SCHRODINGER, INC., DEF 14A filed on 4/25/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name SCHRÖDINGER, INC.
Entity Central Index Key 0001490978
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Value of Initial Fixed $100 Investment Based on:
Year
Summary Compensation Table Total
for PEO
($)(1)
Compensation Actually Paid
to PEO
($)(2)
Average Summary Compensation Table Total
for Non-PEO Named Executive Officers
($)(1)
Average Compensation Actually Paid
to Non-PEO Named Executive Officers
($)(2)
 Total Shareholder Return ($)
Peer Group Total Shareholder Return ($)(3)
Net Income (Loss)
(in thousands) ($)(4)
Total Revenue
(in thousands) ($)(5)
20233,124,165 5,226,790 2,045,115 2,615,714 112.16230.0440,720 216,666 
20223,916,032 (3,046,539)1,568,352 187,840 58.5556.52(149,189)180,955 
20218,493,477 (21,063,411)4,057,728 (2,628,730)109.1266.02(101,219)137,931 
20208,510,593 72,690,646 2,353,326 16,840,839 248.06237.01(26,637)108,095 
      
Company Selected Measure Name revenue      
Named Executive Officers, Footnote Our PEO was Ramy Farid for all years in the table. Our Non-PEO named executive officers were: (i) for 2023, Geoffrey Porges, Karen Akinsanya, Robert Abel and Margaret Dugan; (ii) for 2022, Geoffrey Porges, Jenny Herman, Joel Lebowitz, Karen Akinsanya, Robert Abel, and Yvonne Tran; (iii) for 2021, Joel Lebowitz, Karen Akinsanya, Robert Abel, and Patrick Lorton; and (iv) for 2020, Karen Akinsanya and Yvonne Tran.      
Peer Group Issuers, Footnote Reflects cumulative total shareholder return on the Nasdaq Biotechnology Index. The Nasdaq Biotechnology Index is used by us for purposes of Item 201(e) of Regulation S-K under the Exchange Act in our Annual Report on Form 10-K for the year ended December 31, 2023.      
PEO Total Compensation Amount $ 3,124,165 $ 3,916,032 $ 8,493,477 $ 8,510,593
PEO Actually Paid Compensation Amount $ 5,226,790 (3,046,539) (21,063,411) 72,690,646
Adjustment To PEO Compensation, Footnote The dollar amounts reported in this column represent the amount of “compensation actually paid” to Dr. Farid and average “compensation actually paid” to our Non-PEO named executive officers, computed in accordance with Item 402(v) of Regulation S-K. In accordance with the requirements of Item 402(v) of Regulation S-K, the following prescribed adjustments were made to Dr. Farid’s and to our Non-PEO named executive officers’ total compensation as reported in the Summary Compensation Table for each year, to determine the amount of compensation actually paid. The Summary Compensation Table amounts and the “compensation actually paid” amounts do not reflect the actual amount of compensation earned by or paid to our executives during the applicable years, but rather are amounts determined in accordance with Item 402 of Regulation S-K under the Exchange Act.
2023202220212020
PEOAverage
Non-PEO
Named
Executive
Officers*		PEOAverage
Non-PEO
Named
Executive
Officers*		PEOAverage
Non-PEO
Named
Executive
Officers*		PEOAverage
Non-PEO
Named
Executive
Officers*
Total Compensation from
   Summary Compensation Table		$3,124,165 $2,045,115 $3,916,032 $1,568,352 $8,493,477 $4,057,728 $8,510,593 $2,353,326 
Adjustments for Equity Awards
Subtract grant date fair value of equity awards reported in the Summary Compensation Table(2,067,787)(1,380,940)(2,877,355)(985,122)(7,470,776)(3,486,362)(7,499,672)(1,679,025)
Add year-end fair value of awards granted in the covered year that are outstanding and unvested at covered year-end
3,378,111 1,465,301 1,995,200 674,500 1,843,500 860,300 57,702,506 12,918,426 
Add year-over-year change in year-end fair values for awards granted in prior years that were outstanding and unvested at covered year-end2,160,032 707,069 (3,800,546)(464,474)(24,233,997)(3,857,422)11,068,483 2,646,935 
Add fair value at vest date for awards granted and vested in covered year— — — — — — — — 
Add change in fair values between prior year-end fair values and vest date fair values for awards granted in prior years for which vesting conditions were satisfied during covered year(1,367,731)(220,831)(2,279,870)(302,116)304,385 (202,974)2,908,736 601,177 
Subtract fair value at end of the prior year of awards granted in any prior year that failed to meet applicable vesting conditions in covered year
— — — (303,300)— — — — 
Add dividends or other earnings paid on stock or option awards in the covered year prior to vesting if not otherwise included in the total compensation for the covered year— — — — — — — — 
Total Adjustments for Equity Awards$2,102,625 $570,599 $(6,962,571)$(1,380,512)$(29,556,888)$(6,686,458)$64,180,053 $14,487,513 
Total “Compensation Actually Paid”$5,226,790 $2,615,714 $(3,046,539)$187,840 $(21,063,411)$(2,628,730)$72,690,646 $16,840,839 
* Amounts presented are averages for the entire group of Non-PEO named executive officers.
      
Non-PEO NEO Average Total Compensation Amount $ 2,045,115 1,568,352 4,057,728 2,353,326
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,615,714 187,840 (2,628,730) 16,840,839
Adjustment to Non-PEO NEO Compensation Footnote
2023202220212020
PEOAverage
Non-PEO
Named
Executive
Officers*		PEOAverage
Non-PEO
Named
Executive
Officers*		PEOAverage
Non-PEO
Named
Executive
Officers*		PEOAverage
Non-PEO
Named
Executive
Officers*
Total Compensation from
   Summary Compensation Table		$3,124,165 $2,045,115 $3,916,032 $1,568,352 $8,493,477 $4,057,728 $8,510,593 $2,353,326 
Adjustments for Equity Awards
Subtract grant date fair value of equity awards reported in the Summary Compensation Table(2,067,787)(1,380,940)(2,877,355)(985,122)(7,470,776)(3,486,362)(7,499,672)(1,679,025)
Add year-end fair value of awards granted in the covered year that are outstanding and unvested at covered year-end
3,378,111 1,465,301 1,995,200 674,500 1,843,500 860,300 57,702,506 12,918,426 
Add year-over-year change in year-end fair values for awards granted in prior years that were outstanding and unvested at covered year-end2,160,032 707,069 (3,800,546)(464,474)(24,233,997)(3,857,422)11,068,483 2,646,935 
Add fair value at vest date for awards granted and vested in covered year— — — — — — — — 
Add change in fair values between prior year-end fair values and vest date fair values for awards granted in prior years for which vesting conditions were satisfied during covered year(1,367,731)(220,831)(2,279,870)(302,116)304,385 (202,974)2,908,736 601,177 
Subtract fair value at end of the prior year of awards granted in any prior year that failed to meet applicable vesting conditions in covered year
— — — (303,300)— — — — 
Add dividends or other earnings paid on stock or option awards in the covered year prior to vesting if not otherwise included in the total compensation for the covered year— — — — — — — — 
Total Adjustments for Equity Awards$2,102,625 $570,599 $(6,962,571)$(1,380,512)$(29,556,888)$(6,686,458)$64,180,053 $14,487,513 
Total “Compensation Actually Paid”$5,226,790 $2,615,714 $(3,046,539)$187,840 $(21,063,411)$(2,628,730)$72,690,646 $16,840,839 
* Amounts presented are averages for the entire group of Non-PEO named executive officers.
      
Compensation Actually Paid vs. Total Shareholder Return
The following line chart presents a graphical comparison of executive compensation actually paid to our PEO and the average executive compensation actually paid to the Non-PEO named executive officers set forth in the Pay Versus Performance table above, as compared against the following performance measures: the Company's (1) cumulative total shareholder return, (2) peer group total shareholder return, (3) net income (loss), and (4) total revenue. For purposes of comparison, the Company’s cumulative total shareholder return and peer group total shareholder return in the following chart has been presented on a scaled basis, assuming an initial starting value of $100 in each instance.
When reviewing the relationship between pay versus performance in the chart below, it is important to note that a substantial portion of our PEO and non-PEO named executive officers’ compensation consisted of stock options and/or RSUs with time-based vesting and PRSUs with performance-based vesting. As the compensation actually paid as calculated pursuant to Item 402(v) of Regulation S-K is based on the accounting changes in the fair value of such options, the value varies significantly with the performance of our common stock. Therefore, notwithstanding the increase in the Company’s total revenue (our most important financial performance measure that is not otherwise required to be disclosed in the table), the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO named executive officers were heavily impacted by the Company’s total shareholder return.
TRS chart 040824.jpg
      
Compensation Actually Paid vs. Net Income
The following line chart presents a graphical comparison of executive compensation actually paid to our PEO and the average executive compensation actually paid to the Non-PEO named executive officers set forth in the Pay Versus Performance table above, as compared against the following performance measures: the Company's (1) cumulative total shareholder return, (2) peer group total shareholder return, (3) net income (loss), and (4) total revenue. For purposes of comparison, the Company’s cumulative total shareholder return and peer group total shareholder return in the following chart has been presented on a scaled basis, assuming an initial starting value of $100 in each instance.
When reviewing the relationship between pay versus performance in the chart below, it is important to note that a substantial portion of our PEO and non-PEO named executive officers’ compensation consisted of stock options and/or RSUs with time-based vesting and PRSUs with performance-based vesting. As the compensation actually paid as calculated pursuant to Item 402(v) of Regulation S-K is based on the accounting changes in the fair value of such options, the value varies significantly with the performance of our common stock. Therefore, notwithstanding the increase in the Company’s total revenue (our most important financial performance measure that is not otherwise required to be disclosed in the table), the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO named executive officers were heavily impacted by the Company’s total shareholder return.
TRS chart 040824.jpg
      
Compensation Actually Paid vs. Company Selected Measure
The following line chart presents a graphical comparison of executive compensation actually paid to our PEO and the average executive compensation actually paid to the Non-PEO named executive officers set forth in the Pay Versus Performance table above, as compared against the following performance measures: the Company's (1) cumulative total shareholder return, (2) peer group total shareholder return, (3) net income (loss), and (4) total revenue. For purposes of comparison, the Company’s cumulative total shareholder return and peer group total shareholder return in the following chart has been presented on a scaled basis, assuming an initial starting value of $100 in each instance.
When reviewing the relationship between pay versus performance in the chart below, it is important to note that a substantial portion of our PEO and non-PEO named executive officers’ compensation consisted of stock options and/or RSUs with time-based vesting and PRSUs with performance-based vesting. As the compensation actually paid as calculated pursuant to Item 402(v) of Regulation S-K is based on the accounting changes in the fair value of such options, the value varies significantly with the performance of our common stock. Therefore, notwithstanding the increase in the Company’s total revenue (our most important financial performance measure that is not otherwise required to be disclosed in the table), the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO named executive officers were heavily impacted by the Company’s total shareholder return.
TRS chart 040824.jpg
      
Total Shareholder Return Vs Peer Group
The following line chart presents a graphical comparison of executive compensation actually paid to our PEO and the average executive compensation actually paid to the Non-PEO named executive officers set forth in the Pay Versus Performance table above, as compared against the following performance measures: the Company's (1) cumulative total shareholder return, (2) peer group total shareholder return, (3) net income (loss), and (4) total revenue. For purposes of comparison, the Company’s cumulative total shareholder return and peer group total shareholder return in the following chart has been presented on a scaled basis, assuming an initial starting value of $100 in each instance.
When reviewing the relationship between pay versus performance in the chart below, it is important to note that a substantial portion of our PEO and non-PEO named executive officers’ compensation consisted of stock options and/or RSUs with time-based vesting and PRSUs with performance-based vesting. As the compensation actually paid as calculated pursuant to Item 402(v) of Regulation S-K is based on the accounting changes in the fair value of such options, the value varies significantly with the performance of our common stock. Therefore, notwithstanding the increase in the Company’s total revenue (our most important financial performance measure that is not otherwise required to be disclosed in the table), the compensation actually paid to our PEO and the average compensation actually paid to our non-PEO named executive officers were heavily impacted by the Company’s total shareholder return.
TRS chart 040824.jpg
      
Tabular List, Table
Total revenue
Progress of our collaborative and proprietary drug discovery programs
Advancements in the science and technology underlying our platform
      
Total Shareholder Return Amount $ 112.16 58.55 109.12 248.06
Peer Group Total Shareholder Return Amount 230.04 56.52 66.02 237.01
Net Income (Loss) $ 40,720,000 $ (149,189,000) $ (101,219,000) $ (26,637,000)
Company Selected Measure Amount 216,666,000 180,955,000 137,931,000 108,095,000
PEO Name Ramy Farid      
Additional 402(v) Disclosure The dollar amounts reported represent the amount of net income (loss) reflected in the Company’s audited financial statements for the applicable year.
(5)In the Company’s assessment, total revenue is the financial performance measure that is the most important financial performance measure used by the Company for the most recently completed fiscal year, to link compensation actually paid to performance.
      
Measure:: 1        
Pay vs Performance Disclosure        
Name Total revenue      
Measure:: 2        
Pay vs Performance Disclosure        
Name Progress of our collaborative and proprietary drug discovery programs      
Measure:: 3        
Pay vs Performance Disclosure        
Name Advancements in the science and technology underlying our platform      
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,067,787) $ (2,877,355) $ (7,470,776) $ (7,499,672)
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,102,625 (6,962,571) (29,556,888) 64,180,053
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,378,111 1,995,200 1,843,500 57,702,506
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,160,032 (3,800,546) (24,233,997) 11,068,483
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,367,731) (2,279,870) 304,385 2,908,736
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,380,940) (985,122) (3,486,362) (1,679,025)
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 570,599 (1,380,512) (6,686,458) 14,487,513
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,465,301 674,500 860,300 12,918,426
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 707,069 (464,474) (3,857,422) 2,646,935
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (220,831) (302,116) (202,974) 601,177
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 (303,300) 0 0
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0