如何使用該平台的目標，因此，這將是我們在今年回顧時可以評論的事情。

With respect to BD, I mean, I think we say this often, but it's correct that we are constantly in conversation because of the nature of obviously having a platform that is embedded so broadly across the industry. We're constantly in conversation with other companies that is across disease areas. I think you're aware that we have programs across many disease areas including immunology in our whole pipeline. We are partnering across disease area historically across the deals that we've done.

關於 BD，我的意思是，我想我們經常這麼說，但我們確實一直在談論這個，因為顯然這個平台在整個行業中有著廣泛的應用。我們一直在與其他跨疾病領域的公司進行交流。我想您知道，我們的整個研發線中都有涉及許多疾病領域的項目，包括免疫學。從歷史上看，我們在已達成的交易中跨疾病領域合作。

I mean, I think I've said in the past that neuro is a tough space with respect to translation because there aren't great benchmarks in the clinic or on the approved landscape, and we like to do those types of targets, neuros in particular in collaboration, but that doesn't restrict us from collaborating across all different therapeutic areas.

我的意思是，我想我過去曾說過，神經科學在轉化方面是一個艱難的領域，因為在臨床或已獲批准的領域中沒有很好的基準，我們喜歡在合作中實現這些類型的目標，特別是神經科學，但這並不限制我們在所有不同治療領域進行合作。

Fair enough, thank you. Appreciate you taking the questions.

夠公平，謝謝。感謝您回答這些問題。

(Operator Instructions) David Lebowitz, Citi.

（操作員指示）花旗銀行的 David Lebowitz。

Hi, there. This is Ike Lee on for David Lebowitz. Thanks for taking our question. Two for us. One, your gross margins on the software side have come down slightly from years ago, used to be in the low-80s, now we're looking at guiding for mid-70s in the short term. In the long term, as you're looking to add on these additional products, the prementioned toxicology products and other software products in the future, what do you expect gross margins will be on the software side?

你好呀。這是 Ike Lee 為 David Lebowitz 主持的節目。感謝您回答我們的問題。給我們兩個。首先，你們軟體方面的毛利率與幾年前相比略有下降，以前在 80% 出頭，現在我們預計短期內會達到 70% 左右。從長遠來看，由於您希望在未來添加這些附加產品、前面提到的毒理學產品和其他軟體產品，您預計軟體方面的毛利率是多少？

And then two, with regards to the FDA guidance on shifting attention away from animal testing, other than the theoretical benefit to your company and the programs you've had, have you had any conversations with regulators before or after the announcement as to what that actually means for a different business segments you might be thinking about? Thank you.

其次，關於 FDA 關於將注意力從動物試驗轉移開來的指導，除了對您的公司和您已開展的項目的理論好處之外，在公告發布之前或之後，您是否與監管機構進行過任何對話，了解這對您可能正在考慮的不同業務部門實際上意味著什麼？謝謝。

Okay. I'll jump in on the gross margin question. We think that our gross margin should revert to that prior range after we have completed the Gates funded predictive tox project. We had signaled that revenue was contribution was going to negatively affect gross margin for the period that we are recognizing that revenue and funding that project. Currently, I think we're expecting that to be mostly completed by the middle of next year, unless of course, it's extended for some reason, which would be fine, too.

好的。我將深入探討毛利率問題。我們認為，在完成蓋茲資助的預測毒性計畫後，我們的毛利率應該會恢復到先前的範圍。我們曾表示，收入貢獻將對我們確認收入和為該項目提供資金的期間的毛利率產生負面影響。目前，我認為我們預計這項工作將在明年年中基本完成，當然，除非由於某種原因而延長，那也沒問題。

So and then we -- over a longer term, I would expect the gross margin to be similar to the that range that you mentioned, or perhaps slightly better. Over time, I think as the scale of our software deployments go up. And also, some of the royalties drop away a little bit, you could see, a slight -- I'm not talking about multiple percentage points, but a slight increase in that gross margin performance.

因此，從長遠來看，我預計毛利率會與您提到的範圍相似，或者可能略高一些。隨著時間的推移，我認為我們的軟體部署規模將會擴大。而且，一些特許權使用費略有下降，你可以看到，略有下降——我不是說幾個百分點，而是毛利率表現略有上升。

Yeah. And with regard to speaking with the FDA, absolutely, just very simply we are, of course, engaged with them at multiple levels, and we fully expect to continue to increase that engagement as our predictive tox solution essentially comes online.

是的。至於與 FDA 的對話，當然，很簡單，我們當然在多個層面上與他們進行了接觸，並且我們完全希望隨著我們的預測毒性解決方案實質上上線，繼續增加這種接觸。

And it seems that there are no further questions at this time. That concludes today's question-and-answer session and today's conference call. You may now disconnect your lines at this time.

目前似乎沒有其他問題。今天的問答環節和電話會議到此結束。現在您可以斷開線路了。