On January 8, 2024 Schrödinger, Inc. (Nasdaq: SDGR), Schrödinger (Nasdaq: SDGR), whose physics-based computational platform is transforming the way therapeutics and materials are discovered, reported an update on its progress across the business and announced its development and operational goals for 2024 (Press release, Schrodinger, JAN 8, 2024, View Source [SID1234639136]).
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Today Schrödinger announced an expanded, three-year, software agreement with Eli Lilly and Company. The three-year agreement builds on the collaboration established in 2022. The agreement provides Lilly with large-scale access to Schrödinger’s full suite of technologies to enable and accelerate all stages of drug discovery, from target enablement and assessment of target druggability to hit discovery and lead optimization activities through development candidate identification. Schrödinger will provide advanced support to ensure full integration and optimization of the platform across Lilly’s research sites.
"We made important progress across the business in 2023, working with Lilly and other companies to enable more discovery programs at scale, expanding the capabilities of our platform, and increasing our focus on our proprietary pipeline,1 which now includes two clinical-stage development candidates," stated Ramy Farid, Ph.D., chief executive officer at Schrödinger. "We see continued opportunities this year to grow our software business, progress a third development candidate into the clinic, and advance our ongoing clinical studies to enable data readouts from our first two patient trials in late 2024 or 2025."
"Our conviction about our own programs is increasing. We continue to be selective about entering new collaborations, and we will allocate more of our drug discovery resources to our proprietary pipeline this year," stated Geoff Porges, MBBS, chief financial officer of Schrödinger. "We expect our drug discovery revenue in 2024 to be similar to or lower than 2022,2 reflecting these changes in our strategic priorities and the strategic decisions by certain partners to return programs in 2023. We believe our increased focus on our proprietary pipeline creates multiple paths for generating meaningful value in the coming years."
2023 Achievements
Today Schrödinger highlighted several 2023 achievements:
Proprietary Pipeline
Presented initial results from the healthy volunteer study of SGR-1505, its MALT1 inhibitor
Advanced the Phase 1 study of SGR-1505 in patients with advanced B-cell malignancies, including expanding the study at additional sites in the U.S. and Europe
Received FDA orphan drug designation for SGR-1505 in mantle cell lymphoma
Received IND clearance for SGR-2921, its CDC7 inhibitor, and initiated a Phase 1 study in patients with AML and MDS
Advanced SGR-3515, its Wee1/Myt1 inhibitor, to development candidate status and initiated IND-enabling activities
Presented preclinical data for SGR-1505 and SGR-2921 at the American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting and for the NLRP3 program at the Inflammasome Therapeutics Summit
Progressed newly disclosed discovery programs, including EGFRC797S, PRMT5-MTA and NLRP3 discovery programs
Platform
Released new and major improvements to existing technologies, including enabling the optimization of certain key ADMET properties, the first full release of technology to predict antibody affinity as a function of pH, software to more accurately predict small molecule pKa values, and a computational approach to identify brain penetrant molecules
Published 21 peer-reviewed articles in life sciences and materials science journals
Business
Appointed Margaret Dugan, M.D., as chief medical officer to lead clinical development and regulatory strategy for Schrödinger’s proprietary pipeline
Strengthened balance sheet with $147.3M in cash distributions from Nimbus’s sale of its TYK2 inhibitor to Takeda
Renewed and expanded battery research agreement with Gates Ventures for second three-year term
Published inaugural corporate sustainability report
2024 Development and Operational Goals
Today Schrödinger outlined the following development and operational goals for 2024:
Development Goals
Advance the Phase 1 study of SGR-1505 in advanced B cell malignancies to enable initial data release in late 2024 or 2025
Advance the Phase 1 study of SGR-2921 in patients with AML/MDS to enable initial data release in late 2024 or 2025
Submit the IND application for SGR-3515 in the first half of 2024 and initiate a Phase 1 study in 2024
Advance the discovery-stage proprietary pipeline to enable an additional IND submission in 2025
Present additional data from proprietary programs in one or more peer-reviewed forums
Progress platform capabilities associated with biologics
Publish research from the Gates battery research project building on existing publications
Operational Goals
Drive continued scale up and adoption of Schrödinger’s software platform across life sciences and materials science industries
Generate positive returns from strategic investments of Schrödinger’s technology, expertise and capital
Schrödinger will report its fourth quarter and full-year financial results and provide 2024 financial guidance on Wednesday, February 28, 2024, after the financial markets close. The company will host a conference call and webcast at 4:30 p.m. ET.