巨亏44亿！两大AI制药同日发财报，头部玩家也撑不住了，英伟达已清仓！

智药局02-28

进入财报季，各个公司逐渐交出了2025年的业绩答卷。2月26日，AI制药的两大头部玩家——薛定谔（Schrödinger）和“英伟达概念股”Recursion罕见地在同一天发布财报。2026年，无论是投资人还是企业自身，关注点都从AI赋能的想象空间转向了临床成功率和“现金流安全垫。不仅是Recursion，包括薛定谔在内也曾为了节省现金流而裁员。这说明即便是头部企业，也必须勒紧裤腰带过日子，AI...

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The two major AI pharmaceuticals issued financial reports on the same day, and the top players couldn't hold on. Nvidia has cleared its positions!","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDQ":0.6,"NVDG":0.6,"NVD":0.6,"NVIW.SI":0.6,"NVDW":0.6,"NVDY":0.6,"NVDD":0.6,"NVDA":0.9,"NVD2.UK":0.6,"SDGR":1.93,"2NVD.UK":0.6,"NVDB":0.6,"NVD3.UK":0.6,"SNVD.UK":0.6,"NVDU":0.6,"ANV":0.6,"3NVD.UK":0.6,"NVDS.UK":0.6,"NVII":0.6,"NVDS":0.6,"NVDX":0.6,"DIPS":0.6},"content_text":"进入财报季，各个公司逐渐交出了2025年的业绩答卷。2月26日，AI制药的两大头部玩家——薛定谔（Schrödinger）和“英伟达概念股”Recursion罕见地在同一天发布财报。2026年，无论是投资人还是企业自身，关注点都从AI赋能的想象空间转向了临床成功率和“现金流安全垫。不仅是Recursion，包括薛定谔在内也曾为了节省现金流而裁员。这说明即便是头部企业，也必须勒紧裤腰带过日子，AI制药已进入淘汰赛阶段。更惨淡的是，Recursion最大的支持者之一，科技巨头英伟达已在2025年第四季度清仓其持有的全部股份。当烧钱的故事不再动听，当资本回报的压力骤增，这两份财报向我们揭示了AI制药赛道怎样的真相？薛定谔：收入稳健，但依旧裁员根据薛定谔报告，总收入为2.559亿美元，增长23.3%。薛定谔的收入主要由三部分组成：软件、药物研发和其他，相较于传统biotech收入来源广泛。其主要业务——软件收入，即为给药企提供计算化学软件，该部分收入为1.995亿美元，增长10.6%。软件业务毛利率为74%，不过该部分增速进一步下降（去年同期为13%）。2025年公司药物发现收入为5640万美元，而2024年为2720万美元，收入到2023年水平（5750万美元）。其他收入，包括股权投资的盈亏、投资公允价值变动及利息收入，为6460万美元。运营费用为3.095亿美元，下降了9.3%，去年同期费用为3.414亿美元，绝大多数为药物研发成本。全年净亏损为1.033亿美元，而同期为1.871亿美元，亏损相较于去年大幅度收窄。截至2025年12月31日，薛定谔拥有约4.023亿美元的现金、现金等价物、受限现金及可流通证券，而2024年12月31日约为3.675亿美元。2025年，薛定谔遭受了药物研发上的滑铁卢。其开发的CDC7抑制剂SGR-2921，是一款针对复发/难治性急性髓性白血病（AML）患者的小分子抑制剂，导致两名AML患者死亡，公司随机宣布暂停了该药物。目前，公司临床阶段药物还有两款，MALT1抑制剂SGR-1505用于治疗复发/难治性B细胞恶性肿瘤患者，Wee1/Myt1抑制剂SGR-4174则用于治疗实体瘤患者。随后，薛定谔宣布裁员60人，约占其员工总数的7%。根据提交的文件显示，此次重组旨节省现金流并提高效率，预计每年削减3000万美元的成本。薛定谔在年报中提出了到2028年的财务目标1、软件业务实现每年10%至15%的营收增长2、药物发现收入目标每年收入为5000万美元，不过该部分波动非常大3、在2028年底前实现盈利Recursion：巨亏44亿，砍管线求生上市公司Recursion一直备受关注。它被打上了英伟达的标签，英伟达向Recursion投了5000万美元，软银也是Recursion的大股东。然而，上市后Recursion股价一路走低，目前距离最高点已经跌去了90%。2月18日，英伟达提交的13F文件显示，已在2025年第四季度清仓其持有的全部Recursion股份。财报显示，Recursion年度净亏损高达6.45亿美元（约合人民币44.23亿元），相较去年大幅增长（去年为4.637亿美元）。其中研发支出就为4.753亿美元，包含平台开发、数据库购买等，行政费用为1.77亿美元。如今，Recursion最大的收入来自合作，2025年由合作协议收入组成的总收入为7470万美元，主要源自与赛诺菲和罗氏的合作。尤其是和赛诺菲高达15个靶点的合作，累计高达50亿美元。迄今为止，Recursion已从此次合作中获得1.34亿美元的前期和基于进展的里程碑。但这些合作收入，仍然填不满Recursion的巨额亏损。2025年，对于Recursion而言也是动荡且艰难的一年。首先，公司砍掉一半临床管线，五款药物宣布暂停或取消优先开发。包括REC-2282（2型神经纤维瘤病）、REC-994（脑海绵状血管畸形）、REC-3565（MALT1 抑制剂，B 细胞恶性肿瘤）、REC-3964（艰难梭菌感染）、REC-4209（特发性肺纤维化）。目前，公司临床阶段药物还有两款，MALT1抑制剂SGR-1505用于治疗复发/难治性B细胞恶性肿瘤患者，Wee1/Myt1抑制剂SGR-4174则用于治疗实体瘤患者。为应对资金压力，Recursion宣布裁员约20%，控制现金流。紧接着，创始人兼首席执行官Chris Gibson，他执掌公司长达12之久，突然宣布卸任CEO职务，担任董事会主席。接替CEO职务的是Najat Khan博士，一位年仅30岁左右的女性，此前曾担任杨森制药的AI负责人。好在公司现金流充沛。截至2025年12月31日，Recursion的账上有7.54亿美元现金，根据当前运营计划且无额外融资，公司预计现金流将延续至2028年初。同一天，两份财报，两个方向。薛定谔的目标是2028年盈利，试图在工具提供和药物研发之间找到黄金分割点；Recursion则通过断臂求生，试图换取冲向终点的时间。2026年的AI制药赛场，裁判已经开始举起盈利和现金的红牌。—The End—推荐阅读","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2614883812","isCrawlerRequest":true}