<p>投资者通常会寻找能够取得巨大收益的股票，往往会将目光投向生物技术领域。这个行业的股票往往会在实验性新药的临床试验结果积极的情况下大幅上涨，这并不罕见。</p>
<p><strong>Recursion Pharmaceuticals</strong>(RXRX 3.73%) 是一家具有重要特色的初创生物技术公司。它正在利用自动化技术和人工智能（AI）来实现新药物发现的产业化。</p>
<p>Recursion 拥有一种独一无二的平台，可以同时运行和分析数百万次实验，这可能会改变药物发现的过程。然而，股市对此并不太感兴趣，该公司的股价已经从今年早些时候的高点下跌了近一半。让我们将该公司的优势与面临的挑战进行对比，看看在股价下跌时是否购买该股是正确的选择。</p>
<h2>为什么 Recursion Pharmaceuticals 看起来是一个不错的投资</h2>
<p>简而言之，Recursion Pharmaceuticals 正在利用自动化、人工智能和超过 50PB 的专有数据来改变新药物发现的过程。像 <strong>拜耳</strong> 和 <strong>罗氏</strong> 这样的资金雄厚的制药公司利用其平台快速发现新的药物候选物，而且前期成本比传统方法要低。</p>
<p>Recursion 发现的新药物候选物在临床试验中也有更好的成功机会，因为进行了更多的临床前阶段测试，或者至少是暗示进行了更多测试。</p>
<p>除了合作的候选物外，Recursion 还拥有一个广泛的临床前阶段管线，这些完全拥有的候选物最终可能用于治疗癌症和罕见疾病。Recursion 的完全拥有管线还包括五个临床阶段的候选物，可能在 2024 年和 2025 年产生 2 期数据。</p>
<p>投资者可能不必等太久才能看到 Recursion 股价上涨。今年九月，该公司将了解 REC-994 是否有助于治疗脑室性血管畸形（CCM）。这种罕见的神经血管疾病影响美国和欧盟约 36 万患者，但仍缺乏有效的治疗选择。</p>
<h2>对 Recursion Pharmaceuticals 保持谨慎的原因</h2>
<p>Recursion 平台正在积累的数据应该使其成为行业最受欢迎的药物发现者。然而，迄今为止，生物制药行业并不感兴趣。该公司成立已有十多年，但只开始了两项重要的合作。</p>
<p>2020 年，拜耳与 Recursion 达成战略合作协议，共同发现治疗纤维化疾病的新药物。这一合作于 2023 年结束，拜耳将权利转让回 Recursion。值得一提的是，拜耳去年 11 月重新聚焦与 Recursion 的合作，寻找新的癌症治疗候选物。</p>
<p>罗氏于 2022 年初开始与 Recursion 合作，支付了 1.5 亿美元的首付款。Recursion 为罗氏制作生物关系图，但双方尚未将候选物推进临床试验阶段。对于一家承诺加快新药物发现速度的公司来说，这并不是一个好兆头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/800ca3ca7b3ef203b4cfed9dadf4901b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/800ca3ca7b3ef203b4cfed9dadf4901b.png"/></p>
<p>RXRX 净收入（TTM）数据由 YCharts 提供。</p>
<p>如果 Recursion 按照承诺加快了发现过程，它将获得大量里程碑付款，这些款项可以资助运营。然而，截至三月底，其过去 12 个月的净亏损加速至不可持续的 3.54 亿美元。</p>
<p>Recursion 于今年 6 月完成了一次二次发行，通过增加 2 亿美元的现金储备（扣除费用），增加了股份数量。更多的股份将使持有该股票的投资者更难实现满意的投资回报。</p>
<p>尽管亏损严重，Recursion 仍然拥有 19 亿美元的市值。对于一家亏损并且不知何时能开始报告持续收入的公司来说，这是一个巨大的估值。如果即将公布的 2 期结果不是令人振奋的成功，激发信心，该股票可能会进一步下跌。</p>
<h2>低点买入？</h2>
<p>Recursion 首次公开募股（IPO）后缺乏新合作伙伴，表明生物制药行业对该公司独特的药物发现平台持观望态度。</p>
<p>Recursion 即将公布的 2 期结果至关重要，但并不保证会取得成功。人类生物学是如此不可预测，即使 Recursion 的平台将行业临床试验成功率提高一倍，仍然存在很大可能性，今年和明年所有临床阶段的候选物都会失败。</p>
<p>Recursion 正在建立的数据集可能很有价值，但如果即将公布的试验结果不是令人振奋的成功，可能没有人会查看这些数据。这支股票只适合那些对生物制药行业了如指掌且对风险有极高容忍度的投资者。</p>

RXRX

<p>投资者正在考虑是否要买入 Recursion Pharmaceuticals 股票的低点，该股今年已下跌了 47%。这家生物科技公司利用自动化和人工智能来革新药物发现，在癌症和罕见疾病领域具有潜力。然而，需要谨慎的是，Recursion 难以确保合作伙伴，并且其净亏损正在增加。第二阶段的数据公布对该股的未来至关重要。这项投资具有高风险，适合那些密切监控生物制药行业的人士</p>

<p>Investors looking for stocks that can make dramatic gains often turn toward the biotechnology sector. It isn't unusual for stocks in this industry to shoot higher in response to positive clinical-trial results for experimental new drugs.</p>
<div class="lb-trans"><p>投资者通常会寻找能够取得巨大收益的股票，往往会将目光投向生物技术领域。这个行业的股票往往会在实验性新药的临床试验结果积极的情况下大幅上涨，这并不罕见。</p>
</div><p><strong>Recursion Pharmaceuticals</strong>(RXRX 3.73%) is a start-up biotech company with an important twist. It's using automation technology and artificial intelligence (AI) to industrialize new drug discovery.</p>
<div class="lb-trans"><p><strong>Recursion Pharmaceuticals</strong>(RXRX 3.73%) 是一家具有重要特色的初创生物技术公司。它正在利用自动化技术和人工智能（AI）来实现新药物发现的产业化。</p>
</div><p>With a one-of-a-kind platform that can run and analyze millions of experiments at a time, Recursion could change the drug-discovery process. The stock market, though, isn't that impressed, and the company's share price has fallen by nearly half from a peak it set earlier this year. Let's measure this company's strengths against some challenges it faces to see if buying the stock on the dip is the right move for your portfolio.</p>
<div class="lb-trans"><p>Recursion 拥有一种独一无二的平台，可以同时运行和分析数百万次实验，这可能会改变药物发现的过程。然而，股市对此并不太感兴趣，该公司的股价已经从今年早些时候的高点下跌了近一半。让我们将该公司的优势与面临的挑战进行对比，看看在股价下跌时是否购买该股是正确的选择。</p>
</div><h2>Why Recursion Pharmaceuticals looks like a good investment</h2>
<div class="lb-trans"><h2>为什么 Recursion Pharmaceuticals 看起来是一个不错的投资</h2>
</div><p>In a nutshell, Recursion Pharmaceuticals is transforming the new drug-discovery process with automation, AI, and over 50 petabytes of proprietary data. Deep-pocketed drugmakers, such as <strong>Bayer</strong> and <strong>Roche</strong>, employ its platform to rapidly discover new drug candidates with less upfront cost than traditional methods.</p>
<div class="lb-trans"><p>简而言之，Recursion Pharmaceuticals 正在利用自动化、人工智能和超过 50PB 的专有数据来改变新药物发现的过程。像 <strong>拜耳</strong> 和 <strong>罗氏</strong> 这样的资金雄厚的制药公司利用其平台快速发现新的药物候选物，而且前期成本比传统方法要低。</p>
</div><p>New drug candidates discovered by Recursion should also have a better chance at success in clinical trials because there's a lot more preclinical-stage testing performed or at least implied.</p>
<div class="lb-trans"><p>Recursion 发现的新药物候选物在临床试验中也有更好的成功机会，因为进行了更多的临床前阶段测试，或者至少是暗示进行了更多测试。</p>
</div><p>In addition to partnered candidates, Recursion has an extensive preclinical-stage pipeline of wholly owned candidates that could eventually treat cancer and rare diseases. Recursion's wholly owned pipeline also sports five clinical-stage candidates that could produce phase 2 data in 2024 and 2025.</p>
<div class="lb-trans"><p>除了合作的候选物外，Recursion 还拥有一个广泛的临床前阶段管线，这些完全拥有的候选物最终可能用于治疗癌症和罕见疾病。Recursion 的完全拥有管线还包括五个临床阶段的候选物，可能在 2024 年和 2025 年产生 2 期数据。</p>
</div><p>Investors might not have to wait very long for Recursion stock to pop. This September, the company will learn if REC-994 helped patients with cerebral cavernous malformation, or CCM. This rare neurovascular disease affects around 360,000 patients in the U.S. and EU, but it still lacks effective treatment options.</p>
<div class="lb-trans"><p>投资者可能不必等太久才能看到 Recursion 股价上涨。今年九月，该公司将了解 REC-994 是否有助于治疗脑室性血管畸形（CCM）。这种罕见的神经血管疾病影响美国和欧盟约 36 万患者，但仍缺乏有效的治疗选择。</p>
</div><h2>Reasons to remain cautious about Recursion Pharmaceuticals</h2>
<div class="lb-trans"><h2>对 Recursion Pharmaceuticals 保持谨慎的原因</h2>
</div><p>The data Recursion's platform is accumulating should make it the industry's favorite drug discoverer. So far, though, the biopharmaceutical industry is not interested. The company was first incorporated over a decade ago, but it's only begun two significant partnerships.</p>
<div class="lb-trans"><p>Recursion 平台正在积累的数据应该使其成为行业最受欢迎的药物发现者。然而，迄今为止，生物制药行业并不感兴趣。该公司成立已有十多年，但只开始了两项重要的合作。</p>
</div><p>In 2020, Bayer entered into a strategic-collaboration agreement to discover new drugs that address fibrotic diseases. This collaboration ended in 2023 with Bayer transferring rights back to Recursion. On a positive note, Bayer refocused its partnership with Recursion to look for new cancer therapy candidates last November.</p>
<div class="lb-trans"><p>2020 年，拜耳与 Recursion 达成战略合作协议，共同发现治疗纤维化疾病的新药物。这一合作于 2023 年结束，拜耳将权利转让回 Recursion。值得一提的是，拜耳去年 11 月重新聚焦与 Recursion 的合作，寻找新的癌症治疗候选物。</p>
</div><p>Roche began collaborating with Recursion in early 2022 following a $150 million upfront payment. Recursion is producing maps of biological relationships for Roche, but the partners haven't advanced a candidate into clinical trials yet. That isn't a good sign for a company that promises to speed up the pace of new drug discovery.</p>
<div class="lb-trans"><p>罗氏于 2022 年初开始与 Recursion 合作，支付了 1.5 亿美元的首付款。Recursion 为罗氏制作生物关系图，但双方尚未将候选物推进临床试验阶段。对于一家承诺加快新药物发现速度的公司来说，这并不是一个好兆头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/800ca3ca7b3ef203b4cfed9dadf4901b.png" alt="" original-src="https://media.ycharts.com/charts/800ca3ca7b3ef203b4cfed9dadf4901b.png"/></p>
<p>RXRX Net Income (TTM) data by YCharts.</p>
<div class="lb-trans"><p>RXRX 净收入（TTM）数据由 YCharts 提供。</p>
</div><p>If Recursion had sped up the discovery process as promised, it would be earning heaps of milestone payments that could fund operations. Instead, its trailing-12-month net loss accelerated to an unsustainable $354 million at the end of March.</p>
<div class="lb-trans"><p>如果 Recursion 按照承诺加快了发现过程，它将获得大量里程碑付款，这些款项可以资助运营。然而，截至三月底，其过去 12 个月的净亏损加速至不可持续的 3.54 亿美元。</p>
</div><p>Recursion completed a secondary offering this June that strengthened its cash reserves with an additional $200 million before fees. Unfortunately, the offering also inflated its share count. Heaps more shares will make it significantly harder for investors holding the stock to realize a satisfactory return on their investment.</p>
<div class="lb-trans"><p>Recursion 于今年 6 月完成了一次二次发行，通过增加 2 亿美元的现金储备（扣除费用），增加了股份数量。更多的股份将使持有该股票的投资者更难实现满意的投资回报。</p>
</div><p>Despite heavy losses, Recursion still sports a $1.9 billion market cap. That's a big valuation for a company that's bleeding money and has no idea when it can begin reporting recurring revenue. If upcoming phase 2 readouts aren't rousing successes that inspire confidence, the stock could get beaten down a lot further than it already has.</p>
<div class="lb-trans"><p>尽管亏损严重，Recursion 仍然拥有 19 亿美元的市值。对于一家亏损并且不知何时能开始报告持续收入的公司来说，这是一个巨大的估值。如果即将公布的 2 期结果不是令人振奋的成功，激发信心，该股票可能会进一步下跌。</p>
</div><h2>A buy on the dip?</h2>
<div class="lb-trans"><h2>低点买入？</h2>
</div><p>A lack of new partnerships following Recursion's initial public offering (IPO) suggests the biopharmaceutical industry is taking a wait-and-see approach with this company's unique drug-discovery platform.</p>
<div class="lb-trans"><p>Recursion 首次公开募股（IPO）后缺乏新合作伙伴，表明生物制药行业对该公司独特的药物发现平台持观望态度。</p>
</div><p>A lot is riding on Recursion's upcoming phase 2 readouts, and there are no guarantees they'll succeed. Human biology is so unpredictable that even if Recursion's platform doubles the industry's clinical-trial success rate, there's still a significant chance that all its clinical-stage candidates report failures this year and next.</p>
<div class="lb-trans"><p>Recursion 即将公布的 2 期结果至关重要，但并不保证会取得成功。人类生物学是如此不可预测，即使 Recursion 的平台将行业临床试验成功率提高一倍，仍然存在很大可能性，今年和明年所有临床阶段的候选物都会失败。</p>
</div><p>The data sets Recursion is building could be valuable, but there's a chance that nobody will look at them if upcoming trial readouts aren't a rousing success. This stock is only appropriate for investors with a finger on the biopharma industry's pulse and a sky-high tolerance for risk.</p>
<div class="lb-trans"><p>Recursion 正在建立的数据集可能很有价值，但如果即将公布的试验结果不是令人振奋的成功，可能没有人会查看这些数据。这支股票只适合那些对生物制药行业了如指掌且对风险有极高容忍度的投资者。</p>
</div>

今年下跌约 47%：Recursion Pharmaceuticals 是否值得逢低买入？