Schrodinger, Inc.

and 2024 financial results. My name is Chloe, and I'll be your operator for today's call. Please be advised that this call is being recorded at the company's request. Now, I would like to introduce your host for today's conference, Ms. Jerrin Madden, Senior Vice President of Investor Relations and Corporate Affairs. Please go ahead.

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 2024 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. Here with me on our call today are Rami Fareed, Chief Executive Officer, Jeff Porges, Chief Financial Officer, and Karen Akinsanya, President of R&D Therapeutics. Following our prepared remarks, we'll open the call for Q&A. 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 second quarter and full year 2024, 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, and our future expenses. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially due to a number of important factors, including the considerations described in the risk factor section and elsewhere in the filings we make with the SEC. including our firm 10Q for the quarter ended March 31st, 2024. 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. 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 gap measures. Please refer to the tables at the end of our press release, which is available on our website, for reconciliations of these non-gap measures to the most directly comparable gap measures. With that, I'd like to turn the call over to Rami.

Thanks, Sharon, and thank you, everyone, for joining us today. We are pleased with the start of the year, delivering revenue growth in line with our expectations and continuing to advance our proprietary pipeline. As you will hear from Karen, our first two clinical programs are progressing in Phase 1 clinical studies, and today we announced IND clearance for SGR3515, our WE1-MIT1 inhibitor. Total revenue for the first quarter was $36.6 million, with software revenue totaling $33.4 million, and we are reiterating our full-year guidance. We are in active discussions with multiple global and emerging biopharma companies about increasing adoption of our platform. While it is too early to predict the magnitude of scale-up from customers with renewals in the remainder of the year, we continue to see high interest in computationally-driven drug discovery and believe we are well-positioned to capitalize on the growing wave of research teams incorporating computation at scale into molecular discovery programs. Today, we reported that rights to the SOS1 inhibitor discovered and developed as part of the collaboration with VMS has referred to us based on portfolio prioritization decisions. Collaborations are an important part of our business, and we are routinely assessing opportunities with existing and new collaborators and partners. Our venture activity has also been a very successful part of our overall strategy, validating our platform and strengthening our balance sheet with both task distribution, and equity from companies we have co-founded. We have been pioneering computational molecular discovery for over 30 years and continue to push new frontiers integrating physics and machine learning to extend our scientific and commercial leadership position in the industry. We have a bold vision of structurally enabling every protein in the human genome with an initial focus on the most important off-targets known to cause serious side effects that derail clinical programs. There is an emerging requirement for such models to predict drug toxicity risks before animal or human studies. We are very actively developing computational solutions to meet these requirements. Our recent advances characterizing the structure of key proteins such as HERG and cytochrome P450 enzymes are examples of these efforts. We have also extended our informatics platform, and in March we launched a new version of live design that supports biologics. Live Design is an enterprise cloud-based solution that allows drug discovery teams to centralize access to computational modeling tools and data in a single interface. Live Design previously only supported small molecules, and we are pleased to expand our informatics capabilities to support biologics. We are well positioned to advance all aspects of our business this year. We see clear opportunities to drive software adoption, to extend our scientific leadership in the industry, and to advance our clinical programs towards multiple data readouts. I will now hand the call over to Jeff.