10:17 AM EST, 11/18/2024 (MT Newswires) -- Schrodinger (SDGR) said Monday it received an additional $9.5 million from the Bill & Melinda Gates Foundation to accelerate its initiative to expand its computational platform for early toxicology risk prediction in drug discovery.

The additional funding, which follows the initial $10 million grant from the foundation in July, enables Schrodinger to access relevant experimental structures faster and extends the funding for the initiative to April 2026, Schrodinger said.

The company said the initiative aims to reduce development failures and improve drug safety, and once developed, the technology will be available to Gates Foundation grantees and Schrodinger's customers.

The majority of revenue related to the additional funding is anticipated to be recognized next year, the company said.

Schrodinger shares were down more than 5% in recent Monday trading.

Price: 17.55, Change: -0.99, Percent Change: -5.34