Schrodinger Inc (SDGR) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to Schrodinger's conference call to review first-quarter 2026 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.

感謝您耐心等候。歡迎參加 Schrodinger 的電話會議，回顧 2026 會計年度第一季財務結果。我是 Rob，將擔任今天會議的接線員。(接線員指示) 請注意，應公司要求，本次通話將被錄音。

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：Jaren Madden 女士，企業事務長兼投資人關係主管。請開始。

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 2026 financial results.

謝謝，各位下午好。歡迎參加今天的電話會議，我們將在會中提供公司最新進展並回顧 2026 會計年度第一季財務結果。

Earlier today, we issued a press release summarizing these results and progress across the company, which is available on our website at schrodinger.com.

今天稍早，我們發布新聞稿，摘要說明這些結果以及公司各項進展；新聞稿可於我們的網站 schrodinger.com 查閱。

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 outlook for the full year 2026, our plans to accelerate the growth of our software business and advance our therapeutics portfolio, the clinical potential and properties of our and our collaborators' compounds, use of our cash resources, as well as our future expenses.

在今天的電話會議中，管理團隊將發表前瞻性陳述，並依據 1995 年《私人證券訴訟改革法案》的安全港條款作出，包括但不限於：我們對 2026 全年的展望、加速軟體業務成長及推進治療藥物產品組合的計畫、我們及合作夥伴化合物的臨床潛力與特性、現金資源的運用，以及未來費用等相關陳述。

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 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 March 31, 2026.

這些前瞻性陳述反映我們目前對計畫、意圖、預期、策略與前景的看法，係基於目前可得資訊及我們所作的假設。由於多項重要因素，實際結果可能出現重大差異，包括我們向美國證券交易委員會（SEC）提交之文件（含截至 2026 年 3 月 31 日止季度的 Form 10-Q）中「風險因素」章節及其他部分所述之考量。

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.

這些前瞻性陳述僅代表我們截至今日的看法；我們提醒您，除法律要求外，無論因新資訊、未來事件或其他原因，我們未必會在未來更新這些陳述。

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.

今天的電話會議亦包含若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標並非依一般公認會計原則編製，僅應作為 GAAP 指標的補充，而非替代或優於 GAAP 指標。

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.

請參閱我們網站上新聞稿末尾的表格，以取得這些非 GAAP 指標與最直接可比之 GAAP 指標的調節表。

This afternoon, Ramy Farid, our CEO, will review our recent progress. Then Richie Jain, Chief Financial Officer, will discuss our financial results and 2026 guidance.

今天下午，我們的執行長 Ramy Farid 將回顧近期進展。接著，財務長 Richie Jain 將說明財務結果與 2026 年指引。

Karen Akinsanya, President, Head of Therapeutics R&D and Chief Strategy Officer, Partnerships, will review our therapeutics portfolio. Pat Lorton, our Chief Technology and Chief Operating Officer, will join us for the Q&A.

總裁、治療藥物研發主管暨策略長（合作夥伴關係）Karen Akinsanya 將回顧我們的治療藥物產品組合。技術長兼營運長 Pat Lorton 將加入問答環節。

With that, I will turn the call over to Ramy.

接下來，我把電話交給 Ramy。

Thanks, Jaren, and thank you, everyone, for joining us today.

謝謝你，Jaren，也謝謝各位今天加入我們。

We are off to a strong start this year, delivering $28.4 million in ACV, a 12% increase compared to Q1 last year. Our growth was broad-based, reflecting usage scale-ups, new customers, and growth from new products.

我們今年開局強勁，ACV 達 2,840 萬美元，較去年第一季成長 12%。我們的成長來源廣泛，反映使用規模擴大、新客戶加入，以及新產品帶來的成長。

Drug discovery revenue of $23 million was also a significant contributor in the quarter. Lilly's announced $2.3 billion acquisition of Ajax Therapeutics, a company we co-founded and in which we have an approximately 6% equity stake, is the latest example of a multi-billion-dollar deal for a Schrodinger co-developed molecule and speaks to the power of our platform.

本季藥物發現（drug discovery）營收 2,300 萬美元亦是重要貢獻。禮來（Lilly）宣布以 23 億美元收購 Ajax Therapeutics；該公司由我們共同創立，我們持有約 6% 的股權。這是 Schrodinger 共同開發分子再度促成數十億美元交易的最新例證，也彰顯我們平台的強大實力。

We are pleased with our momentum transitioning customers to hosted licensing. We are seeing positive conversion dynamics upon contract renewals and with new products that are hosted.

我們對於推動客戶轉向託管式授權（hosted licensing）的動能感到滿意。在合約續約以及採用託管式新產品時，我們看到正向的轉換動態。

In limited cases, we are also seeing the early conversion of multi-year on-premise deals to hosted ahead of the scheduled renewal date.

在少數情況下，我們也看到部分多年期的地端部署（on-premise）合約在原定續約日前就提前轉換為託管式。

We are encouraged by the improving biopharmaceutical funding environment. While macroeconomic uncertainty remains, it is clear to us that there is a growing recognition of the critical importance of our computational platform, as R&D organizations embrace the predict-first computational paradigm that offers a demonstrated path toward improving probability of success and reducing the time and cost of molecular discovery.

我們對生物製藥融資環境的改善感到鼓舞。儘管總體經濟不確定性仍在，但我們清楚看到，市場對我們計算平台關鍵重要性的認知正在提升；研發組織正採用「先預測」（predict-first）的計算典範，且已證實可提高成功機率並降低分子發現的時間與成本。

We remain poised to benefit from the evolving regulatory environment, with our predictive toxicology initiative set to address a key element of the FDA's focus on reducing animal testing and broadening the use of computational methods.

我們也已準備好受惠於不斷演變的監管環境；我們的預測毒理（predictive toxicology）計畫可望切入 FDA 聚焦的關鍵面向：減少動物試驗並擴大計算方法的使用。

Our market-leading position is built on the inherent accuracy and scalability of our physics-based approach and is further reinforced by our unmatched track record.

我們的市場領先地位建立在物理基礎方法（physics-based approach）固有的準確性與可擴展性之上，並由我們無可匹敵的實績紀錄進一步強化。

While standard AI models are limited by the scarcity of training data, our platform generates the ground truth simulations, accuracy, and scale required for AI to precisely navigate the vastness of chemical space. By combining the accuracy of physics with the speed and scalability of AI, we are able to evaluate key properties of billions, even approaching trillions, of molecules with a level of accuracy impossible to achieve through models trained solely on experimental data.

標準 AI 模型受限於訓練資料稀缺，而我們的平台可產生作為「真實基準」（ground truth）的模擬、準確度與規模，使 AI 能精準探索廣袤的化學空間。透過結合物理的準確性與 AI 的速度及可擴展性，我們能以僅靠實驗資料訓練的模型所無法達到的準確度，評估數十億、甚至接近數兆個分子的關鍵性質。

This capability enables our customers to integrate computation more deeply into their workflows, driving the consistent demand that underpins our long-term growth trajectory.

這項能力使客戶能將計算更深度地整合進其工作流程，進而帶動支撐我們長期成長軌跡的持續需求。

We are committed to technology leadership and evolving our platform to meet customer needs. We are very excited about the upcoming release this summer of an early access version of Bunsen, our new agentic AI co-scientist. Designed to autonomously execute complex molecular discovery workflows, Bunsen enhances productivity and accelerates the design, predict, make, test, analyze cycle that drives modern molecular discovery.

我們致力於技術領導地位，並持續演進平台以滿足客戶需求。我們對於今年夏季即將推出 Bunsen 的早期存取版本感到非常興奮；Bunsen 是我們全新的代理式（agentic）AI 共同科學家。Bunsen 旨在自主執行複雜的分子發現工作流程，可提升生產力並加速推動現代分子發現的「設計、預測、製作、測試、分析」循環。

Our material science and therapeutics teams have been successfully using Bunsen internally, and we are excited to offer this capability to our customers. Our throughput-based licensing model is well positioned to capture the value of this expanding utilization.

我們的材料科學與治療藥物團隊已在內部成功使用 Bunsen，我們也很期待將此能力提供給客戶。我們以吞吐量為基礎的授權模式（throughput-based licensing model）具備良好定位，可掌握此使用量擴張所帶來的價值。

The repeated success of our co-invented molecules and the continued progress of our therapeutics portfolio place us at the forefront of a digital transformation, moving material science and life science industries toward a more efficient, predict-first, computationally driven model of discovery. We continue to deliver the technology that transforms the way molecules are discovered, and we look forward to updating you on our progress throughout the year.

我們共同發明分子屢獲成功，以及治療藥物產品組合的持續進展，使我們站在數位轉型的前沿，推動材料科學與生命科學產業邁向更高效率、以「先預測」為核心、由計算驅動的發現模式。我們將持續交付能改變分子發現方式的技術，並期待在今年持續向各位更新我們的進展。

I'll now turn the call over to Richie.

接下來我把電話交給 Richie。

Thank you, Ramy, and good afternoon.

謝謝你，Ramy，各位下午好。

ACV in the first quarter was $28.4 million, which represents 12% growth compared to $25.4 million in Q1 2025. On a trailing four-quarter basis, ACV reached $201 million. As a reminder, we believe ACV provides important visibility into the performance of our business during a period where we expect recognized revenue to be highly variable due to the accelerated transition to hosted.

第一季 ACV 為 2,840 萬美元，較 2025 年第一季的 2,540 萬美元成長 12%。以過去四個季度（trailing four-quarter）計算，ACV 達到 2.01 億美元。提醒各位，在我們預期因加速轉向託管式而使已認列營收高度波動的期間，我們認為 ACV 能提供對業務表現的重要能見度。

ACV growth was primarily driven by our top 20 pharma customers as these customers broaden their platform access, onboard new products, and integrate our platform more deeply into their R&D organizations.

ACV 成長主要由我們前 20 大製藥客戶所帶動，因這些客戶擴大平台存取範圍、導入新產品，並將我們的平台更深度地整合至其研發組織中。

Starting this quarter, we are breaking out contribution revenue as a separate line item to provide better visibility into our software and drug discovery performance. To facilitate year-over-year comparisons, we have reclassified our historical results to reflect this change as contribution was previously included in software and drug discovery revenue.

自本季起，我們將「貢獻收入」獨立列為單獨的項目，以便更清楚呈現我們在軟體與藥物發現方面的表現。為了便於進行年對年比較，我們已將過往的歷史結果重新分類以反映此變更，因為先前貢獻收入係包含於軟體與藥物發現收入之中。

Total revenue for the first quarter of 2026 was $58.6 million. Software revenue was $35.6 million, of which hosted revenue contributed $12.1 million, or 34% of the software total, compared to 24% in the first quarter of 2025. On a trailing four-quarter basis, hosted revenue increased to 27% of the software total.

2026 年第一季總收入為 5,860 萬美元。軟體收入為 3,560 萬美元，其中託管（hosted）收入貢獻 1,210 萬美元，占軟體總額的 34%，相較於 2025 年第一季的 24%。以過去四個季度（trailing four-quarter）計算，託管收入占軟體總額的比重提升至 27%。

As we've discussed, the year-over-year software revenue comparison reflects our planned accelerated transition to hosted licenses, for which revenue is recognized readably over the life of the contract rather than upfront. While this dynamic creates a near-term headwind on recognized revenue, over the long-term, it will better align revenue with operational growth, resulting in a more predictable financial profile.

如我們先前所討論，軟體收入的年對年比較反映了我們按計畫加速轉向託管授權；此類授權的收入係在合約期間內按期認列，而非在期初一次性認列。雖然此一動態在短期內會對已認列收入造成逆風，但長期而言將使收入與營運成長更為一致，進而帶來更可預測的財務輪廓。

Software gross margin was 69% for the quarter compared to 80% in Q1 2025, reflecting our planned accelerated transition to hosted software licensing.

本季軟體毛利率為 69%，相較於 2025 年第一季的 80%，反映我們按計畫加速轉向託管軟體授權。

Contribution revenue was $0.1 million for the period compared to $4.3 million in Q1 2025. The decline is driven by completion of the initial funding by the Gates Foundation in support of our predictive toxicology initiative.

本期貢獻收入為 10 萬美元，相較於 2025 年第一季的 430 萬美元。下降主因為蓋茲基金會（Gates Foundation）對我們預測毒理（predictive toxicology）計畫之初始資助已完成。

Drug discovery revenue was $22.9 million compared to $10.2 million in the same period last year. The increase is due to the accelerated recognition of deferred revenue associated with the continued progress of the company's collaboration portfolio and the discontinuation of one collaboration program.

藥物發現收入為 2,290 萬美元，相較於去年同期的 1,020 萬美元。增加係因公司合作組合持續推進所帶動之遞延收入加速認列，以及一項合作計畫的終止。

Total operating expenses for Q1 were $78 million, a decrease of 4% compared to $82 million in Q1 2025. This reflects the impact of our efficiency measures and disciplined expense management across R&D and G&A, while we continue to invest in sales and marketing to drive long-term growth.

第一季總營業費用為 7,800 萬美元，較 2025 年第一季的 8,200 萬美元下降 4%。此反映我們效率措施的成效，以及在研發（R&D）與一般及行政（G&A）方面的嚴謹費用管理；同時我們仍持續投資於銷售與行銷，以推動長期成長。

Total other expenses were $11 million, primarily due to changes in fair value of equity investments and interest income expense. Net loss for the quarter and for the first quarter of 2025 was $60 million.

其他費用合計為 1,100 萬美元，主要由於股權投資公允價值變動以及利息收入／費用所致。本季以及 2025 年第一季的淨損均為 6,000 萬美元。

We ended the quarter with a strong balance sheet of $406 million in cash and marketable securities. We anticipate receiving our portion of the upfront cash payment from the Ajax-Lilly transaction when the deal closes. The fully diluted share count was 74 million.

本季期末我們的資產負債表維持強勁，現金及有價證券合計 4.06 億美元。我們預期在 Ajax-Lilly 交易完成交割時，將收到我們應得的預付款現金款項。完全稀釋後股數為 7,400 萬股。

Today, we are maintaining our full-year 2026 guidance. For the full year, we continue to expect ACV to be in the range of $218 million to $228 million, representing 10% to 15% growth. We anticipate drug discovery revenue between $55 million and $65 million for the year.

今天，我們維持 2026 全年財測指引不變。就全年而言，我們仍預期 ACV 將落在 2.18 億至 2.28 億美元區間，代表 10% 至 15% 的成長。我們預期全年藥物發現收入介於 5,500 萬至 6,500 萬美元。

As a reminder, drug discovery revenue has quarterly variability due to the collaboration and milestone-driven nature of the business.

提醒一下，藥物發現收入因業務具合作與里程碑驅動特性，季度間會有波動。

Our operating expenses are expected to be less than 2025 as we maintain overall expense discipline and make select investments in sales and marketing to support growth and the release of new products.

在維持整體費用紀律的同時，我們將選擇性投資於銷售與行銷，以支持成長與新產品發布；因此我們預期營業費用將低於 2025 年。

We anticipate our clinical activities will be largely complete by the end of 2026 and to incur approximately $10 million to $15 million of R&D for full year 2026 as we wind down these activities and seek partners for mid and- late-stage clinical development.

我們預期臨床活動將於 2026 年底前大致完成；隨著我們逐步結束這些活動並尋求合作夥伴推進中後期臨床開發，預計 2026 全年研發費用約為 1,000 萬至 1,500 萬美元。

Our $19 million to $23 million guidance range for Q2 2026 ACV excludes contribution ACV compared to $23.3 million from Q2 2025. That included $5 million of contribution ACV.

我們對 2026 年第二季 ACV 的指引區間為 1,900 萬至 2,300 萬美元，該數字不包含貢獻 ACV；相較之下，2025 年第二季為 2,330 萬美元。其中包含 500 萬美元的貢獻 ACV。

Now, I would like to hand the call over to Karen.

接下來，我想把電話會議交給 Karen。

Thank you, Richie. Our therapeutics business continues to create significant value, most recently highlighted by Lilly's planned acquisition of Ajax Therapeutics for $2.3 billion. By combining Ajax's deep expertise in blood cancer and JAK family structural biology with our industry-leading track record in computational drug design, we discovered AJ1-11095, a first-in-class Type II JAK inhibitor, which is the primary driver of the announced deal.

謝謝你，Richie。我們的治療藥物（therapeutics）業務持續創造顯著價值，最近的例子是 Lilly 計畫以 23 億美元收購 Ajax Therapeutics。結合 Ajax 在血癌與 JAK 家族結構生物學的深厚專長，以及我們在計算式藥物設計方面的業界領先實績，我們發現了 AJ1-11095——同類首創（first-in-class）的第二型（Type II）JAK 抑制劑——這也是本次宣布交易的主要驅動因素。

Over a 10-year span, Schrodinger has co-founded multiple companies, including Ajax. There have been seven major transactions and liquidity events related to molecules we co-discovered across our biotech collaboration portfolio, including Lilly's acquisitions of Morphic, Petra, and Ajax, the sale of Nimbus' ACC and TYK2 inhibitors, and the successful IPOs of relay and structure.

在過去 10 年間，Schrodinger 共同創立了多家公司，包括 Ajax。在我們共同發現之分子所涵蓋的生技合作組合中，已出現 7 起重大交易與流動性事件，包括 Lilly 收購 Morphic、Petra 與 Ajax，Nimbus 的 ACC 與 TYK2 抑制劑出售，以及 Relay 與 Structure 的成功 IPO。

The success of these companies and multi-billion-dollar exits establishes unquestionable validation of the impact of computational physics-based design and our biotech and pharma collaboration business model. The emerging results from our maturing therapeutics portfolio span internal discovery programs licensed to pharma through to co-invented molecules with late-stage clinical readouts like Takeda's zasocitinib, which completed Phase 3 trials earlier this year.

這些公司的成功與數十億美元規模的退出（exit），無可置疑地驗證了以計算物理為基礎的設計方法之影響力，以及我們的生技與製藥合作商業模式。我們日益成熟的治療藥物產品組合所展現的成果，涵蓋從授權給藥廠的內部發現計畫，到與合作方共同發明、並已取得後期臨床讀出（late-stage clinical readouts）的分子，例如武田（Takeda）的 zasocitinib，其於今年稍早完成第三期試驗。

To date, our equity and business development activities have resulted in close to $700 million of cash, as well as potential future preclinical, clinical, and commercial milestones of up to $5 billion and royalties on 15 programs.

迄今為止，我們的股權與商務開發活動已帶來近 7 億美元現金，並帶來最高可達 50 億美元的未來臨床前、臨床與商業里程碑潛在收益，以及 15 個計畫的權利金（royalties）。

Our wholly owned programs also represent future value capture opportunities. As Ramy mentioned, the therapeutics team has integrated our new agentic solution, Bunsen, across the combined portfolio. Bunsen's ability to execute our powerful predictive models and orchestrate multi-step, multi-skilled drug discovery workflows, enables us to accelerate the design, predict, make, test, analyze cycle.

我們全資擁有的計畫亦代表未來價值變現的機會。如 Ramy 所提到，治療藥物團隊已在整體合併後的產品組合中導入我們新的代理式（agentic）解決方案 Bunsen。Bunsen 能夠執行我們強大的預測模型並協調多步驟、多技能的藥物發現工作流程，使我們得以加速「設計、預測、製造、測試、分析」的循環。

This is an exciting development that we expect to have a major impact on the productivity of our team and teams across biopharma once they get access.

這是一項令人振奮的進展；我們預期一旦我們的團隊以及生物製藥領域的團隊取得使用權，將對其生產力帶來重大影響。

Turning to our wholly owned portfolio, in April, we presented initial clinical data for SGR-3515, our Wee1/Myt1 inhibitor, at the AACR annual meeting. As a reminder, this is an ongoing Phase 1 dose escalation study with primary objectives of safety, tolerability, and pharmacokinetics.

談到我們的全資產品組合，4 月我們在 AACR 年會上發表了 SGR-3515（我們的 Wee1/Myt1 抑制劑）的初步臨床數據。提醒一下，這是一項進行中的第一期劑量遞增研究，主要目標為安全性、耐受性與藥物動力學。

The data presented demonstrate that SGR-3515 was generally well tolerated on an intermittent dosing schedule of 3 days on and 11 days off. Importantly, the initial clinical biomarker data validated our hypothesis that dual inhibition can overcome compensatory resistance mechanisms. We observed encouraging early anti-tumor activity with a 65% disease control rate among valuable patients treated at doses of 100 milligrams or higher.

所發表的數據顯示，SGR-3515 在「用藥 3 天、停藥 11 天」的間歇給藥方案下整體耐受性良好。重要的是，初步臨床生物標記（biomarker）數據驗證了我們的假設：雙重抑制可克服代償性抗藥機制。在接受 100 毫克或更高劑量治療的可評估患者中，我們觀察到令人鼓舞的早期抗腫瘤活性，疾病控制率達 65%。

We also remain encouraged by the progress of SGR-1505, our MALT1 inhibitor. We continue to see a 100% response rate and durable responses in patients with Waldenstrom macroglobulinemia, where the drug has both FDA fast-track and orphan drug designations. As we complete these Phase 1 studies, we are actively exploring partnership opportunities to continue the mid- and late-stage development of SGR-1505 and 3515.

我們也持續對 SGR-1505（我們的 MALT1 抑制劑）的進展感到鼓舞。在華氏巨球蛋白血症（Waldenstrom macroglobulinemia）患者中，我們持續看到 100% 的反應率與持久反應；該藥物同時獲得 FDA 的快速通道（fast-track）與孤兒藥（orphan drug）資格認定。隨著我們完成這些第一期研究，我們正積極探索合作機會，以持續推進 SGR-1505 與 3515 的中後期開發。

Our track record of generating differentiated discovery stage breakthroughs, clinic-ready molecules, and valuable data packages is well-established. We believe our drug discovery expertise, coupled with the use of our computational platform at scale, will enable us to continue unlocking high-potential target product profiles and drive the next wave of successful collaborations and transactions.

我們在產出具差異化的探索階段突破、可進入臨床的分子，以及具價值的資料套件方面，已有成熟且可驗證的實績。我們相信，我們的藥物發現專業能力，加上以規模化方式運用我們的運算平台，將使我們得以持續解鎖高潛力的目標產品概況（TPP），並推動下一波成功的合作與交易。

I'll now turn the call back to Ramy.

我現在把電話交回給Ramy。

Thank you, Karen. As you have heard, we are off to a strong start in 2026. I want to thank our employees for their hard work and commitment to our mission. We are pleased with the momentum across the company and look forward to updating you on our progress throughout the year.

謝謝你，Karen。如各位所聽到的，我們在2026年有一個強勁的開局。我要感謝我們的員工為使命所付出的辛勤努力與承諾。我們對公司各面向的動能感到滿意，並期待在今年持續向各位更新我們的進展。

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

此時，我們很樂意回答各位的提問。

(Operator Instructions) Scott Schoenhaus, KeyBanc Capital Markets.

（接線員指示）Scott Schoenhaus，KeyBanc Capital Markets。

Hey guys, this is [Steve] on for Scott. Can you talk more about how agentic AI is driving prior utilization of high compute calculations and how this is impacting your business? What's the upside potential as adoption of the increases? And then how would this show up in your customer contracts?

嗨各位，我是代替Scott的[Steve]。你們能否多談談代理式AI（agentic AI）如何推動更早、更頻繁地使用高運算量的計算，以及這對你們業務的影響？隨著採用率提升，上行潛力有多大？另外，這會如何反映在你們的客戶合約中？

Absolutely. I assume you're referring to the announcement we just made about the release this summer of Bunsen, an agentic AI system for automating complex workflows. We've already been using Bunsen internally for a number of months. The impact that it's had already on productivity of both our expert modelers and computational chemists as well as non-experts has been extraordinary.

當然可以。我想你指的是我們剛宣布將於今年夏天發布的Bunsen——一套用於自動化複雜工作流程的代理式AI系統。我們已在內部使用Bunsen好幾個月。它對我們的專家建模人員與計算化學家，以及非專家使用者的生產力所帶來的提升，已經非常驚人。

We're very excited about it. What it's doing is eliminating sort of barriers to a large-scale deployment of the technology. And it's very much, as we describe it, a co-scientist, a companion that improves efficiency and productivity, again, both for experts and non-experts. And our collaborators who we're working with are already recognizing the impact, this improved efficiency and our ability to actually use the technology on a larger scale and in a more effective way.

我們對此非常興奮。它正在做的是消除大規模部署這項技術的各種障礙。而且正如我們所描述的，它非常像是一位共同科學家（co-scientist）、一位夥伴，能提升效率與生產力——同樣適用於專家與非專家。我們正在合作的夥伴也已經看見其影響：效率提升，以及我們實際上能以更大規模、更有效的方式運用這項技術的能力。

Again, as we said, we'll be releasing it this summer. Already, feedback that we've been getting as we start to talk about the imminent release of Bunsen has been very positive. I think there's a lot of excitement about the potential.

再次強調，如我們所說，我們將在今年夏天發布。目前，當我們開始談論Bunsen即將發布時所收到的回饋都非常正面。我認為大家對其潛力感到相當振奮。

The last thing I'll say is -- and we've talked about this actually in the last earnings call, and we mentioned it again today, that our throughput-based licensing, that is not seat-based licensing, but throughput-based licensing, of course, benefits from solutions like this, where agentic AI has the potential to increase the demand for the technology and the need for our customers to license the technology on a larger scale.

最後我想補充的是——我們其實在上一季的財報電話會議中談過，今天也再次提到——我們的以吞吐量為基礎的授權（throughput-based licensing），也就是非以席位（seat）為基礎的授權，當然會受益於像這樣的解決方案；因為代理式AI有潛力提高對該技術的需求，並使客戶需要以更大規模來授權我們的技術。

Pat, is there anything you wanted to add? Did I cover it?

Pat，你有什麼想補充的嗎？我有把重點都涵蓋到嗎？

I think you pretty much covered it. I think the one thing I would add is that we are seeing customers using more general generic agentic AI, and they are already having access to higher throughput of our technology using other LLM providers.

我想你幾乎都涵蓋到了。我唯一想補充的是，我們看到客戶在使用更通用、較泛用的代理式AI，而他們也已經透過其他LLM供應商，取得更高吞吐量地使用我們技術的能力。

That said, the reason we've built Bunsen is because our tools are such an expert tool that we feel that the LLM has to be trained specifically to how to use our tools to optimize it and to run in the most efficient way. And we think the solution we're putting together will be best for that.

話雖如此，我們之所以打造Bunsen，是因為我們的工具屬於高度專業的工具；我們認為LLM必須針對如何使用我們的工具進行專門訓練，才能加以最佳化，並以最高效率運行。我們也認為我們正在整合的解決方案會最適合這個需求。

Great. And then just one follow-up. You mentioned you're working with Anthropic last quarter. Just any update on that partnership or collaboration, however you want to refer to it?

很好。再追問一題。你們提到上季正在與Anthropic合作。關於那個夥伴關係或合作（不論你想怎麼稱呼），有沒有任何更新？

Sure. Pat, do you want to give an update?

當然。Pat，你要不要更新一下？

Sure. Yes, we regularly work with and talk with Anthropic as we're building out Bunsen. It is one of the top LLM providers. We are not tied to a single LLM. We are open to using whatever our customer prefer or whatever we think would be working best.

好的。是的，我們在打造Bunsen的過程中，會定期與Anthropic合作並交流。它是頂尖的LLM供應商之一。我們不會綁定單一LLM。我們願意採用客戶偏好的任何方案，或我們認為最適合運作的方案。

We're building an agentic layer on top of LLMs, but Anthropic is obviously a fantastic provider in the space, and we've learned a lot from them. We're really excited to continue to work with them.

我們是在LLM之上建立一層代理式（agentic）層，但Anthropic顯然是這個領域非常出色的供應商，我們也從他們身上學到很多。我們非常期待能持續與他們合作。

Great. Thank you.

很好。謝謝。

Mani Foroohar, Leerink Partners.

Mani Foroohar，Leerink Partners。

Hey, guys. A quick question. When you think about the percentage of customers or percentage of contract value, previously on-prem that are renewing in 1Q, recognizing that we're off and we recycle for many, can you give us what percentage we're able to convert over to hosted?

嗨，各位。一個簡短問題。當你們思考在第一季續約的客戶中，先前採用地端部署（on-prem）的客戶占比或合約價值占比時——也理解我們才剛起步，且許多合約會循環更新——你們能否提供我們有多少比例成功轉換到託管（hosted）？

Just if you can give us a little bit of real-time quantitative feedback on how that transition is going.

如果可以的話，請給我們一些即時的量化回饋，說明這個轉換進展如何。

Yes, Richie?

好的，Richie？

Yes, I'll cover that. Thanks, Mani, for the question. For the quarter, we were pleased with the progress. For the revenue, posted revenue was 34% of the software revenue in the quarter and 27% on a trailing four-quarter basis. That compares to 23% just a quarter ago. So we're pleased with the early progress.

好的，我來回答。謝謝你，Mani，這個問題。就本季而言，我們對進展感到滿意。就營收來看，託管營收占本季軟體營收的34%，以過去四季合計（TTM）計算則為27%。相較於僅一季前的23%有所提升。因此我們對初期進展感到滿意。

Anecdotally, we're aiming to transition from on-prem to hosted upon the contract date. So that's what we achieved in the quarter, as well as all new customers, we're deploying them hosted in the first instance. So overall, we're pleased with the first quarter, and still have our same expectations for the year and the three-year outlook, getting the 75% by the three-year period.

就經驗而言，我們的目標是在合約續約日將地端部署轉換為託管。這也是我們在本季所達成的；此外，所有新客戶我們一開始就以託管方式部署。整體而言，我們對第一季表現感到滿意，並維持對今年以及三年展望的相同預期，也就是在三年期間達到75%。

I think it's also worth mentioning that in a few cases, which I think is quite encouraging, is that we were able to transition some customers to host it before their renewal dates.

我也認為值得一提的是，有少數案例——我覺得相當令人鼓舞——我們能在客戶續約日前就把他們轉換到託管。

Richie, do you want to add to that or --

Richie，你要補充一下嗎？或者--

Yes, the primary emphasis has been on renewing -- sorry, transitioning at renewal. In a few instances for larger multiple-year contracts that were on-premise, we were able to work with those customers and transition over to hosted well in advance of the renewal date.

是的，主要重點一直是——抱歉——在續約時進行轉換。在少數情況下，對於原本採地端部署、且為較大型的多年期合約，我們能與這些客戶合作，在續約日前很早就轉換到託管。

So you'll start hearing modest impact of that in Q1, but you'll start to see more impact in that in Q2 onwards.

因此你會在第一季開始聽到一些小幅影響，但從第二季起你會看到更明顯的影響。

Great. And a quick follow-up. We're seeing substantial pickup in M&A activity in private biotech markets, is actually one example. How much would that velocity would you have to see in that space to start tinkering with how you think about guidance for drug discovery revenue, given the broad portfolio of co-founded partners, et cetera, companies and your equity exposure there?

很好。再追問一題。我們看到私人（未上市）生技市場的併購活動顯著升溫，這只是其中一個例子。在你們擁有廣泛的共同創辦合作夥伴組合等、以及你們在其中的股權曝險之下，你們需要在該領域看到多大的交易加速，才會開始調整你們對藥物發現營收指引的看法？

Yeah, I mean, first of all, we can certainly -- and Karen, I'll hand it over to you to answer, but let me just say on the software side, we're also quite encouraged. We definitely -- things look a lot better this year or this quarter, I should say, so far this year compared to last year where we saw lots of biotech companies. Of course, shutting down or very significantly reducing their discovery budgets. We're not seeing that. We're even seeing a pickup in new customers.

是的，我的意思是，首先，我們當然可以——Karen，我會把問題交給你來回答，不過我先說一下軟體這邊，我們也相當受到鼓舞。我們確實——我應該說，到目前為止，今年或這一季的情況看起來比去年好很多；去年我們看到很多生技公司。當然，關閉或非常大幅度地削減他們的探索性研發預算。我們現在沒有看到那樣的情況。我們甚至看到新客戶有所增加。

So that's very encouraging, and that sort of dynamic that is the premise of your question is certainly impacting, we think, the software business. As far as the drug discovery business, Karen, I think you have some thoughts about that.

所以這非常令人鼓舞，而你問題所假設的那種動態，我們認為確實正在影響軟體業務。至於藥物發現業務，Karen，我想你對此有一些看法。

Yeah, sure, happy to share. So as you know, we have always had a lot of interest in partnerships, both obviously with the companies we've co-founded. You mentioned Ajax and prior companies we've co-founded, but I will say that your comment about the private market and companies who are still in stealth even, as well as public companies are still reaching out very actively to Schrodinger with respect to collaboration on programs that are in their pipelines, but also on new programs.

好的，當然，很樂意分享。如你所知，我們一直對合作夥伴關係抱持很高的興趣，當然也包括與我們共同創立的公司之間的合作。你提到 Ajax 以及我們先前共同創立的公司；但我想說的是，你對私募市場以及仍處於隱身（stealth）狀態的公司、以及上市公司所做的評論——這些公司仍然非常積極地主動聯繫 Schrodinger，尋求在其產品線中的專案上合作，也包括新的專案。

And so we remain very enthusiastic about the potential for new collaborations. Obviously, we're not guiding to any specific BD event, but the momentum and the interactions remain very robust, both with biotech and with pharma.

因此，我們對於新合作的潛力仍然非常樂觀。顯然，我們不會就任何特定的商務開發（BD）事件提供指引，但整體動能與互動仍然非常強勁，無論是生技或藥廠。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Great. Thanks for taking the questions, guys. Congrats on all the progress here. Actually, I want to first quickly ask about the predictive tox launch. If you can maybe just give us a sense of, if not relative, revenue breakdown between the legacy business and then predictive tox, at least maybe how new customer ads there are tracking?

很好。謝謝你們回答問題，各位。恭喜這裡取得的所有進展。其實我想先快速問一下預測毒性（predictive tox）的產品上市。如果你們可以大概讓我們了解一下——即使不是相對比例——傳統（既有）業務與預測毒性之間的營收拆分，至少也可以談談那邊新增客戶的進展如何？

And then just quickly, I guess on the upcoming months and launch, how should we really think about this go-to-market strategy for the agent? I know you gave us some good color earlier. I guess, is this just something that you expect to kind of roll out as an add-in with existing customers? Is there kind of a whole separate base you could potentially reach with this? I guess just any kind of go-to-market strategy there, stuff will be super helpful.

然後再很快問一下，我想關於接下來幾個月以及上市，你們希望我們如何看待這個 agent 的市場推廣（go-to-market）策略？我知道你們先前已提供一些很好的補充說明。我想問的是，這是否只是你們預期會以附加功能（add-in）的方式，向既有客戶逐步推出？還是說，這可能觸及一個完全不同的客群基礎？總之，任何關於 go-to-market 策略的說明都會非常有幫助。

Yes, we can cover both those. Thanks for the questions.

好的，我們可以兩個都回答。謝謝你的提問。

With regard to predictive tox, feedback continues to be really, very, very positive for the results of evaluations now that are being kicked off. It's very clear that there's significant interest in the technology, but also that prospective testing of it in our customers' hands is validating the kind of results that we were seeing when we were developing the technology and using it also prospectively internally. So that's really quite gratifying to see.

關於預測毒性，隨著目前評估專案陸續啟動，回饋持續非常、非常正面。很明顯大家對這項技術有相當大的興趣，而且在客戶端進行的前瞻性測試也正在驗證我們在開發這項技術時所看到的結果，以及我們先前在內部以前瞻方式使用時所觀察到的結果。因此看到這點確實令人非常欣慰。

So that continues to go well. With regard to Bunsen and the go-to-market strategy, and you asked about the base, that's a really good question because -- and I sort of alluded to this in talking about it earlier.

所以這部分持續進展良好。至於 Bunsen 與 go-to-market 策略，以及你問到的客群基礎，這是個很好的問題，因為——我之前談到時也稍微提過。

Certainly, this, in some sense, democratizes access to very sophisticated technology. And you can appreciate what kind of impact that can have on the business. So when this kind of technology, previous to systems like this, may just have been inaccessible and it would take years of training, you need an advanced degree, you're not sure, or you're using the technology and not using it quite right and not getting very good results. That's not a good thing for anybody, for the customer or for us.

當然，從某種意義上說，這讓非常先進的技術取得門檻降低、更加普及。你可以理解這會對業務帶來什麼樣的影響。在這類系統出現之前，這種技術可能根本難以取得，而且需要多年的訓練、需要高等學位；你也不確定，或者你在使用技術時用得不太正確、結果也不理想。這對任何人都不是好事，對客戶或對我們都一樣。

So this obviously very directly addresses that. This is very similar to image processing. That used to be a thing that was not available to very many people, only people who were expert users at Photoshop, right? And to remove red eye, remove somebody who is in the background of your vacation photo was really difficult. Now you just circle the area and say remove the background, and it's done, it's the same basic idea.

所以這顯然非常直接地解決了這個問題。這很像影像處理。過去那是只有很少人能用的東西，只有 Photoshop 的專家使用者才會，對吧？要去除紅眼、把度假照片背景裡的人移除，是非常困難的。現在你只要圈選區域並說「移除背景」，就完成了；基本概念是一樣的。

And now all of a sudden very sophisticated image processing or image manipulation is available to the masses. We expect the same sort of thing, well, not masses, but you understand, to non-experts in research.

於是突然之間，非常先進的影像處理或影像編修就能被大眾使用。我們預期也會出現類似的情況——當然不是到「大眾」那種程度，但你明白我的意思——讓研究領域的非專家也能使用。

Pat, anything to add to that?

Pat，你有要補充的嗎？

No, I think that sums it up great. And the other thing I would just highlight on top of adding additional customers is one thing that is really limiting, I think we've discussed in the past, the amount of computational chemists we have per project at Schrodinger is a lot higher than the industry average. That's part of the reason behind our very high success rate.

沒有，我覺得這樣總結得很好。另外我想再強調一點，除了增加更多客戶之外，有一件事其實很受限制——我想我們過去也討論過——在 Schrodinger，我們每個專案配置的計算化學家數量遠高於產業平均。這也是我們成功率非常高的原因之一。

One thing that's very limiting in our customers is they simply don't have enough people who can run this, to get it done, even if they have experts who are good enough. So simply getting this in the hands of those experts and allowing them to get a multiple of their work done, similar to how the agentic coding tools have allowed developers to work much faster, we think even those experts being able to run much faster, they'll be able to consume a lot more of our throughput-based licensing before we even have it broadened to a broader user base.

而我們客戶端的一個主要限制是，他們就是沒有足夠的人可以操作這些工具、把事情做完，即使他們有夠厲害的專家也是如此。因此，只要把這個工具交到那些專家手上，讓他們能完成數倍的工作量——就像代理式（agentic）程式開發工具讓開發者能快很多一樣——我們認為即便只是讓那些專家跑得更快，在我們把產品擴展到更廣泛的使用者群之前，他們就能先消耗掉更多以吞吐量為基礎的授權（throughput-based licensing）。

Exactly.

沒錯。

Sounds good. Thank you, guys.

聽起來很好。謝謝你們，各位。

Thank you.

謝謝。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行（Bank of America）。

Thanks for taking the question, guys. First, I want to dig into sort of the new way you're guiding ACV. I want to talk about the contribution ACV. So you called out for the second quarter, your guide is $19 million to $23 million and that's excluding any contributions. So is that just -- is that your way of saying we don't know what the contribution ACV will be or are you actually expecting it to be zero because it was relatively modest in the first quarter?

謝謝你們回答問題，各位。首先，我想深入了解一下你們對 ACV 指引的新方式。我想談談「貢獻 ACV」（contribution ACV）。你們提到第二季的指引是 1,900 萬到 2,300 萬美元，而且不包含任何貢獻。所以這只是——你們是在說我們不知道貢獻 ACV 會是多少，還是你們其實預期它會是零，因為第一季相對不高？

And the same question for the full year. Anything you could tell us in terms of how much of the full-year ACV is made up of that or how much there was in all of 2025?

全年也是同樣的問題。你們能否告訴我們，全年 ACV 中有多少是由那部分構成，或者 2025 年全年那部分有多少？

So the guidance for the Q2 is $19 million to $23 million, as you noted. The reason we explicitly called out the comparison to last year, Q2 of 2025 was $23.3 million, of which $5 million was contribution ACV related to our grant with the Gates Foundation.

所以第二季的指引如你所說是 1,900 萬到 2,300 萬美元。我們之所以明確提出與去年相比，是因為 2025 年第二季是 2,330 萬美元，其中有 500 萬美元是與我們和蓋茲基金會（Gates Foundation）補助案相關的貢獻 ACV。

So we just wanted to call out when you're looking quarter to quarter that on a commercial business or excluding contribution, we're still projecting growth for this quarter.

所以我們只是想提醒一下，當你以季度對季度來看時，就商業業務而言或排除貢獻（contribution）後，我們仍然預期本季會有成長。

For the full-year range, $218 million to $228 million of ACV. We do expect potentially some contribution ACV in there. That's a component of it in the full-year number.

就全年區間而言，ACV 為 2.18 億美元至 2.28 億美元。我們確實預期其中可能會包含一些貢獻 ACV。那是全年數字中的一個組成部分。

But you don't want to break that out or quantify that?

但你們不想把那部分拆出來或量化嗎？

Correct.

正確。

Okay. Okay. All right. Fair enough.

好的。好的。好吧。可以理解。

And then in terms of Ajax, just how should we think about that flowing through? How should we think about that flowing through the P&L and in terms of use of proceeds, anything like that? Is that in your guide for the year? I don't believe it is -- timing and pacing of that.

接著就 Ajax 而言，我們應該怎麼看它的流入？我們應該怎麼看它在損益表（P&L）中的反映，以及在資金用途（use of proceeds）等方面？這有包含在你們今年的指引裡嗎？我不認為有——主要是時點與節奏的問題。

Yes, Richie, you should answer that, but let me just say, just to remind that our equity stake is around 6%. Just wanted to throw that in there, but Richie, please go ahead and answer that.

是的，Richie，你來回答，但我先補充一下，提醒大家我們的股權持有約為 6%。只是先提一下，Richie，請繼續回答。

Yes, the Ajax sale was not contemplated in our guidance framework. Obviously, it's a private company sale that we couldn't have included, but its impact for our financials will mostly be to cash. Our cash position at the end of the quarter was $406 million.

是的，Ajax 的出售並未納入我們的指引框架。顯然，這是一筆私人公司出售交易，我們不可能把它納入，但它對我們財務的影響主要會反映在現金上。我們在本季末的現金部位為 4.06 億美元。

As Ramy just noted, we own about a 6% equity stake in Ajax. And so when the upfront portion is received by Ajax, we will receive our 6% of that approximately. So the impact to us will be cash.

如 Ramy 剛才提到的，我們持有 Ajax 約 6% 的股權。因此當 Ajax 收到前期款（upfront portion）時，我們大約會收到其中的 6%。所以對我們的影響會是現金。

The upfront amount was not disclosed and the Ajax will be -- announcement, but as we receive the cash, we'll be able to reflect it in your balance sheet. And then on the upfront, there's also milestones, kind of near-term and downstream milestone opportunities in which we would continue to have that 6% participation.

前期金額未被揭露，Ajax 也將會——公告，但當我們收到現金時，我們就能在你們看到的資產負債表上反映出來。此外，除了前期款之外，還有里程碑款，包含較近期與較後段的里程碑機會，我們也會持續享有那 6% 的參與權益。

But I guess my question is, does that change in terms of how you think about investment priorities in the second half or just the fact that balance sheet is going to be a little bit stronger? Any early thoughts on that or just going to wait and see for now?

但我的問題是，這是否會改變你們對下半年投資優先順序的看法，或只是因為資產負債表會更強一些？對此有任何初步想法嗎？還是目前先觀望？

I would say more of the latter. I think our path to profitability between growth in software and drug discovery as well as expense management over the three-year window, that was all based on our cash position at the time. This is just upside to that.

我會說比較偏向後者。我認為我們在三年期間內，透過軟體與藥物發現的成長以及費用管理來達成獲利的路徑，都是基於當時的現金部位所制定的。這只是額外的上行空間。

And we will, once we receive the cash, kind of revisit it if anything changes, but I would expect our three-year outlook at the time to be unchanged.

而且一旦我們收到現金，我們會再檢視是否有任何改變，但我預期我們當時提出的三年展望應該不會改變。

Michael Yee, UBS Securities.

Michael Yee，瑞銀證券（UBS Securities）。

We had two questions. First, maybe for Ramy. Just thinking about your overall P&L, you've got some very attractive 70% gross margins, but overall, as an entity, your EBITDA negative and running operating losses. Given the general shift to reduce focus on moving things to later preclinical or clinical and looking to partner things, how would we expect the overall operating expense structure to potentially change?

我們有兩個問題。第一個可能是問 Ramy。就你們整體損益表（P&L）來看，你們有相當吸引人的 70% 毛利率，但整體而言，你們的 EBITDA 為負，且仍在承擔營業虧損。鑑於整體趨勢轉向降低把項目推進到較後期臨床前或臨床階段的比重、並傾向以合作方式推進項目，你們整體營業費用結構可能會如何改變？

In other words, what percent of your R&D do you estimate is going towards those types of programs? And if I back that out, I could think about a more appropriate run rate of where you think your R&D could -- that's question number one.

換句話說，你估計你們的研發（R&D）有多少百分比是投入到這類項目？如果我把那部分扣除，我就能思考你們研發費用更合適的運行水準可能會是什麼——這是第一個問題。

Appreciate, I think you have guided to sort of being EBITDA profitable in '28, so that's helpful. I wanted to know what percent of R&D is related to drugs.

感謝，我想你們已指引大概在 2028 年達到 EBITDA 獲利，這很有幫助。我想知道研發中有多少百分比與藥物相關。

And the second question relates as a follow-up. I estimate, even I cover Lilly, that Ajax could be like $1 billion upfront. So is the 6%, I think you said it's not in your current cash guidance, so we should take 6% of whatever estimate is and apply the upside to the cash? And is that also is that booked in the income statement and flows through the income statement?

第二個問題是延伸追問。我估算——即便我也覆蓋禮來（Lilly）——Ajax 的前期款可能像是 10 億美元。所以你剛才說的 6%，我理解它不在你們目前的現金指引中，那我們是否應該用任何估算金額的 6% 來計算，並把它視為現金的上行？另外，那也會記入損益表並流經損益表嗎？

(multiple speakers) So we can't comment on the size of the upfront, but the 6% equity state we have is not in our cash guidance. I would expect it to run through our P&L as a non-operating gain and not -- yeah, as a non-operating gain.

（多位發言者）我們無法評論前期款的規模，但我們持有的 6% 股權並未納入我們的現金指引。我預期它會以非營業利益（non-operating gain）的形式反映在我們的損益表（P&L）中，而不是——對，是以非營業利益。

Okay, with regard to the question about R&D and drug discovery. So I think we've been very clear about this, that the drug discovery part of our business which has been in existence for a long time since the -- even a little bit before, but around the founding of Nimbus over 15 years ago, has been an incredibly important part of our business and is highly synergistic with our software business.

好的，關於研發與藥物發現的問題。我想我們在這點上一直說得很清楚：我們業務中的藥物發現部分，自很久以前就已存在——甚至在 Nimbus 成立之前一點點，但大約在 Nimbus 於 15 年前成立前後——一直是我們業務中極其重要的一部分，並且與我們的軟體業務具有高度協同效應。

We've shown, I think, very clearly that the success, the extraordinary success of these drug discovery partnerships, Nimbus, Morphic, Relay, Structure, Ajax, have had such a huge impact on validating our platform, and they've also had a huge impact on helping us understand what it is that we should be working on, how we should be advancing the platform to have sort of the maximum impact on projects.

我認為我們已非常清楚地展示，這些藥物發現合作夥伴關係的成功、甚至是非凡的成功——Nimbus、Morphic、Relay、Structure、Ajax——對驗證我們的平台有巨大影響；同時也大幅幫助我們理解我們應該做什麼、以及應該如何推進平台，才能對專案產生最大的影響。

So that will continue to the extent that there is still a huge amount of work to be done in advancing the field. We're obviously incredibly excited about the accomplishments that we've made, and it's really been transformative. We've transformed the way molecules are discovered. That was our mission. I think we've been accomplishing that.

因此，只要在推進這個領域上仍有大量工作要做，這部分就會持續下去。我們顯然對已取得的成果感到無比振奮，而且這確實帶來了變革性的影響。我們改變了分子被發現的方式。那就是我們的使命。我認為我們一直在實現它。

But you can see through this initiative like the predictive tox initiative and many other initiatives like that, there's more work to be done. And we can continue to improve the way molecules are discovered both in material science and life science.

但你可以從像預測毒性（predictive tox）計畫以及許多其他類似計畫中看到，仍有更多工作要做。而且我們可以持續改進分子被發現的方式，涵蓋材料科學與生命科學。

So again, that's a long way of saying that these businesses are highly synergistic and it will continue to be an incredibly important part of our overall business model.

所以再說一次，長話短說，這些業務具有高度協同效應，而且它將持續成為我們整體商業模式中極其重要的一部分。

Karen, I don't know if you want to add anything to that.

Karen，我不知道你是否想補充什麼。

Yeah, I mean, I think as we shared in the past, the vast majority of our portfolio, the combined portfolio of collaborations with our co-founded companies, with biotechs and with large pharma are an important part of the business, as Ramy just described, both from a scientific point of view, but also, as you saw this quarter, generating revenue.

是的，我的意思是，正如我們過去分享的，我們投資組合中的絕大多數——包含與我們共同創立公司的合作、與生技公司的合作、以及與大型藥廠的合作——如 Ramy 剛才所描述，是業務的重要部分，既從科學角度來看如此，而且也如你們本季所見，能帶來營收。

And I would say that the vast majority of our activities actually in the R&D space are actually those collaborations. It's a small portion of the overall effort that is allocated to wholly owned research.

而且我會說，我們在研發領域的活動絕大多數其實都是這些合作。分配給完全自有研究（wholly owned research）的整體投入只占很小一部分。

And as you heard previously on prior calls, we will not be taking programs into the clinic, but we are also obviously partnering programs early, as you saw with the Novartis deal, partnering a program that hadn't even reached lead up yet. So our investment in R&D is partly obviously on the science side, as I'll say again, but it's also to create value.

正如你們先前在過去的電話會議中聽到的，我們不會把專案推進到臨床階段，但我們也顯然會在早期就與專案建立合作夥伴關係，正如你們在與諾華（Novartis）的交易中所看到的，我們合作的那個專案甚至還沒進入先導化合物優化（lead optimization）階段。因此，我們對研發的投資部分當然是在科學面向（我再說一次），但同時也是為了創造價值。

As you heard, we have 15 programs now with royalties on sales and revenue coming from these programs. As you heard across the whole portfolio, close to $700 million generated from collaborative activities in the R&D drug discovery efforts.

如你們所聽到的，我們目前有15個專案，對其銷售額享有權利金，並且這些專案也帶來收入。如你們所聽到的，從整體產品組合來看，在研發藥物發現工作中的合作活動已產生接近7億美元的收入。

(Operator Instructions) Evan Seigerman, BMO Capital Markets.

(接線員指示) Evan Seigerman，BMO資本市場。

Hi there. This is Conor on for Evan. Thanks for taking our question. We just have a follow-up on how we should think about the rollout of bonds and maybe kind of the phasing over the next couple of years. Of course, you have the upcoming early access launch this summer. We're just trying to think about maybe which types of accounts you'll be sharing access with -- in kind of the early summer launch?

你好。我是Conor，代Evan提問。謝謝讓我們提問。我們想追問一下，關於Bonds的推出節奏，以及未來幾年可能的分階段推進，你們建議我們如何看待。當然，你們今年夏天即將進行早期存取（early access）上線。我們只是想了解，在夏季初期上線時，你們可能會向哪些類型的客戶帳戶提供存取權限？

And then maybe as we think longer term, thinking about kind of understanding the throughput-based licensing, we're wondering kind of the functional rollout of Bunsen, will this be kind of a premium add-on or come included as a part of your standard software offering?

另外，從更長期來看，考量以吞吐量為基礎的授權模式，我們想了解Bunsen的功能性推出方式：它會是高階加購（premium add-on），還是會包含在你們標準軟體方案之中？

Yeah, we're still working out all of the details of that, as we typically do with our early access versions of our technology. We work with our close partners. And we will do that, the same thing here, where we can work together to work out the sort of mechanics of integrating it into their workflows, but also checking on the science.

是的，我們仍在釐清所有細節，這也是我們對技術早期存取版本一貫的做法。我們會與緊密合作夥伴一起推進。這次也會同樣進行：我們會共同合作，釐清把它整合進他們工作流程的各項機制，同時也會檢驗科學層面的表現。

Everybody listening to this call and all of us have had experiences that are mixed with LLMs. Sometimes they're extraordinary, sometimes they do some pretty crazy things, so there's a lot of work that has to be done to make sure that we optimize and maximize the former and minimize the latter.

在座各位以及我們所有人，對大型語言模型（LLM）的使用經驗都是好壞參半。有時候它們非常出色，有時候也會做出相當離譜的事情，因此需要做大量工作，確保我們把前者最佳化並最大化，同時把後者降到最低。

And that requires working with close partners of which, again, we have a large number. As far as the future, our expectation, of course, is that this will be ubiquitous and this technology will be available to all of our customers exactly how we -- pricing is still to be worked out. That has a lot to do with this feedback that we get as we roll out this early access version.

而這需要與緊密合作夥伴一起合作；再次強調，我們有大量這樣的夥伴。至於未來，我們的預期當然是這將會無所不在，這項技術將提供給我們所有客戶；至於我們會如何定價，目前仍在研議中。而這在很大程度上取決於我們在推出早期存取版本時所收到的回饋。

So yes, I think that's as much as we can say, unless Pat has anything more to add.

所以，是的，我想我們能說的大概就到這裡，除非Pat還有什麼要補充。

Matt Hewitt, Craig-Hallum.

Matt Hewitt，Craig-Hallum。

Good afternoon. Thanks for taking the questions. Maybe first up, given that Q4 is such a big renewal period for you, and you spoke to it earlier that you're starting to see some of those earlier conversions, is it your hope and intention that you can get through some of that or maybe half of that before you get to Q4 just to kind of ease the burden or the rush that you would see at year end?

下午好。謝謝讓我們提問。首先，鑑於第四季（Q4）對你們而言是很大的續約期，而且你們先前也提到開始看到一些較早的轉換，你們是否希望並打算在進入Q4之前就完成其中一部分、或甚至一半，以便減輕年底的負擔或趕辦情況？

Or how should we be thinking about maybe the conversion over the course of the next couple of quarters before you get to Q4?

或者，我們應該如何看待在接下來幾個季度、在進入Q4之前的轉換進度？

Richie, do you want to --

Richie，你要不要--

Let me start. Thanks for the question. So I think the examples that we gave were more anecdotal and not the base case, but they were large contracts and they -- we had a dedicated effort, I think, to try to convert those in advance. More broadly though, the natural time for us to address the transition is on the contract renewal date.

我先開始回答。謝謝你的問題。我認為我們舉的例子比較偏轶事性，並非基本情境（base case），但它們是大型合約，而且我們確實投入了專門的努力，嘗試提前完成那些轉換。不過更廣泛來說，對我們而言處理轉換的自然時點是在合約續約日。

So I still would expect Q4 to be our largest quarter of the year for ACV. Having said that, I think you'll see where there's opportunities, we will pull them forward ahead of the renewal date. Sometimes that relates to a new product, sometimes that relates to a new offering.

因此，我仍然預期Q4會是我們年度ACV（年度合約價值）最大的季度。話雖如此，我認為只要有機會，我們會在續約日前把它提前拉動。有時這與新產品有關，有時則與新方案有關。

So I think on the margin, you may see we'll do what we can to kind of pull forward and drive ahead of Q4, but I'd still expect Q4 to be a large quarter of the year.

所以我想在邊際上，你可能會看到我們會盡力把部分需求提前、在Q4之前推進，但我仍預期Q4會是年度中的大季度。

Got it. And then maybe separately, with the strategic shift where you're not going to be taking internally discovered molecules into the clinic besides the ones that you've already got there, will you provide an update on how that is progressing?

了解。另外，關於策略轉向：除了你們已經在臨床中的那些之外，你們不會把內部發現的分子推進到臨床，你們會就這方面的進展提供更新嗎？

I mean, will you give us, hey, we've discovered, or we've got 17 molecules that we're working on right now, and maybe three quarters later, now we're up to 20. Like, how will we monitor, how will we know the progress that you're having on that internal molecule discovery side? Thanks.

我的意思是，你們會不會告訴我們，例如「我們目前正在研究17個分子」，然後三個季度後變成20個之類的？也就是說，我們要如何追蹤、如何知道你們在內部分子發現這一端的進度？謝謝。

Yes. Karen?

好的。Karen？

Yeah, I mean, I think we have, in the past, kept our [pre-LO] pipeline relatively quiet for a number of reasons. Obviously, you want to be progressing the program before you start announcing the identity of the program or the progress.

是的，我的意思是，我想我們過去基於多種原因，對我們的[pre-LO]研發管線相對保持低調。顯然，在你開始公布專案的身分或進展之前，你會希望先推進該專案。

What we have been announcing, obviously, is the deals that we've been doing. And so I will say we don't plan to kind of expand and expand and expand the size of this portfolio without actually transacting some of these programs as they move through the discovery space.

我們一直以來對外宣布的，顯然是我們所達成的交易。因此我會說，我們不打算在沒有實際推動部分專案交易（transacting）的情況下，讓這個產品組合的規模一味地擴大、再擴大、再擴大，尤其是在它們於發現階段推進的過程中。

Again, as you saw us do with Novartis, we felt that those programs were well positioned to partner with that particular company because of their expertise and the synergy with those programs. And so you'll see us do more of that. I don't think you should be expecting an ever-growing early-stage portfolio, but updates as we identify partners for them.

同樣地，正如你們在我們與諾華的合作中所看到的，我們認為那些專案非常適合與那家公司合作，因為他們的專業能力以及與那些專案之間的協同效應。因此你們會看到我們做更多類似的事情。我不認為你們應該期待一個不斷膨脹的早期產品組合；相反地，當我們為它們找到合作夥伴時，你們會看到我們提供更新。

Understood. Thank you.

明白了。謝謝。

I am showing no further questions at this time. That concludes today's call. You may now disconnect.

我目前顯示沒有其他問題。今天的電話會議到此結束。你們現在可以掛線。