Schrodinger Inc (SDGR) 2026 Q2 法說會逐字稿

Thank you for standing by. Welcome to Schrödinger's conference call to review second quarter 2026 financial results. My name is Rob and I will be your operator for today's call. (Operator Instructions) Please be advised that this call is being recorded at the company's request.

感謝您稍候。歡迎參加 Schrödinger 召開的電話會議，以回顧 2026 年第二季財務業績。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 second quarter 2026 financial results. Earlier today, we issued the press release summarizing our financial results and progress across the company, which is available on our website at schrodinger.com.

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 年第二季財務業績。今天稍早，我們已發布新聞稿，摘要說明我們的財務結果與公司各項進展，新聞稿可於我們網站 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 and third quarter 2026, our plans to accelerate the growth of our software business and advance our therapeutics portfolio, the capabilities and potential advantages of Bunsen, our agentic AI co-scientist, the clinical potential and properties of our and our collaborators' compounds, the 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 全年及 2026 年第三季的展望、加速軟體業務成長並推進治療藥物產品組合的計畫、我們的代理式 AI 共同科學家 Bunsen 的能力與潛在優勢、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 June 30, 2026. 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以及我們所作的假設。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 6 月 30 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。這些前瞻性陳述僅代表我們截至今日的觀點；我們提醒您，除法律要求外，我們未必會在未來更新這些陳述，無論係因新資訊、未來事件或其他原因。

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

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。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 GAAP 指標之調節表。

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

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 將說明我們的財務結果與 2026 年指引。總裁、治療藥物研發主管暨策略長（合作夥伴關係）Karen Akinsanya 將提供治療藥物產品組合的最新進展。我們的技術長兼營運長 Pat Lorton 將加入問答環節。

And 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. We are very pleased with our momentum across the business in the second quarter. The biopharma industry is increasingly recognizing that a computationally driven predict-first approach is a critical driver for accelerating drug discovery timelines and improving probabilities of success. Our ACV growth of 27%, driven by broad-based demand, reflects this ongoing shift.

謝謝你，Jaren，也謝謝各位今天加入我們。我們對第二季在各項業務上的動能感到非常滿意。生物製藥產業日益認知到，以運算驅動、先預測（predict-first）的方法，是加速藥物發現時程並提高成功機率的關鍵驅動因素。我們的 ACV 成長 27%，由廣泛的需求所帶動，反映了這一持續的轉變。

In the quarter, we saw continued scale-up within large customers, uptake of new products, an improved biotech sector, and new customers across life sciences and materials science. A key driver of our growth strategy is introducing new products that expand platform usage and provide access to new budgets.

本季我們看到大型客戶持續擴大導入規模、新產品採用增加、生技產業景氣改善，以及生命科學與材料科學領域的新客戶加入。我們成長策略的一項關鍵驅動因素，是推出可擴大平台使用並取得新預算的新產品。

We are excited about Bunsen, our AI co-scientist, which we officially launched in early access last week. We have optimized Bunsen to execute our validated computational methods and leverage our decades of molecular discovery expertise. By executing complex multi-step workflows, Bunsen helps expert computational chemists work more efficiently and run more design projects. Bunsen will also enable, more broadly, drug hunters to access our software and run advanced simulations, expanding our user base over time.

我們對 Bunsen（我們的 AI 共同科學家）感到振奮；我們已於上週以搶先體驗（early access）形式正式推出。我們已將 Bunsen 最佳化，使其能執行我們已驗證的計算方法，並運用我們數十年的分子發現專業。透過執行複雜的多步驟工作流程，Bunsen 可協助資深計算化學家更有效率地工作並進行更多設計專案。Bunsen 也將更廣泛地讓藥物研發人員使用我們的軟體並執行進階模擬，隨時間擴大我們的使用者基礎。

Our longstanding collaborators, NVIDIA and Google Cloud, are providing additional tools and compute resources to support early access to Bunsen. Our throughput-based licensing model ensures we are positioned to capture the value of the significantly increased platform usage we expect Bunsen to drive.

我們長期合作夥伴 NVIDIA 與 Google Cloud 正提供額外工具與運算資源，以支援 Bunsen 的搶先體驗。我們以吞吐量為基礎的授權模式，確保我們能掌握我們預期由 Bunsen 帶動之平台使用量大幅提升所創造的價值。

We are also very pleased that Bristol Myers Squibb, a longtime customer and collaborator, is deploying Bunsen and expanding their use of the platform across their research organization. Our new strategic software agreement with BMS, announced earlier today, allows us to deploy Bunsen in conjunction with our computational technologies designed to enable large-scale chemical exploration. We view BMS's implementation as a compelling model for how large-scale deployment can expand platform usage and integration across the industry.

我們也非常高興，長期客戶與合作夥伴百時美施貴寶（Bristol Myers Squibb，BMS）正在部署 Bunsen，並在其研究組織中擴大平台使用。我們今天稍早宣布與 BMS 簽訂新的策略性軟體協議，使我們得以將 Bunsen 與我們旨在支援大規模化學探索的計算技術一併部署。我們認為 BMS 的導入是一個具說服力的範例，展示大規模部署如何擴大平台使用並促進產業內的整合。

Our commitment to scientific innovation is a key component of our strategy to expand our addressable market and access new budgets. Our predictive toxicology solution is a clear example of this approach. Our advanced physics-based technologies predict off-target binding risks before synthesis, enabling customers to address safety liabilities early in discovery programs and deliver optimized candidates with substantial time and cost savings. Commercial evaluations are going well, and predictive tox has already contributed to our 2026 ACV.

我們對科學創新的承諾，是我們擴大可服務市場並取得新預算之策略的關鍵組成。我們的預測毒理（predictive toxicology）解決方案就是此一作法的明確例證。我們先進的物理基礎技術可在合成前預測非目標（off-target）結合風險，使客戶能在發現計畫早期處理安全性負擔，並以顯著的時間與成本節省交付最佳化候選物。商業評估進展良好，且預測毒理已對我們 2026 年 ACV 作出貢獻。

As the promise of AI dominates the dialogue in both drug discovery and materials design, I'd like to take a moment to discuss what differentiates Schrödinger's platform. For molecular discovery, AI is a powerful tool enabled by the data used to train it. The more high-quality data, the more predictive the models. By using rigorous first principles physics, we generate the accurate, reliable data required for AI models. This integration of the most advanced ground truth physics calculations and cutting-edge AI is the foundation of our computational molecular discovery platform. By continually expanding our platform capabilities and introducing new products, we are unlocking new budgets and broadening our user base across the biopharma and material science industries.

隨著 AI 的前景主導藥物發現與材料設計兩大領域的討論，我想花點時間說明 Schrödinger 平台的差異化之處。在分子發現方面，AI 是一項強大的工具，其效能取決於用來訓練它的資料。高品質資料越多，模型的預測能力越強。透過嚴謹的第一性原理物理，我們產生 AI 模型所需的精確且可靠的資料。最先進的「真實基準」（ground truth）物理計算與尖端 AI 的整合，構成我們運算分子發現平台的基礎。藉由持續擴充平台能力並推出新產品，我們正在解鎖新預算，並在生物製藥與材料科學產業中擴大使用者基礎。

None of this progress would be possible without our team, and I want to thank our employees for their dedication and hard work in advancing our mission. We are executing well against our strategy, expanding our software footprint, and continuing to build long-term value across our therapeutics portfolio.

若沒有我們團隊的努力，這些進展都不可能實現；我在此感謝員工在推進我們使命上的投入與辛勞。我們正有效執行策略、擴大軟體版圖，並持續在治療藥物產品組合上建立長期價值。

I'll now turn the call over to Richie to review our financial results.

接下來我把電話交給 Richie，請他回顧我們的財務結果。

Thank you, Ramy, and good afternoon. In the second quarter, we saw strong execution across both our software and drug discovery businesses, characterized by robust ACV growth, a rapid acceleration in hosted revenue percentage, continued portfolio progress, disciplined expense management, and a strong balance sheet.

謝謝你，Ramy，各位下午好。第二季我們在軟體與藥物發現兩大業務均展現強勁執行力，表現在：ACV 穩健成長、託管（hosted）營收占比快速提升、產品組合持續推進、費用管理嚴謹，以及資產負債表強健。

Second quarter ACV was $29.6 million, which represents 27% growth year over year. ACV excluding contribution was $22.6 million, a 23% increase compared to Q2 2025, and at the upper end of our expectations.

第二季 ACV 為 2,960 萬美元，年增 27%。扣除貢獻（contribution）後的 ACV 為 2,260 萬美元，較 2025 年第二季增加 23%，並位於我們預期區間的上緣。

On a trailing four-quarter basis, ACV reached $208 million, and first half 2026 ACV of $58.0 million represents 19% growth compared to the first half of last year. ACV growth was broad-based, driven by our top 20 pharma customers, as well as from biotech and materials science customers.

以最近四個季度合計計算，ACV 達到 2.08 億美元，而 2026 年上半年 ACV 為 5,800 萬美元，較去年上半年成長 19%。ACV 成長範圍廣泛，主要由我們前 20 大製藥客戶帶動，同時也來自生技與材料科學客戶。

Contribution ACV was $7 million in the second quarter, $5 million as a result of the Gates Foundation extending its funding for our predictive toxicology initiative based on the progress we've made, and $2 million from Gates Ventures in support of our continued work in battery research to develop and apply atomistic simulation methods to improve battery performance.

第二季貢獻型 ACV 為 700 萬美元，其中 500 萬美元來自蓋茲基金會基於我們已取得的進展，延長對我們預測毒理計畫的資助；另有 200 萬美元來自 Gates Ventures，用於支持我們在電池研究上的持續工作，以開發並應用原子尺度模擬方法來提升電池效能。

Total revenue for the second quarter of 2026 was $58.9 million. Software revenue was $32.5 million, of which hosted revenue contributed $15.2 million, or 47% of the software total, compared to 31% in the second quarter of 2025. On a trailing four-quarter basis, hosted revenue increased to 30% of the software total from 23% in Q2 2025 and 27% last quarter. Overall, we are pleased with the progress we are making with transitioning customers to hosted licensing.

2026 年第二季總營收為 5,890 萬美元。軟體營收為 3,250 萬美元，其中託管（hosted）營收貢獻 1,520 萬美元，占軟體營收總額的 47%，相較於 2025 年第二季的 31%。以最近四個季度合計計算，託管營收占軟體總額的比重提升至 30%，高於 2025 年第二季的 23% 以及上一季的 27%。整體而言，我們對將客戶轉換至託管授權所取得的進展感到滿意。

Our year-over-year revenue growth continues to be impacted by our planned accelerated transition to hosted licenses, for which revenue is recognized readably over the life of the contract, rather than mostly upfront. We are pleased with the conversion dynamics we are seeing so far, and our priority remains converting customers as our contracts come up for renewal.

我們的年對年營收成長仍持續受到我們計畫中加速轉向託管授權的影響；託管授權的營收會在合約期間內按期認列，而非多數在前期一次性認列。我們對目前看到的轉換動能感到滿意，而我們的優先事項仍是在合約到期續約時持續推動客戶轉換。

As a reminder, increasing the percentage of revenue from hosted contracts will have a temporary negative impact on revenue, with every 1% increase in hosted revenue resulting in a $2 million to $3 million reduction in reported revenue, depending on renewal quarter and contract length. Software gross margin was 71% for the quarter, compared to 76% in Q2 2025, reflecting our planned accelerated transition to hosted software licensing.

提醒一下，提高託管合約營收占比將對營收造成短期負面影響；託管營收每提高 1%，依續約季度與合約期限不同，將使報告營收減少約 200 萬至 300 萬美元。本季軟體毛利率為 71%，相較於 2025 年第二季的 76%，反映我們計畫中加速轉向託管軟體授權。

Contribution revenue was $3.4 million for the period compared to $4.8 million in Q2 2025. The decline is driven by the completion of the initial funding by the Gates Foundation in support of our predictive toxicology initiative, partially offset by the Gates Ventures grant supporting our battery research.

本期貢獻型營收為 340 萬美元，較 2025 年第二季的 480 萬美元下降。下降主因為蓋茲基金會對我們預測毒理計畫的初始資助已完成，部分由 Gates Ventures 支持我們電池研究的補助所抵銷。

Drug discovery revenue was $23 million compared to $13.9 million in Q2 2025. The increase is primarily due to the receipt of a $10 million collaboration milestone from Ajax Therapeutics.

藥物發現營收為 2,300 萬美元，較 2025 年第二季的 1,390 萬美元增加。增加主要來自我們收到 Ajax Therapeutics 的 1,000 萬美元合作里程碑款。

Total operating expenses for Q2 were $74 million, a decrease of 6% compared to $79 million in Q2 2025. The decrease was primarily driven by lower headcount, CRO, and professional services fees, and reflects our commitment to disciplined expense management.

第二季總營業費用為 7,400 萬美元，較 2025 年第二季的 7,900 萬美元下降 6%。下降主要由人力規模較低、CRO（委外研究機構）費用與專業服務費降低所致，並反映我們對費用紀律管理的承諾。

Total other income was $48.9 million, primarily due to a gain associated with the completion of Eli Lilly's acquisition of Ajax. Net income for the quarter was $6 million compared to a net loss of $43 million in the second quarter of 2025.

其他收入合計為 4,890 萬美元，主要來自與禮來（Eli Lilly）完成收購 Ajax 相關的收益。本季淨利為 600 萬美元，相較於 2025 年第二季淨損 4,300 萬美元。

We ended the quarter with a strong balance sheet of $419 million in cash and marketable securities. The fully diluted share count was $75.8 million.

本季結束時，我們的資產負債表維持強勁，現金與有價證券合計 4.19 億美元。完全稀釋後股數為 7,580 萬股。

Turning to our full year 2026 guidance, we continue to expect ACV to be in the range of $218 million to $228 million, representing 10% to 15% growth over 2025. As a reminder, Q4 is our largest quarter and typically greater than 50% of annual ACV.

談到 2026 全年指引，我們仍預期 ACV 將落在 2.18 億至 2.28 億美元區間，較 2025 年成長 10% 至 15%。提醒一下，第四季是我們最大的季度，通常占全年 ACV 的 50% 以上。

We remain pleased with how opportunities we expect to close this year are progressing. We now expect drug discovery revenue to be in the range of $65 million to $75 million, compared to our prior expectation of $55 million to $65 million, due to the recognition of a $10 million collaboration milestone payment from Ajax. Our operating expenses are expected to be less than in 2025.

我們仍對今年預期可結案的商機進展感到滿意。由於認列來自 Ajax 的 1,000 萬美元合作里程碑款，我們目前預期藥物發現營收將落在 6,500 萬至 7,500 萬美元區間，高於先前預期的 5,500 萬至 6,500 萬美元。我們預期營業費用將低於 2025 年。

Finally, for the third quarter of 2026, we expect ACV excluding contribution to be $41 million to $45 million, compared to $38.3 million in Q3 2025, which included $2.2 million of contribution ACV.

最後，就 2026 年第三季而言，我們預期不含貢獻型的 ACV 為 4,100 萬至 4,500 萬美元，相較於 2025 年第三季的 3,830 萬美元（其中包含 220 萬美元的貢獻型 ACV）。

To wrap up, our performance in the second quarter reflects continued momentum across our business, backed by a strong balance sheet. Given the combination of robust ACV growth, disciplined expense management, and accelerating hosted software adoption, we remain very well positioned to execute on our strategic priorities.

總結來說，我們第二季的表現反映出業務持續動能，並有強勁的資產負債表作為後盾。在強勁的 ACV 成長、嚴謹的費用管理，以及託管軟體採用加速的綜合作用下，我們仍處於非常有利的位置，得以落實我們的策略優先事項。

I would now like to hand the call over to Karen.

我現在想把電話交給 Karen。

Thank you, Richie. The therapeutics team is experiencing a boost in productivity across our portfolio following the integration of our new agentic AI co-scientist, Bunsen. While Bunsen has clearly accelerated the day-to-day productivity of our computational chemists, its impact extends to the rest of our cross-functional drug hunting team. Bunsen is enabling target analysis and structural biology workflows as our structure-based programs begin, as well as the integrated analysis of DMPK, pharmacology, and toxicology data during the mature stages of programs. These capabilities are helping our scientists drive rapid data-driven decisions and to accelerate the predict, design, make, test, and analyze cycle.

謝謝你，Richie。在整合我們新的代理式 AI 共同科學家 Bunsen 之後，治療學團隊在整體產品組合上的生產力正全面提升。雖然 Bunsen 明顯加速了我們計算化學家日常工作的效率，但其影響也延伸到我們其餘跨職能的藥物探索團隊。隨著我們以結構為基礎的專案啟動，Bunsen 正在促成標的分析與結構生物學工作流程；同時在專案成熟階段，也能對 DMPK、藥理與毒理數據進行整合分析。這些能力正協助科學家快速做出以數據為基礎的決策，並加速「預測、設計、製作、測試與分析」的循環。

Our new global collaboration with Simcere Pharmaceutical Group, announced in July, combines our complementary predict-first design approach with Simcere's pre-clinical and clinical execution. This collaboration allows us to rapidly translate discovery breakthroughs into clinical stage opportunities consistent with our evolving strategy for our therapeutics portfolio. We are eligible for development and commercial milestone payments, as well as tiered royalties on net sales.

我們於 7 月宣布與先聲藥業集團（Simcere Pharmaceutical Group）展開新的全球合作，結合我們互補的「先預測（predict-first）」設計方法與先聲在臨床前與臨床執行方面的能力。此合作使我們能快速將發現上的突破轉化為臨床階段機會，並符合我們治療學產品組合不斷演進的策略。我們有資格獲得開發與商業化里程碑款，並可就淨銷售額取得分級權利金。

The growing track record for therapeutics designed using our platform provides the ultimate validation of its impact. Since 2020, we have realized over $750 million from our therapeutics activities across collaborations, co-invented drugs, and co-founded companies, including Nimbus, Morphic, Structure, and most recently Lilly's $2.3 billion acquisition of Ajax.

使用我們平台設計之治療藥物日益累積的實績，為其影響力提供了最終驗證。自 2020 年以來，我們透過合作、共同發明藥物與共同創立公司等治療學相關活動，已實現超過 7.5 億美元的收益；其中包括 Nimbus、Morphic、Structure，以及最近禮來以 23 億美元收購 Ajax。

In June, data presented at the European Hematology Association for AJ11095, the phase I Type II JAK inhibitor, which was the most advanced asset in the Ajax portfolio, provided initial clinical evidence that the characteristics of this selective molecule align with the desired differentiated target product profile. With multiple programs eligible for future milestones and royalties, our pipeline continues to represent the potential for substantial long-term value.

6 月，在歐洲血液學協會（European Hematology Association）發表的 AJ11095（第一期、第二型 JAK 抑制劑）數據——該藥物為 Ajax 產品組合中最先進的資產——提供了初步臨床證據，顯示此一具選擇性的分子特性與所期望的差異化目標產品概況（TPP）一致。隨著多個專案具備未來里程碑款與權利金的資格，我們的研發管線仍展現可觀的長期價值潛力。

We look forward to keeping you updated on our progress, and thank our team and partners for the advances across the combined portfolio of important innovations for patients.

我們期待持續向各位更新進展，並感謝我們的團隊與合作夥伴，推動這個結合後產品組合中多項對病患重要的創新持續前進。

I'll now turn the call back to Ramy.

我現在把電話交回給 Ramy。

Thank you, Karen. As you've heard today, the first half of 2026 has been marked by innovation and strong execution. From robust ACV growth to the launch of our AI co-scientist, Bunsen, to the continued advancement of co-invented development candidates now in the clinic, we are fundamentally transforming how drugs and materials are discovered.

謝謝你，Karen。如各位今天所聽到的，2026 年上半年以創新與強勁執行為主軸。從強勁的 ACV 成長、推出我們的 AI 共同科學家 Bunsen，到共同發明的開發候選藥物持續推進並已進入臨床，我們正在從根本上改變藥物與材料的發現方式。

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

此時，我們很高興回答各位的提問。

(Operator Instructions) Michael Ryskin, Bank of America.

(接線員指示) 美國銀行 Michael Ryskin。

Hi, this is Alexa Chan on for Mike. Thank you so much for taking the questions. I have a couple here. Maybe to start, can you give a bit more color on end market health in biopharma and biotech, as well as customer activity overall? Kind of sounds like funding's moving in the right direction.

您好，我是 Alexa Chan，代替 Mike 發言。非常感謝讓我提問。我這裡有幾個問題。首先，能否請您更詳細說明一下生物製藥與生物科技終端市場的健康狀況，以及整體客戶活動情況？聽起來資金動能正朝正確方向發展。

And then for my follow-up, can you talk about how much maybe predictive tox has contributed to ACV so far, and what are the expectations for that going forward?

接著我的追問是，能否談談目前為止預測毒理（predictive tox）對 ACV 的貢獻大約有多少，以及未來的預期如何？

Sure. I'll take the first question. You were asking, I think, about the health of the biotech sector. We've noticed what I think a lot of other people have noticed, that certainly things are better this year than they were last year. I think a good reflection of that is the number of IPOs that we've seen this year compared to last year. I think we're already at 2 times where we were last year.

當然。我先回答第一個問題。我想您是在問生物科技產業的健康狀況。我們注意到的情況，我想很多人也都注意到了：今年確實比去年好。一個很好的反映是今年看到的 IPO 數量相較於去年。我想我們目前已經是去年的 2 倍了。

And we're also noticing a trend, a better situation with regard to customers just in the biotech sector, where last year, we saw what I think a lot of people were seeing is the number of biotech companies struggling to raise funds, and that impacted our business as it did a lot of companies that were selling technology to biotech companies. And we're just not seeing that this year at anywhere near the same rate as we were seeing last year. So these are all encouraging signs that I think are consistent with what a lot of other people are reporting.

我們也注意到一個趨勢：就生物科技領域的客戶而言，情況有所改善。去年我們看到、我想很多人也看到的是，許多生技公司募資困難，這影響了我們的業務，也影響了許多向生技公司銷售技術的公司。而今年我們看到的情況，遠沒有去年那麼嚴重。因此，這些都是令人鼓舞的跡象，我認為也與許多其他人所報告的情況一致。

With regard to predictive tox, we're not disclosing, of course, we haven't broken down the ACV from individual products, but it has contributed, as we said, to ACV this year, and it's part of our guidance that we provided for the full year.

至於預測毒理，我們當然不會揭露——我們尚未按單一產品拆分 ACV——但如我們所說，它今年已對 ACV 有所貢獻，並且也已納入我們對全年所提供的指引之中。

Richie, is there anything else to add to that?

Richie，還有什麼要補充的嗎？

Nope.

沒有。

Matt Hewitt, Craig-Hallum Capital Group.

Craig-Hallum Capital Group 的 Matt Hewitt。

Good afternoon. Thanks for taking the questions. Maybe first up on Bunsen, obviously, congratulations on getting that first collaboration or contract signed. I'm just curious what the pipeline looks like and if you could provide any details on maybe what the pricing model for that looks like. Is it similar to the rest of the software, or is there some other angles with Bunsen?

下午好。感謝讓我提問。首先關於 Bunsen，顯然恭喜你們簽下第一個合作或合約。我想了解一下目前的案源（pipeline）看起來如何，以及你們是否能提供一些定價模式方面的細節。它是否與其他軟體類似，還是 Bunsen 另有其他切入角度？

I'll start and maybe hand it over to Pat. We had -- as we said, well, thank you, first of all, yeah, we're excited, of course, about the agreement with BMS. They're one of our large customers, and as a result of the agreement of the collaboration, they significantly scaled up their access to our technology.

我先開始回答，之後可能交給 Pat 補充。如我們所說——首先謝謝你，是的，我們當然對與 BMS 的協議感到興奮。他們是我們的大型客戶之一，而透過這項合作協議，他們大幅擴增了對我們技術的使用權限。

And I think that answers the second part of your question, is that's how we see Bunsen or how we think we'll recognize the value of Bunsen and translate all the excitement around the [genfication] of these complex workflows is through the increased demand of our technologies. Again, that's sort of what was borne out in the collaboration with BMS.

我想這也回答了您問題的第二部分：我們看待 Bunsen 的方式，或我們認為將如何實現 Bunsen 的價值、並把大家對這些複雜工作流程「[genfication]」的興奮轉化為成果，就是透過對我們技術需求的提升。同樣地，這點在與 BMS 的合作中已得到印證。

Is there anything else to add to that, or pretty much covered?

還有什麼要補充的嗎？還是基本上已涵蓋？

I think it's covered.

我想已經涵蓋了。

And then maybe as a follow-up, obviously some nice progress on converting customers to hosted, and I recognize that probably a big chunk of that's going to come in Q4 when contracts renew. But as you're having those discussions now, what is the feedback? Is your sense that you could get a lion's share of customers converted, say, within the first two years? Or is this going to maybe take a little bit longer than that? Thank you.

接著追問一下，你們在將客戶轉換到託管（hosted）方面顯然有不錯的進展；我也理解其中很大一部分可能會在第四季、合約續約時發生。但在你們現在進行這些討論時，客戶的回饋如何？你們是否覺得在前兩年內就能把大多數客戶完成轉換？還是這可能會花更長時間？謝謝。

Richie will cover that.

這題由 Richie 來回答。

Thanks, Matt. So overall, we're still tracking towards the same goals of 75% hosted by the end of 2028. So far, we've been pleased with how we're progressing. We were 47% hosted this quarter, so I'd say we're on track towards our goals.

謝謝，Matt。整體而言，我們仍朝著相同目標前進：到 2028 年底達到 75% 為託管（hosted）。到目前為止，我們對進展感到滿意。本季我們的託管占比為 47%，所以我會說我們正按計畫朝目標前進。

As a reminder, we did transition a few customers prior to their renewal date, which did have an outsized impact on the hosted revenue percentage for this quarter. But overall, the customer engagement's been really strong, and we're progressing towards our three-year goals.

提醒一下，我們確實在少數客戶的續約日之前就完成了轉換，這對本季託管營收占比造成了較大的拉動效果。但整體來看，客戶互動非常強勁，我們也正朝三年期目標推進。

That's great. Thank you.

很好。謝謝。

Scott Schoenhaus, KeyBanc.

KeyBanc 的 Scott Schoenhaus。

Hey, team. Thanks for taking my question and congrats on the results. You mentioned that predictive tox is now being included in ACV, and I know part of your growth strategy was to unlock more pharma budgets by expanding product scope and capabilities. How much are we seeing in terms of ACV growth as a function of new product launches? And how should we think about areas for the next wave of product launches to unlock more of the budget? Thanks.

各位好。謝謝讓我提問，也恭喜你們的業績表現。你們提到預測毒理現在已納入 ACV；我也知道你們的成長策略之一，是透過擴大產品範疇與能力來解鎖更多藥廠預算。就 ACV 成長而言，我們看到有多少是由新產品上市所帶動？以及對於下一波產品上市、用以解鎖更多預算的方向，我們應該如何思考？謝謝。

Yeah, no, that's correct. A major sort of contributor to growth so far in the first half of the year, and our expectations are the same for the second half of the year, is from new products. As we said, predictive tox is now contributing to that growth. So are other new products like RetroSynth. In fact, we mentioned that in the BMS collaboration. That's a part of that agreement. So it's a major part of our strategy.

是的，沒錯。到目前為止，今年上半年成長的一個主要貢獻來源——而我們對下半年的預期也相同——就是新產品。如我們所說，預測毒理現在正在貢獻這部分成長。其他新產品如 RetroSynth 也是如此。事實上，我們在與 BMS 的合作中也提到這點。那是該協議的一部分。因此，這是我們策略的重要組成。

As you know, we have a very productive R&D group at Schrödinger that continues to make scientific breakthroughs that result in these sort of exciting new products that continue to solve the kinds of problems that our internal therapeutics group encounters and the projects we're working on. And also, the many thousands of users that we interact with. We accumulate all of that feedback, we learn about what sorts of technologies are required to have a bigger impact. We invest in those technologies and develop new products. And they continue to play an important role in contributing to the growth, in addition to not just new products but of course, existing customers scaling up their usage of those products is also a contributor. But new products is certainly a big part of it.

如各位所知，Schrödinger 擁有非常高產的研發團隊，持續取得科學突破，進而產生這些令人振奮的新產品，持續解決我們內部治療藥物團隊在推進專案時所遇到的各類問題。同時也來自我們互動的數以千計使用者。我們彙整所有回饋，了解需要哪些技術才能產生更大的影響。我們投資這些技術並開發新產品。它們持續在成長貢獻中扮演重要角色；此外不僅是新產品，既有客戶擴大對這些產品的使用也同樣是貢獻來源。但新產品確實是其中很大的一部分。

Thanks. As a follow-up, maybe this is for Richie. You guys noted reduction in operating expenses. Maybe talk about the areas where you're able to gain efficiencies. It sounds like you're applying Bunsen internally to drive some efficiencies on the drug discovery side. But maybe some other areas you could talk about on how you're controlling costs here.

謝謝。追問一下，可能是問 Richie。你們提到營運費用下降。能否談談你們在哪些領域取得效率提升？聽起來你們正在內部使用 Bunsen，以在藥物發現端推動一些效率。但是否還有其他領域可以談談，你們是如何在此控制成本的。

Yeah, thanks for the follow-up question. In addition to just enhanced productivity inside the company, operating expenses are down 6% year-over-year and also sequentially. We've seen some reductions in personnel costs, as well as CRO costs and professional services. So this is a reflection of just the plans that we've put forward and the execution against that.

是的，謝謝你的追問。除了公司內部生產力提升之外，營運費用年減6%，且較前一季也下降。我們看到人事成本、以及CRO成本與專業服務費用都有所降低。因此，這反映了我們提出的計畫以及對該計畫的執行成果。

(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. I have one for Karen. You noted in your prepared remarks today that your therapeutics team is already seeing productivity increases from the integration of Bunsen. Being as Schrödinger is on the cutting edge of computer-aided drug design, I'm wondering if you can just speak to the specific areas of your workflows where you're seeing the greatest benefits from the technology as we all kind of try to wrap our minds around maybe what the ultimate benefits of sort of AI and computer-aided drug discovery could be. Thank you.

你好。我是Conor，代Evan提問。謝謝你們回答我們的問題。我有一題想問Karen。你在今天的準備發言中提到，你們的治療團隊已經從整合Bunsen中看到生產力提升。鑑於Schrödinger在電腦輔助藥物設計方面處於前沿，我想請你談談在你們的工作流程中，哪些具體環節從這項技術中獲得最大的效益；因為我們都在試著理解，AI與電腦輔助藥物發現最終可能帶來的整體效益會是什麼樣子。謝謝。

Yeah, happy to answer that. So as you know, we participate in structure-based drug design, and there's an explosion now of structures available because of a lot of what's going on broadly in the industry. And I think this is a great lift for Schrödinger. In particular, our teams are now not just using Bunsen to help us with running Schrödinger's platform, running the workflows for computational chemists, but analyzing structures, analyzing binding sites. A lot of the products that we use are not just about predicting the properties of molecules, but they're also about characterizing, refining, and accurately predicting protein structures, but also preparing those structures for use by our platform. And I would say that that work has been accelerated. Those workflows have been accelerated by the use of Bunsen, which is now sort of trained or expert in running our workflows.

好的，很樂意回答。如你所知，我們參與的是以結構為基礎的藥物設計，而由於整個產業廣泛發展，現在可用的結構數量正快速爆增。我認為這對Schrödinger是很大的助力。特別是，我們的團隊現在不只是用Bunsen來協助我們運行Schrödinger的平台、為計算化學家運行工作流程，還用它來分析結構、分析結合位點。我們使用的許多產品不僅是用來預測分子的性質，也用來表徵、精修並準確預測蛋白質結構，同時也會將這些結構整理準備好，以供我們的平台使用。我會說這些工作已經加速了。這些工作流程因為使用Bunsen而加速；Bunsen現在某種程度上已經受訓、或說成為運行我們工作流程的專家。

So we're seeing that on the preparation of programs for structure-based drug design. But we're also seeing it at every stage of the drug discovery process, which includes chemistry, but it also includes a lot of ancillary functions who interface with the platform. So yeah, just pretty excited about what we're seeing, and I think this is going to be, as you heard today, adopted by our peers in the industry.

因此，我們在為以結構為基礎的藥物設計準備專案時看到了這點。但我們也在藥物發現流程的每個階段都看到了它的效益，這不僅包含化學，也包含許多與平台互動的周邊職能。所以，是的，我們對目前看到的成果感到相當興奮；而且我認為，正如你今天聽到的，這將會被我們在產業中的同業所採用。

Maybe I can add, too. I think this concept -- if I can just add, this concept of a co-scientist isn't just a sort of word that we throw around. In every sense of that word, Bunsen acts as a co-scientist in that it allows users to initiate a number of tasks and projects in parallel, and doing a number of things at the same time, just like you could imagine a co-scientist.

我也補充一下。我想這個概念——如果我可以補充——「共同科學家」這個概念不只是我們隨口說說的詞。就這個詞的每一層意義而言，Bunsen都扮演共同科學家的角色，因為它讓使用者可以並行啟動多項任務與專案，同時做很多事情，就像你想像中的共同科學家一樣。

So we like to think of every computational chemist, drug hunter in the group all of a sudden has a team of people that are helping them perform some of the routine tasks that end up taking up a lot of human time. So those routine tasks being performed by Bunsen is also, in addition to what Karen said, is contributing to this efficiency and productivity.

所以我們喜歡把它想成：每位計算化學家、每位藥物獵人，突然之間都擁有一個團隊，協助他們完成一些例行工作；而這些例行工作往往會占用大量的人力時間。因此，這些例行工作由Bunsen來執行，除了Karen提到的部分之外，也正在促成這樣的效率與生產力提升。

Yeah. I'd also add one thing that's really important is that, as everyone knows, AI doesn't sleep, but a lot of our users do. One common problem in this space is both nights and weekends, you'll set up a bolus of work, and you'll kick it off using your very expensive supercomputer, and one hour in, something goes wrong and it dies, and now you've lost that night's work or that weekend's work unless you're actively monitoring it.

是的。我還想補充一點非常重要：大家都知道，AI不需要睡覺，但我們很多使用者需要。在這個領域常見的一個問題是：在夜間或週末，你會設定一大批工作，並用你非常昂貴的超級電腦把它啟動；結果跑了一小時後出了問題就中止了，除非你一直在監控，否則那一整晚或整個週末的工作就都白費了。

But if you're working with Bunsen, it will see that the job has died, it will try to figure out the problem, and it will be able to restart it. And the throughput of work you're able to accomplish just from that optimization, ignoring all the other benefits of working with a co-scientist, is really incredible.

但如果你是和Bunsen一起工作，它會發現作業已經中止，會嘗試找出問題，並能夠重新啟動。僅僅因為這種最佳化——先不談與共同科學家合作的其他所有好處——你能完成的工作吞吐量就非常驚人。

Yeah, exciting time. Thank you.

是的，令人振奮的時刻。謝謝。

Brendan Smith, TD Cowen.

Brendan Smith，TD Cowen。

Great. Thanks for taking the questions, guys. Maybe just one more follow-up on predictive tox. I appreciate all the color there so far. I think I wanted to ask maybe how we should think about kind of the 10% to 15% medium-term growth expectations you've noted previously. I guess, does that kind of factor in some assumptions about predictive tox already?

很好。謝謝你們回答問題，各位。我想再追問一下關於預測毒性（predictive tox）。到目前為止我很感謝你們提供的所有細節。我想問的是，我們應該如何看待你們先前提到的中期10%到15%的成長預期。也就是說，這個預期是否已經把預測毒性的一些假設納入了？

And maybe similarly, I guess based on your broader market and feedback in the launch so far, how are you kind of thinking of predictive tox relative to the kind of the core software business, just as some of this starts to get its legs over the next couple quarters? Thanks.

另外同樣地，根據你們更廣泛的市場情況以及目前上市以來的回饋，你們如何看待預測毒性相對於核心軟體業務的定位；尤其是在接下來幾個季度，當這項產品開始逐步站穩腳步時？謝謝。

Sure. Yeah, you broke up a little bit, but I think we got the gist of your question. I think you're just asking for a little bit more color about how predictive tox, maybe more specifically, is contributing to growth.

當然。是的，你的聲音有點斷斷續續，但我想我們掌握到問題的重點。我理解你是在問：預測毒性更具體而言，如何在成長上做出貢獻，能否再多提供一些說明。

As we said, we're not breaking down sort of the component of growth that's tied to predictive tox. But all we can say is that the evaluations are going very well. There's real demand for this kind of technology.

如同我們所說，我們不會拆分與預測毒性相關的成長貢獻組成。但我們能說的是，評估進展非常順利。市場對這類技術確實有需求。

A major source of failure of so many drug discovery projects is issues with safety, and safety is often tied to selectivity and binding to off targets, and that's what predictive tox aims to do. So we're pleased with the discussion so far. We're happy about how the evaluations are going. We're happy that it's already started to contribute.

許多藥物發現專案失敗的一大原因是安全性問題，而安全性往往與選擇性以及對非目標（off-target）的結合有關，這正是預測毒性所要解決的。因此，我們對目前為止的討論感到滿意。我們對評估進展感到高興。我們也很高興它已經開始帶來貢獻。

But as with technology like this, we're very used to introducing new technologies that are sort of transformative. There's a long lead time. It takes time to introduce the technology for customers to evaluate the technology, get their own results, which involves, by the way, running copy calculations, but also then validating those with experiment, and that obviously takes time. So we expect for predictive tox to continue to contribute to growth for quite a number of years.

但就像這類技術一樣，我們非常習慣推出具有某種變革性的全新技術。這會有很長的導入期。需要時間把技術介紹給客戶、讓客戶評估技術並取得他們自己的結果；順帶一提，這包括進行對照計算（copy calculations），也包括用實驗去驗證，而這顯然都需要時間。因此，我們預期預測毒性將在相當多年的時間裡持續對成長做出貢獻。

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

目前顯示沒有其他問題。今天的電話會議到此結束。您現在可以掛線