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。
A small, trusted kernel: a few thousand lines of code that check every step of every proof mechanically. Everything else (the AI, the automation, the human guidance) is outside the trust boundary. Independent reimplementations of that kernel, in different languages (Lean, Rust), serve as cross-checks. You do not need to trust a complex AI or solver; you verify the proof independently with a kernel small enough to audit completely. The verification layer must be separate from the AI that generates the code. In a world where AI writes critical software, the verifier is the last line of defense. If the same vendor provides both the AI and the verification, there is a conflict of interest. Independent verification is not a philosophical preference. It is a security architecture requirement. The platform must be open source and controlled by no single vendor.
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