短期看，现金厚度决定了企业的生存底线；中期看，临床与审批节点的顺利推进是估值的稳定器；长期看，唯有实打实的商业化能力才是市值的压舱石。创新药的估值从来不是一次性的定价游戏，而是一个在质疑中反复验证的过程。
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Two standard models make this concrete:
Martell Hardenberg, a partner at Antler and a backer of wrtn, points instead to Korea’s tech talent and its industrial base as a reason for the country’s strength in AI. He also highlights a demographic driver: the country’s falling birthrate and aging population, which is pushing companies to figure out how to automate more tasks.