Schrodinger Inc (SDGR) 2025 Q2 法說會逐字稿

Thank you for standing by. Welcome to Schrodinger's conference call to review second quarter 2025 financial results. My name is Rob and I'll be your operator for today's call. (Operator Instructions) 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 年第二季的財務表現。我叫羅布，今天我將擔任您的電話接線生。（操作員指示）請注意，此通話是應公司要求錄音的。

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

現在，我想介紹今天會議的主持人、首席公司事務官兼投資者關係主管 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 second 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 schrodinger.com.

謝謝大家，下午好。歡迎參加今天的電話會議，我們將在會上提供公司的最新情況並回顧我們 2025 年第二季度的財務業績。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 schrodinger.com 上查閱。

Here with me on our call today are Ramy Farid, Chief Executive Officer; Richie Jain, Chief Financial Officer, and; Karen Akinsanya, President, Head of Therapeutics R&D and Chief Strategy Officer Partnerships. Following our prepared remarks, we'll open the call for Q&A.

今天與我一起參加電話會議的還有執行長 Ramy Farid、財務長 Richie Jain 和總裁、治療研發主管兼首席策略長合作夥伴關係 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 limitation, statements related to our financial outlook for the full year 2025 and third quarter 2025. Our plans to accelerate the growth of our software business and advance our collaborative and proprietary drug discovery programs, the timing of 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.

在今天的電話會議上，管理階層將根據 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 2025 年全年和 2025 年第三季財務展望相關的聲明。我們的計劃是加速軟體業務的成長並推進我們的合作和專有藥物發現計劃、臨床試驗的啟動和讀數的時間、我們化合物的臨床潛力和特性、我們的現金資源的使用以及我們未來的費用。

These forward-looking statements represent our current views and reflect our plans, intentions, expectations, strategies, and prospects which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially due to a number of important factors, including the considerations described in the risk factors section and elsewhere in the filings we make with the SEC, including our Form 10-Q for the quarter ended June 30, 2025.

這些前瞻性陳述代表了我們當前的觀點，並反映了我們基於當前掌握的資訊和所做的假設的計劃、意圖、期望、策略和前景。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 6 月 30 日的季度的 10-Q 表。

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. Also included in today's call are certain non-GAAP financial measures.

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。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。

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.

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 made very solid progress in the first half of 2025. Total revenue was $54.8 million in the second quarter, a 16% increase from the second quarter of 2024.

謝謝，Jaren，也謝謝大家今天加入我們。我們在 2025 年上半年取得了非常紮實的進展。第二季總營收為 5,480 萬美元，較 2024 年第二季成長 16%。

Software revenue was $40.5 million, representing 15% year-over-year growth. Drug discovery revenue was $14.2 million, highlighting the progress and growth of our collaborative portfolio.

軟體營收為4050萬美元，年增15%。藥物發現收入為 1,420 萬美元，突顯了我們合作產品組合的進展和成長。

While the macroeconomic environment has been highly uncertain, we continue to see demand of our software platform, driven by the industry's need for validated computational approaches that are critical for innovation and efficient R&D. We believe we are uniquely positioned at the forefront of the ongoing transformation of integrating predictive methods into all stages of molecular discovery.

儘管宏觀經濟環境高度不確定，但我們仍然看到對我們軟體平台的需求，這是由行業對經過驗證的計算方法的需求所推動的，這些方法對於創新和高效的研發至關重要。我們相信，我們在將預測方法整合到分子發現的各個階段的持續變革中處於獨特的前沿。

We are maintaining our full year software revenue growth guidance, reflecting the productive conversations we're having with our software customers around renewals and scale ups in the second half of the year. As you will hear from Karen, we continue to make progress across our pipeline and recently presented encouraging Phase 1 data from SGR-1505, our proprietary MALT1 inhibitor.

我們維持全年軟體收入成長預期，這反映了我們與軟體客戶就下半年續約和擴大規模進行的富有成效的對話。正如您將從 Karen 那裡聽到的，我們在整個管道中繼續取得進展，並且最近展示了我們專有的 MALT1 抑製劑 SGR-1505 令人鼓舞的第 1 階段數據。

The emerging profile of SGR-1505 shows best in class potential. And we are exploring strategic opportunities to accelerate clinical development and maximize the potential of this program. We expect to report initial Phase 1 data from our other two clinical programs, SGR-2921 and SGR-3515 in the fourth quarter.

SGR-1505 的新興概況顯示出同類最佳的潛力。我們正在探索策略機遇，以加速臨床開發並最大限度地發揮該計劃的潛力。我們預計將在第四季度報告另外兩個臨床項目 SGR-2921 和 SGR-3515 的初步第一階段數據。

We are continuing to make significant improvements to the performance and usability of our software platform and continue to add streamlined workflows to enhance the user experience and make our software more accessible to scientists without a computational chemistry background. We are also advancing our predictive toxicology initiative in support of the FDA's efforts to modernize drug discovery through its new alternative methods program to reduce reliance on animal models, including through the development and deployment of predictive computational models.

我們正在繼續對軟體平台的性能和可用性進行重大改進，並繼續添加簡化的工作流程以增強用戶體驗，並使沒有計算化學背景的科學家更容易使用我們的軟體。我們也正在推進預測毒理學計劃，以支持 FDA 透過其新的替代方法計劃實現藥物發現現代化的努力，以減少對動物模型的依賴，包括透過開發和部署預測計算模型。

To this end, we recently released the beta version of a virtual kinase panel to prospectively identify potential liabilities for an initial set of approximately 50 representative kinases. Our platform now also supports prediction of binding to the known off-targets hERG, PXR, and three common CYPs. We expect to expand the number of supported off-targets as we continue to advance the technology.

為此，我們最近發布了虛擬激酶面板的測試版，以前瞻性地識別初始約 50 種代表性激酶的潛在責任。我們的平台現在也支援預測與已知的脫靶 hERG、PXR 和三種常見 CYP 的結合。隨著技術的不斷進步，我們期望擴大支援的脫靶數量。

Overall, we have made considerable progress during the quarter, and we are excited about the opportunities ahead. I want to thank our employees who are critical to achieving our goals for their hard work and dedication.

總體而言，我們在本季取得了長足的進步，我們對未來的機會感到興奮。我要感謝我們的員工，他們的辛勤工作和奉獻對於實現我們的目標至關重要。

I will now turn the call over to Richie Jain, who was appointed Chief Financial Officer in May. Richie has made significant contributions during his tenure at Schrodinger, including working across the company to pursue strategic initiatives and secure and expand strategic collaborations, and I'm very pleased to have him on the call today. Richie.

現在我將把電話轉給 5 月被任命為財務長的 Richie Jain。里奇在薛丁格任職期間做出了重大貢獻，包括在整個公司範圍內開展工作以推行戰略舉措以及確保和擴大戰略合作，我很高興今天能讓他參加電話會議。里奇。

Thank you, Ramy, and good afternoon, everyone. I am happy to join my first earnings call as Schrodinger's CFO. Broadly, the industry is navigating a complex macroeconomic landscape, including regulatory and tariff uncertainties, challenging capital markets, and drug pricing pressures such as most favored nation provisions.

謝謝你，拉米，大家下午好。我很高興以薛丁格財務長的身份參加我的第一次財報電話會議。總體而言，該行業正在應對複雜的宏觀經濟形勢，包括監管和關稅的不確定性、充滿挑戰的資本市場以及最惠國條款等藥品定價壓力。

Notwithstanding this backdrop, we are very pleased to deliver strong results for the second quarter of 2025. Total revenue for the quarter was $54.8 million, an increase of 16% compared to Q2 2024. The increase was driven by both higher software and drug discovery revenue.

儘管有這樣的背景，我們仍然很高興看到 2025 年第二季取得了強勁的業績。本季總營收為 5,480 萬美元，與 2024 年第二季相比成長 16%。這一增長是由軟體和藥物研發收入的增加所推動的。

Software revenue was $40.5 million, an increase of 15% compared to Q2 2024, and in line with our expectations for the quarter. The increase was primarily driven by higher revenue from hosted contracts and contribution revenue from the Gates Foundation grant related to our predictive toxicology initiative.

軟體營收為 4,050 萬美元，與 2024 年第二季相比成長 15%，符合我們對本季的預期。這一增長主要得益於託管合約收入的增加以及與我們的預測毒理學計劃相關的蓋茲基金會撥款的捐款收入。

Revenue from on-prem contracts was slightly lower year-over-year, primarily due to the timing and size of renewals. Consistent with prior periods, our growth primarily reflects increasing utilization and adoption at existing accounts with minimal contribution from new customers, given the persistent biotech environment challenges.

內部部署合約收入較去年同期略有下降，主要原因是續約的時間和規模。與前期一致，鑑於持續存在的生物技術環境挑戰，我們的成長主要反映了現有帳戶的利用率和採用率的提高，而新客戶的貢獻卻很小。

Drug discovery revenue was $14.2 million, an increase of 19% compared to Q2 2024. The increase reflects continued recognition of the $150 million upfront payment from the Novartis collaboration that began in late 2024 and execution across the collaboration portfolio that we continue to expand.

藥物發現收入為 1,420 萬美元，與 2024 年第二季相比成長 19%。這一增長反映了對 2024 年底開始的與諾華合作的 1.5 億美元預付款的持續認可，以及我們繼續擴大的合作組合的執行情況。

Software gross margin was 68% compared to 80% in Q2 of 2024. This lower margin reflects the change in revenue mix and investment associated with the predictive toxicology initiative, which began in the third quarter of 2024.

軟體毛利率為 68%，而 2024 年第二季為 80%。較低的利潤率反映了 2024 年第三季啟動的預測與毒理學計畫相關的收入結構和投資的變化。

R&D expenses were $43.1 million in Q2 2025, a greater than 15% decrease from the $50.8 million in Q2 of 2024. The decrease was primarily due to the continued shift in expenses from the predictive toxicology initiative into software cost of goods sold, from proprietary R&D programs into collaborations, and lower CRO and FTE spend following the $30 million expense reduction initiatives announced in May.

2025 年第二季的研發費用為 4,310 萬美元，比 2024 年第二季的 5,080 萬美元下降超過 15%。下降的主要原因是費用持續從預測毒理學計劃轉移到軟體銷售成本、從專有研發項目轉移到合作，以及在 5 月宣布 3000 萬美元費用削減計劃後 CRO 和 FTE 支出降低。

Sales and marketing expense was $10.7 million, an increase of approximately 11%, primarily due to higher FTE expenses. G&A increased by 7% to $25.2 million, driven by higher professional services.

銷售和行銷費用為 1,070 萬美元，成長約 11%，主要原因是 FTE 費用增加。受專業服務費用增加的推動，G&A 費用增加 7%，達到 2,520 萬美元。

Total operating expenses were $79 million in the quarter, a decrease of 6% compared to Q2 2024, largely due to lower R&D expenses. Total other income was a gain of $10 million compared to a loss of $1.2 million in Q2 last year due to mark to market changes in our equity investments.

本季總營運費用為 7,900 萬美元，與 2024 年第二季相比下降 6%，主要是由於研發費用降低。由於我們的股權投資以市價變動，其他總收入獲利 1,000 萬美元，而去年第二季則虧損 120 萬美元。

Taxes were minimal, resulting in a net loss of $43 million or $0.59 per share, versus a net loss of $54 million or $0.74 per diluted share in Q2 2024. The fully diluted share count for Q2 was $73.4 million compared to $72.7 million in Q2 2024. We remain well capitalized with $462 million in cash and equivalents as of June 30.

稅收微乎其微，導致淨虧損 4,300 萬美元或每股 0.59 美元，而 2024 年第二季的淨虧損為 5,400 萬美元或每股攤薄虧損 0.74 美元。第二季的完全稀釋股本為 7,340 萬美元，而 2024 年第二季為 7,270 萬美元。截至 6 月 30 日，我們的資本充足，擁有 4.62 億美元的現金和等價物。

We are maintaining our software and drug discovery revenue guidance for the year of software revenue growth of 10% to 15% and drug discovery revenue of $45 million to $50 million. We continue to have encouraging discussions with customers about scale-ups at renewal, most of which take place in the fourth quarter.

我們維持今年軟體和藥物研發收入預期，即軟體收入成長 10% 至 15%，藥物研發收入成長 4,500 萬至 5,000 萬美元。我們繼續與客戶就續約時的擴大規模進行令人鼓舞的討論，其中大部分討論發生在第四季度。

Shifting to operating expenses, we now expect them to be lower in 2025 than in 2024. Driven primarily by our $30 million expense reduction initiative that we announced in May. Cash used in operating activities in 2025 is still expected to be significantly lower than in 2024.

轉向營運費用，我們現在預計 2025 年的營運費用將低於 2024 年。主要受我們 5 月宣布的 3000 萬美元費用削減計劃的推動。預計 2025 年經營活動所用現金仍將大幅低於 2024 年。

For the third quarter, we expect software revenue to be in the range of $36 million to $40 million. We continue to expect the balance of drug discovery revenue to be approximately evenly distributed through the third and fourth quarters. With that, I'll turn the call over to Karen to discuss our therapeutics R&D and pipeline updates.

對於第三季度，我們預計軟體收入將在 3,600 萬美元至 4,000 萬美元之間。我們繼續預期藥物發現收入的平衡將在第三季和第四季大致平均分佈。接下來，我將把電話轉給凱倫 (Karen)，討論我們的治療研發和管道更新。

Thank you, Richie, and good afternoon, everyone. We achieved strong pipeline progress during the quarter reporting our first clinical data and advancing our portfolio of collaborative and proprietary programs. Our platform empowers our scientists to discover differentiated molecules with remarkable efficiency.

謝謝你，里奇，大家下午好。本季度，我們取得了強勁的進展，報告了首批臨床數據，並推進了我們的合作和專有專案組合。我們的平台使我們的科學家能夠以驚人的效率發現差異化分子。

To date, 15 development candidates from our collaborative and proprietary portfolio have entered phase one clinical development. Six of these have advanced to Phase 2, and one is currently in Phase 3.

迄今為止，我們合作和專有產品組合中的 15 個候選藥物已進入第一階段臨床開發。其中六個已進入第二階段，一個目前處於第三階段。

These programs represent distinct value creation opportunities for Schrodinger, offering the potential for additional future milestones, royalties, and cash distributions from equity. Turning now to our proprietary pipeline, I'll begin with SGR-1505, our MALT1 inhibitor.

這些項目為薛丁格提供了獨特的價值創造機會，提供了未來額外里程碑、特許權使用費和股權現金分配的潛力。現在談談我們的專有管道，我將從我們的 MALT1 抑制劑 SGR-1505 開始。

The presentation of initial Phase 1 clinical data was an important milestone for the program. And our conversations at EHA and ICML reaffirmed our belief that MALT1 inhibition represents a promising novel therapeutic strategy in the hematology armamentarium beyond BTK BCL-2 and standard of care agents.

初步第一階段臨床數據的展示是該計劃的一個重要里程碑。我們在 EHA 和 ICML 上的對話再次堅定了我們的信念，即 MALT1 抑制代表了血液學治療領域一種有前途的新型治療策略，超越 BTK BCL-2 和標準治療藥物。

The initial Phase 1 dose escalation data were highly encouraging, showing a well-tolerated profile with clear monotherapy signals in heavily pre-treated chronic lymphocytic leukemia, where 3 of 17 patients responded and in Waldenstrom macroglobulinemia, where all five patients responded.

初始 I 期劑量遞增數據非常令人鼓舞，顯示出良好的耐受性，在接受過大量預先治療的慢性淋巴細胞白血病中具有清晰的單一療法信號，其中 17 名患者中有 3 名產生反應，而在瓦爾登斯特倫巨球蛋白血症中，所有 5 名患者均產生反應。

Importantly, two of the three CLL responders were double exposed to BTK and BCL-2 inhibitors, and all 5 Waldenstrom patients were last treated with a BTK inhibitor, providing early evidence supporting an opportunity for SGR-1505 in patients with refractory disease. The FDA fast tracked designation for SGR-1505 for the treatment of adult patients with relapsed refractory WM that have failed at least two lines of therapy, including a BTK inhibitor, also reflects the medical need.

重要的是，三名 CLL 應答者中有兩名雙重暴露於 BTK 和 BCL-2 抑制劑，並且所有 5 名 Waldenstrom 患者最後均接受了 BTK 抑制劑治療，這為 SGR-1505 在難治性疾病患者中提供治療機會提供了早期證據。FDA 快速批准 SGR-1505 用於治療復發難治性 WM 成年患者，這些患者至少已經接受過兩種療法（包括 BTK 抑制劑）但都失敗，這也反映了醫療需求。

The emerging best in class profile of SGR-1505 and preliminary activity in indolent and aggressive lymphoma solidifies our conviction in the potential of MALT1 inhibition as a well tolerated oral approach to treat patients with limited options. The strength of the early development package, including current PKPD safety and efficacy data, supports our plans to align with the FDA on the recommended phase two dose.

SGR-1505 在惰性和侵襲性淋巴瘤中表現出的最佳同類產品特性和初步活性，鞏固了我們對 MALT1 抑製作為一種耐受性良好的口服治療方法治療選擇有限的患者的潛力的信心。早期開發方案的優勢（包括目前 PKPD 安全性和有效性數據）支持我們按照 FDA 建議的第二階段劑量進行調整的計劃。

To ensure SGR-1505 receives the dedicated focus and resources required to pursue mid and late stage development, we are exploring a range of strategic opportunities for this program rather than initiating these studies independently. In the meantime, we expect to provide an update on the complete dose escalation study, translational data, and feedback from the regulatory interactions later this year.

為了確保 SGR-1505 獲得中後期開發所需的專門關注和資源，我們正在為該計劃探索一系列策略機會，而不是獨立啟動這些研究。同時，我們預計將在今年稍後提供完整的劑量遞增研究、轉換數據和監管互動回饋的更新。

We are also advancing Phase 1 dose escalation studies for SGR-2921, our CDC-7 inhibitor, and SGR-3515 our Wee1/Myt1 co-inhibitor. We expect to share initial Phase 1 data from both programs in the fourth quarter of 2025.

我們也正在推進 CDC-7 抑制劑 SGR-2921 和 Wee1/Myt1 共抑制劑 SGR-3515 的 1 期劑量遞增研究。我們預計將在 2025 年第四季分享這兩個項目的第一階段初步數據。

SGR-2921 is being evaluated in patients with acute myeloid leukemia and myelodysplastic syndrome, while SGR-3515 is being evaluated 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.

SGR-2921 正在針對急性髓系白血病和骨髓增生異常綜合症患者進行評估，而 SGR-3515 正在針對預測對 Wee1/Myt1 抑制敏感的晚期實體瘤患者進行評估，除其他實體瘤外，還包括卵巢癌、子宮癌和乳腺癌。

The primary goal of both studies is to evaluate the safety, tolerability and preliminary clinical activity. Both studies are progressing with multiple dose escalation steps completed.

兩項研究的主要目標是評估安全性、耐受性和初步臨床活動。兩項研究均已取得進展，並已完成多個劑量遞增步驟。

Turning to our advancing portfolio of discovery stage assets in the fourth quarter of 2024, we licensed an undisclosed early stage program to Novartis, which continues to advance along with other joint discovery programs. Earlier this year, we expanded our collaborations with Lily and Otsuka, and we recently announced the expansion of our relationship with Ajax Therapeutics, a company we co-founded.

談到我們在 2024 年第四季不斷推進的發現階段資產組合，我們將一項未公開的早期專案授權給諾華，該專案將繼續與其他聯合發現專案一起推進。今年早些時候，我們擴大了與 Lily 和 Otsuka 的合作，最近我們宣布擴大與我們共同創立的公司 Ajax Therapeutics 的合作關係。

The expansion builds on our joint success with AJ1-11095, which is in phase one for myelofibrosis and adds another JAK family target for autoimmune and inflammatory disease to the collaboration.

此次擴展建立在我們與 AJ1-11095 的聯合成功基礎上，AJ1-11095 目前處於治療骨髓纖維化的第一階段，並為合作增加了另一個針對自身免疫和發炎疾病的 JAK 家族靶點。

We also recently established a collaboration with the Novo Nordisk Foundation Center for Basic Metabolic Research at the University of Copenhagen. We have a strong track record for delivering differentiated clinic-ready molecules which underpins the growing number of new collaboration programs across a range of therapeutic areas and target classes working on high potential targets.

我們最近也與哥本哈根大學諾和諾德基金會基礎代謝研究中心建立了合作關係。我們在提供差異化臨床用分子方面擁有良好的業績記錄，這為在一系列治療領域和針對高潛力目標的目標類別中開展越來越多的新合作項目奠定了基礎。

In summary, we are pleased with the progress we have made this quarter and expect continued advancements in our proprietary and collaboration pipelines over the remainder of 2025. We look forward to updating you on our progress.

總而言之，我們對本季的進展感到滿意，並預計在 2025 年剩餘時間內我們的專有和合作管道將繼續取得進展。我們期待向您通報我們的進展。

I'll now turn the call back to Ramy.

我現在將電話轉回給拉米。

Thank you, Karen. We are pleased with the advancements we have made across all aspects of our business. We have reported very promising data for SGR-1505 and are exploring strategic opportunities to expand and accelerate clinical development for this potentially best in class molecule.

謝謝你，凱倫。我們對業務各個方面所取得的進步感到滿意。我們已經報告了 SGR-1505 非常有希望的數據，並正在探索擴大和加速這種潛在的最佳分子的臨床開發的策略機會。

We expect to report data from our other two clinical programs, SGR-2921 and SGR-3515 in the fourth quarter. We continue to invest in our platform to strengthen our leading position in computational molecular discovery.

我們預計將在第四季度報告我們的另外兩個臨床項目 SGR-2921 和 SGR-3515 的數據。我們繼續投資我們的平台，以加強我們在計算分子發現方面的領先地位。

And we are encouraged by the tenor of conversations we are having with customers, collaborators, and partners. We look forward to updating you on our progress in the coming months.

我們與客戶、合作者和合作夥伴的對話氣氛令我們感到鼓舞。我們期待在未來幾個月向您通報我們的進展。

At this time, we are happy to take your questions.

現在，我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

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 question. Two for me. One, as you think about kind of your conversations with your customers, how has the tone and tenor changed with regard to investments kind of in your platform, kind of a follow up to a question that I had on a prior order to see how that's changed.

大家好，非常感謝你們回答我的問題。對我來說是兩個。首先，當您思考與客戶的對話時，關於您平台的投資，語氣和基調發生了怎樣的變化，我對之前的訂單提出了一個問題，想看看這種情況是如何變化的。

And secondarily, as you think about kind of outlicensing, why did you decide to out license the product kind of at this stage of development versus doing an early Phase 2 trial. Thank you so much.

其次，當您考慮某種對外授權時，為什麼您決定在開發這個階段對外授權產品，而不是進行早期的第 2 階段試驗。太感謝了。

Okay, I think we picked up on that. It's a little hard here, but I think we got it. Yeah, as far as the tenor of the discussions with customers, it's a good question because of course there's concern about sort of macroeconomic conditions.

好的，我想我們已經意識到了這一點。這有點難，但我想我們做到了。是的，就與客戶討論的基調而言，這是一個很好的問題，因為當然存在對宏觀經濟狀況的擔憂。

And what we can tell you right now is that the discussions are quite positive. There is a clear demand for advanced technologies, predictive technologies, and so far, we're really pleased with the discussions.

我們現在可以告訴你們的是，討論非常積極。人們對先進技術、預測技術有明顯的需求，到目前為止，我們對討論感到非常滿意。

And if I heard you correctly, Evan, the question I think was about the potential to out license Phase 1 program at this stage?

如果我沒聽錯的話，埃文，我認為問題是關於在這個階段授予第一階段計劃許可證的可能性？

Yeah.

是的。

Right, thank you. Yeah, we, so we have been discussing this program with partners for a very long time. Obviously, it's really important that we align with companies around the strategy for the further development of these assets and with respect to 1505, we believe that this program is best developed in mid and late stage development by a partner who has expertise in development and commercialization in hematology, and that includes the opportunity to expand into different indications, and so we think that partnership, as we've said in the past, is probably the best approach to accelerate the program and realize the full potential.

好的，謝謝。是的，我們已經與合作夥伴討論這個計劃很長一段時間了。顯然，與公司就這些資產的進一步開發策略保持一致非常重要，就 1505 而言，我們認為該計劃最好由在血液學開發和商業化方面擁有專業知識的合作夥伴在中後期開發，這包括擴展到不同適應症的機會，因此我們認為，正如我們過去所說的那樣，合作可能是加速該計劃並充分發揮潛力的最佳方法。

Great, thank you so much.

太好了，非常感謝。

Scott Schoenhaus, KeyBanc Capital Markets.

KeyBanc 資本市場 (KeyBanc Capital Markets) 的 Scott Schoenhaus。

Hey team, thanks for taking my question. It seems like your model is resilient on the software side despite the macro, uncertainties and what's going on, regulatory wise. But my question I guess is on the back half set up and the demand that you're currently seeing now by cohort.

嘿，團隊，感謝你們回答我的問題。儘管存在宏觀、不確定性以及監管方面的情況，但您的模型在軟體方面似乎具有彈性。但我想我的問題是關於後半部分的設置以及您目前按群組看到的需求。

Is it pretty consistent with what you saw 90 days ago across, from large pharma all the way to down to biotech has things changed? And then you mentioned in your prepared remarks about encouraging discussions on renewal season and fourth quarter. Just wanted more color there and maybe on the cohort of clients for renewal.

這與您 90 天前看到的情況一致嗎？從大型製藥公司到生技公司，情況已經改變了嗎？然後您在準備好的發言中提到鼓勵就續約季節和第四季進行討論。我只是想要更多的色彩，也許在客戶群中實現更新。

Yeah, Scott, thanks for your call. I think demand for our technology remains strong. It's, delivers proven value, lowers cost for our customers and drives efficiency. If you break that down by cohort, we continue to have really good conversations with our customers about the renewals and potential for scale-ups.

是的，斯科特，謝謝你的來電。我認為對我們的技術的需求依然強勁。它提供了經過驗證的價值，降低了客戶的成本並提高了效率。如果按群組進行細分，我們會繼續與客戶就續約和擴大規模的潛力進行良好的對話。

Most of those, as did take place in the fourth quarter. The biotech segment of the market has been more challenging for us. That's not anything new. We've seen that in the last couple of quarters. I think some of the macroeconomic landscape has, impacted that cohort more than the others.

其中大部分都發生在第四季。生物技術領域的市場對我們來說更具挑戰性。這並不是什麼新鮮事。我們在過去幾個季度已經看到了這一點。我認為一些宏觀經濟情勢對這群體的影響比其他群體更大。

But within pharma, there's obviously a lot of uncertainty between, policy and tariffs and drug pricing. We're obviously monitoring all of that very carefully. But the conversations continue to be constructive, heading into year-end around some of the big renewals that we're expecting.

但在製藥業，政策、關稅和藥品定價之間顯然存在許多不確定性。我們顯然正在非常仔細地監視這一切。但進入年底，圍繞著我們期待的一些重大續約問題，對話仍然富有建設性。

Great, thanks. And that's my follow up it's more of a housekeeping question, but you mentioned that the quarter, I think so on on-prem was down year over year, and that implies that your cloud is now is probably a bigger percentage just kind of housekeeping on where we stand on the cloud versus on prem as a percentage of the software revenue book. Thanks.

太好了，謝謝。這是我的後續問題，它更像是一個內部問題，但您提到本季度，我認為內部部署的營收同比下降，這意味著您的雲端運算現在可能佔據了更大的比例，這只是我們對雲端運算與內部部署在軟體收入中所佔比例的某種內部管理。謝謝。

Yeah, I think on-prem being lower, year-over-year, this was really due to some of the deals we signed last year in Q2 that were just multiple year deals. So the comparison year-over-year looks lower there, but, in this quarter, we had strong growth and hosted revenue, and are continuing to grow those relationships with our existing customers.

是的，我認為內部部署的同比下降實際上是因為我們去年第二季簽署的一些交易只是多年期交易。因此，與去年同期相比，我們的收入較低，但本季度，我們的成長強勁，收入穩定，並且正在繼續發展與現有客戶的關係。

So these are things that you'll see quarter-over-quarter bounce around, but overall we're happy with the trend of, increased growth, when you look across both hosted and on-prem revenue.

因此，您會看到這些事情逐季度出現波動，但總體而言，當您查看託管和內部部署收入時，我們對成長趨勢感到滿意。

Great thanks.

非常感謝。

Mani Foroohar, Leerink Partners.

Mani Foroohar，Leerink Partners。

Hi, good afternoon. This is Lili Nsongo on Mani. Thank you for taking your question. Staying on the software side of things, so two questions there, can you give us a little bit on, how the predictive talks features, how much adoption you've seen there and how much growth you expect from it in the mid to short term?

嗨，下午好。這是馬尼島上的莉莉‧恩松戈 (Lili Nsongo)。感謝您提出這個問題。繼續討論軟體方面的問題，有兩個問題，您能否向我們稍微介紹一下預測性談話的特點，您看到的採用率是多少，以及您預計它在中短期內會有多少增長？

And then secondly, you mentioned that most of the growth on the software side come from existing customers. I'm wondering how much, if you could quantify that, how much more room is there for increased usage among the average customers?

其次，您提到軟體方面的大部分成長來自現有客戶。我想知道，如果您可以量化的話，一般客戶的使用量還有多少成長空間？

Yeah. So with regard to predictive talks, as we said, we're very pleased that we had the beta release, which was pretty recent.

是的。因此，關於預測談話，正如我們所說，我們很高興我們最近發布了測試版。

We have users now, and, it's very clear that there's a lot of excitement around, this technology by demand for it. We're of course very pleased to see the FDA sort of insisting, that the industry develop predictive technologies to lower or reduce the, use of animal models.

我們現在有了用戶，很明顯大家對這項技術很感興趣，對它的需求也很大。我們當然非常高興地看到 FDA 堅持要求業界開發預測技術來降低或減少動物模型的使用。

So that's progressing. We'll get the feedback. That's how beta releases work and, look forward to reacting to that feedback. The second question I think was Richie.

所以這是在進步。我們會收到回饋。這就是測試版的工作方式，期待對該回饋做出反應。我認為第二個問題是 Richie。

Yeah, I think about just the growth within the existing customers. I think there's a lot of excitement about computational drug discovery. We are central to that theme and, there's a lot of excitement about the solutions that we're developing.

是的，我只考慮現有客戶的成長。我認為計算藥物發現引起了很多興奮。我們正處於這一主題的核心，而且，我們正在開發的解決方案令人興奮不已。

This has been a focus of ours is growing within existing customers. We continue to see, kind of different levels of adoption within our largest customers and our focus is to, grow customers from our smaller and medium tiers into the larger tiers.

這一直是我們關注的重點，即在現有客戶中實現成長。我們不斷看到，我們最大的客戶採用的程度各不相同，而我們的重點是將客戶從中小型客戶群擴展到大型客戶群。

David Lebowitz, Citi.

花旗銀行的 David Lebowitz。

Hi guys, thank you for taking our question. This is Ike Lee on for David Lebowitz. We have one regarding your predictive toxicology solution. There's a few parts to this, so wondering how many clients overall have access to the beta version.

大家好，感謝您回答我們的問題。這是 Ike Lee 為 David Lebowitz 主持的節目。我們有一個關於您的預測毒理學解決方案。這有幾個部分，所以想知道總共有多少客戶可以訪問測試版。

How do you think about pricing this product in relation to your currently existing software? Is it bundled? Is there discounts, what is the set up like? And then you mentioned getting feedback from the beta version as how it goes, what's the timeline for doing that and potentially rolling out the full version as well. Thank you.

相對於您現有的軟體，您認為該產品的定價為何？是捆綁銷售的嗎？有折扣嗎？設定怎麼樣？然後您提到了從測試版中獲得的回饋，例如進展如何，時間表是怎樣的，以及是否可能推出完整版。謝謝。

Yeah, thanks for the questions. With regard to how many clients. That's really not something that we, disclose. What we can tell you though, and we said this before, is there, all of our collaborators, have access to the technology through the collaboration.

是的，謝謝你的提問。關於有多少客戶。這確實不是我們可以透露的事情。不過，我們可以告訴您的是，我們之前也說過，我們所有的合作者都可以透過合作來獲得該技術。

So we've been using it internally and, as we said before, we can share with you that it's having an impact, it works, there's still a lot of work to be done, to expand the number of targets that are supported. But, yeah, so sorry, we can't tell you about the number of clients.

因此，我們一直在內部使用它，正如我們之前所說，我們可以與您分享它正在產生的影響，它有效，但仍有很多工作要做，以擴大支持的目標數量。但是，是的，很抱歉，我們無法告訴您客戶的數量。

Now with regard to pricing, what we can tell you without obviously getting into the details is that it will be separately priced. This is not, this is an add-on module. It would not be, it won't just be that customers will automatically get access to it.

現在關於定價，我們可以告訴您，無需贅述細節，它將單獨定價。這不是，這是一個附加模組。事實並非如此，客戶不會自動獲得存取權限。

I think there was a third question about the beta feedback on the beta feedback. On the if there is feedback, is that what the. Yeah, no, not yet. Other than what I just mentioned earlier about the feedback sort of from collaborators, but it's a little early for that, it was really released very recently in the beta form.

我認為關於 Beta 回饋還有第三個問題。如果有回饋，那就是什麼。是的，還沒有。除了我之前提到的來自合作者的回饋之外，現在說這個還為時過早，它實際上是最近才以測試版形式發布的。

Got it. This the last part was mostly about the timeline just what's the timeline for getting the feedback and rolling out the full version, I think especially as it pertains to the gross margins you're saying your gross margins are being impacted by the spend right? So just wondering, you know how long should we look for those gross margins remain depressed because of that out.

知道了。最後一部分主要是關於時間表，即獲取反饋和推出完整版本的時間表是什麼，我認為特別是因為它涉及毛利率，您說您的毛利率受到支出的影響，對嗎？所以我只是想知道，您知道我們應該期待這些毛利率保持低迷多久。

Yeah separate concepts here yeah so with regard to beta feedback really. We don't know. That'll happen on the pace that that it happens. Now with regard to the margins, that's tied really to the grant and the time period of the grant, so maybe Richie.

是的，這裡有不同的概念，所以確實與 beta 回饋有關。我們不知道。那將會按照它發生的速度發生。現在關於利潤，這實際上與資助和資助期限有關，所以也許是里奇。

So as we said before, I think the grant from the gates, yeah, our efforts on predictive toxicology and are related to the Gates grant, those expenses have are realized with the cost of goods sold. The timing of that grant, started in Q3 of last year and it was roughly about two years, so you can model that out on the gross margin impact from that grant.

所以正如我們之前所說的，我認為蓋茲基金會的資助，是的，我們在預測毒理學方面的努力與蓋茲基金會的資助有關，這些費用都是透過銷售成本實現的。該補助金的發放時間從去年第三季開始，大約持續了兩年，因此您可以根據該補助金對毛利率的影響進行建模。

Got it. Thank you.

知道了。謝謝。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great, thanks for taking the question, guys. I want to go back a little bit to your, announcement from May, late to mid-May, the restructuring the headcount reductions, just kind of thinking of that in context of the quarter you just reported, you're having steady results, you reiterated all the key components of the full year guide, sounds like you're more resilient on the pharma customer front than a lot of your peers and a lot of what we expect.

太好了，謝謝大家回答這個問題。我想稍微回顧一下你們在五月份，也就是五月底到五月中旬發布的重組裁員計劃，結合你們剛剛報告的季度數據，你們取得了穩定的業績，你們重申了全年指南的所有關鍵組成部分，聽起來你們在製藥客戶方面的表現比許多同行更有韌性，也符合我們的很多預期。

Just put the head count reduction in that context of, you've got a strong balance sheet. You don't really need to implement cost savings to save cash. So just walk us through the rationale and the thought process there.

只要將裁員人數放在這樣的背景下，你就會有一份強勁的資產負債表。您實際上並不需要實施成本節約來節省現金。因此，請向我們介紹其中的基本原理和思考過程。

Yeah, I'll try and take a crack at that, and then I'll hand it over to Richie if there's something more to add. As we said when we announced this, it didn't, the reduction the reduction force didn't have, it wasn't focused on a particular project.

是的，我會嘗試一下，然後如果還有什麼要補充的話，我會把它交給 Richie。正如我們宣布這一消息時所說的那樣，裁員並沒有減少，裁員力度也沒有減少，而且裁員的重點並不在於某個特定的項目。

It was sort of across the board and it didn't have an impact on our sort of strategic initiatives and strategic direction and we said this at the time too, we felt that we had, after the rift, the right team to deliver on the software growth to advance the software, the platform, and to advance the collaborative and proprietary programs. So I think I might be answering your question, but if not, let us know.

這是全面的，它對我們的策略舉措和策略方向沒有影響，我們當時也這麼說過，我們覺得，在分歧之後，我們擁有合適的團隊來實現軟體成長，推進軟體和平台，並推進協作和專有程式。所以我想我可能會回答你的問題，但如果沒有，請告訴我們。

I'll just say I think we've been really disciplined on cost management. You're starting to see the impact of those reductions in your financials that we just reported and some of the reductions in operating expenses and R&D.

我只想說，我認為我們在成本管理方面確實非常嚴格。您開始看到我們剛剛報告的財務削減以及部分營運費用和研發費用削減的影響。

It's also one of the main drivers behind the change in guidance for 2025 in reducing your expectation and operating expenses to now be lower than 2024.

這也是 2025 年指導方針變化的主要驅動因素之一，即降低您的預期和營運費用，使其低於 2024 年。

Okay, and for my follow up just real quick, apologize if I missed in the prepared remarks, but, for the for SGR-2921 and 3515, the CDC-7 and we Wee1/Myt1, I think previously you're talking about second half '25 for initial data and now it's 4Q. I know it's not per se delay, but it feels like a little bit of a delay.

好的，對於我的後續問題，如果我在準備好的發言中遺漏了什麼，請見諒，但是，對於 SGR-2921 和 3515、CDC-7 和 Wee1/Myt1，我認為之前您談論的是 25 年下半年的初始數據，現在是第四季度。我知道這本身並不是延遲，但感覺有點延遲。

So just wondering. Anything specific going on there, I know there's been a lot of concerns on, FDA ability to sort of process data or if there's anything going on from the regulator front, just talk about the refinement of the timeline there.

所以只是好奇。關於那裡發生的任何具體事情，我知道有很多人擔心，FDA 處理數據的能力，或者監管機構方面是否發生了什麼事情，只需談論那裡時間表的完善即可。

Yeah, thanks, Mike. These are ongoing phase one dose escalation studies, where as you may recall, we're collecting safety PKPD efficacy data, that continues to progress. We just provide a little bit more clarity that we expect now based on where we are with collection of data, for that to be shared in the fourth quarter.

是的，謝謝，麥克。這些是正在進行的第一階段劑量遞增研究，您可能還記得，我們​​正在收集安全 PKPD 功效數據，並且該研究仍在繼續進展。我們只是根據目前的數據收集情況，提供一些更清晰的說明，以便在第四季度分享這些資訊。

Really, because of where we are in the development of these Phase 1 trials, while we are obviously guiding to discussions with the FDA on SGR-1505, which is a completed dose escalation study. We're not in that position yet for these other two programs. So, nothing about the FDA, I think, is impacting 2921 or 3515 at this time.

確實，由於我們處於這些 1 期試驗的開發階段，同時我們顯然正在與 FDA 就 SGR-1505 進行討論，這是一項已完成的劑量遞增研究。對於另外兩個項目，我們還沒有達到這個水準。因此，我認為 FDA 目前不會對 2921 或 3515 產生任何影響。

Okay thanks I'll leave it there.

好的，謝謝，我就不說了。

Sean Lehmann, Morgan Stanley.

摩根士丹利的肖恩·萊曼。

Good afternoon. Hope everyone's well. Thanks for taking my question. On the proprietary pipeline, so is there a bit more granularity what kind of data you are going to present in 4Q and can we expect at some point that these molecules might go the same way as the program for 1505 and you're going to look for strategic partners or strategic opportunities on those two programs.

午安.希望大家一切安好。感謝您回答我的問題。在專有管道上，您是否會更詳細地了解您將在第四季度提供什麼樣的數據，我們是否可以預期這些分子在某個時候會像 1505 計劃一樣發展，您將在這兩個計劃上尋找戰略合作夥伴或戰略機會。

Yeah, so, just in a way, let's, sort of think about where we were in May, once we finished the dose escalation study for 1505. We provided a pretty comprehensive update on the results that we had from that trial.

是的，所以，從某種意義上說，讓我們回想一下我們在五月完成 1505 劑量遞增研究後的情況。我們對此試驗的結果進行了相當全面的更新。

Those two programs, 2921 and 3515, are behind 1505. And so, We're still assessing the extent to which we'll be able to share complete data, but we do plan on providing an update on the, data that we've collected so far by the end of the year.

這兩個項目（2921 和 3515）落後於 1505。因此，我們仍在評估我們能夠共享完整數據的程度，但我們計劃在今年年底前提供迄今為止收集的數據的更新。

And as we just said on the previous question, that's likely to be both the safety PKPD, and really very preliminary data around, clinical activity. The second part of your question was about the strategic opportunities that we're pursuing the 1505 and whether that is something that we will be pursuing also for 2921 and 3515.

正如我們剛才在回答上一個問題時所說的那樣，這很可能是安全 PKPD，也是臨床活動的非常初步的數據。問題的第二部分是關於我們追求 1505 的戰略機遇，以及我們是否也會為 2921 和 3515 追求這一戰略機會。

But first, let me take the opportunity just to say that we are looking at a range of transactions and collaboration arrangements with the 1505. So that can span a number of different approaches.

但首先，請容許我藉此機會說一下，我們正在考慮與 1505 進行一系列交易和合作安排。因此這可以涵蓋多種不同的方法。

But I will just reiterate that we've been consistent, I think, since the initiation of these programs. But because of the combination opportunity with the venetoclax and with other standard of care agents, all three of these programs we believe are best accelerating, in further mid to late stage development by working with partners.

但我只想重申，我認為，自從這些計畫啟動以來，我們一直保持一致。但由於與維奈克拉以及其他標準治療藥物的結合機會，我們認為所有這三個項目都最好透過與合作夥伴的合作加速進一步的中後期開發。

And so I think we still have that view. Obviously we need to look at all the data, but I think that is a consistent view that we aim to work with other companies around further development of these assets.

所以我認為我們仍然持有這種觀點。顯然，我們需要查看所有數據，但我認為我們的目標是與其他公司合作進一步開發這些資產，這是一個一致的觀點。

Great, thank you. And a quick follow up if I may, just the expanded, collaboration with Ajax, how might that impact future milestones and revenue if you can say?

太好了，謝謝。如果可以的話，我可以快速跟進一下，與 Ajax 的擴大合作，如果您能說一下，這將如何影響未來的里程碑和收入？

Yeah, Sean, thanks for your question. I think, we're going to, the way these collaborations work is as we execute against a project that is recognized as revenue, so there will be some impact of that into our discovery revenue.

是的，肖恩，謝謝你的提問。我認為，這些合作將會按照我們針對被確認為收入的項目進行，因此這會對我們的發現收入產生一定的影響。

The impact of that in 2025 is very modest. Over time there will be milestones, and then in this program that we've added, there's also the opportunity for later stage commercial milestones and royalties, but those are all further out in time.

這對 2025 年的影響非常小。隨著時間的推移，將會有里程碑，然後在我們添加的這個程式中，也有機會實現後期商業里程碑和版稅，但這些都是在更遠的將來。

Matt Hewitt, Craig-Hallum.

馬特休伊特、克雷格哈勒姆。

Hello, thanks for taking the question. This is Tollef on from Matt. So are you guys still seeing what you called it last quarter as level pegging with customers where some customers will increase spending and others will decrease, kind of just netting it all out. Thank you.

您好，感謝您回答這個問題。我是 Matt 的 Tollef。那麼，你們是否仍然看到上個季度所說的與客戶的水平掛鉤，其中一些客戶會增加支出，而另一些客戶會減少支出，有點像將所有支出都抵消掉。謝謝。

Yeah, we, it's very unusual for a customer to decrease spend, to be clear, we generally see increases of different amounts, but very rare for there to be a decrease. And we have a 100% retention rate with customers greater than [$0.5] million.

是的，客戶減少支出的情況非常罕見，需要明確的是，我們通常會看到不同金額的增加，但減少的情況非常罕見。我們的客戶保留率超過 50 萬美元，達到 100%。

All right.

好的。

Brendan Smith, TD Cowen.

布倫丹·史密斯（Brendan Smith），TD Cowen。

Great, thanks for taking the questions. And congrats on the quarter. I actually wanted to ask just to follow up on the predictive talks conversation from earlier and really in the context of FDA's push on animal testing.

太好了，感謝您回答這些問題。恭喜本季取得佳績。我實際上只是想問一下之前的預測性談話的後續情況，並且實際上是在 FDA 推動動物試驗的背景下。

Sorry if I missed it, but have you all been in touch with the agency at all about, their proposed pilot study that they're looking to initiate and just kind of comparing some of the computational modeling approaches with actual animal testing data.

抱歉，如果我錯過了，但你們是否都與該機構聯繫過，了解他們正在考慮啟動的試點研究，並將一些計算建模方法與實際的動物測試數據進行比較。

I'm just wondering if that's something you all could or be involved with and maybe what kind of the potential timing for any of that might look like. Thanks.

我只是想知道這是否是你們所有人都可以參與的事情，以及其中可能涉及的時機是什麼樣的。謝謝。

Yeah, the intention of course is to engage with the FDA at the appropriate time when the technology is in the state where we feel that's appropriate. And we have had, I would say sort of informal discussions is probably the way to say it. Right?

是的，我們的目的當然是在技術達到我們認為合適的狀態時，在適當的時候與 FDA 合作。我們已經進行了某種非正式的討論，這可能是這樣的說法。正確的？

And they're aware of the work that we're doing, but, it's premature, of course, to talk about, the FDA adopting the technology obviously until maybe after we get feedback from, for example, from beta testers.

他們知道我們正在做的工作，但是，當然，現在談論 FDA 採用這項技術還為時過早，可能要等到我們從 beta 測試人員那裡得到回饋。

Yeah, okay, fair enough, thanks guys.

是的，好的，夠公平，謝謝大家。

And I'm showing no further questions in queue. That concludes today's call. You may now disconnect.

隊列中沒有其他問題。今天的電話會議到此結束。您現在可以斷開連線。