脑再生科技（RGC）周三盘前股价大跌6.90%，延续了近两个交易日的下跌趋势。这一跌势引发了市场对该公司估值合理性的广泛讨论。
近期，脑再生科技股价经历了惊人的涨幅，今年以来累计涨幅超过599倍，公司市值一度突破385亿美元（约合人民币2768亿元）。然而，投资者开始对公司的基本面产生担忧。据报道，脑再生科技自成立以来一直处于亏损状态，2022至2024财年营收均为0，且公司在最新财报中表示"可能永远无法盈利"。
值得注意的是，脑再生科技仅有12名员工，其中包括6名高管。公司主要业务集中在利用中药治疗注意力缺陷多动障碍（ADHD）和自闭症谱系障碍（ASD），但其疗效尚未得到临床数据或试验的支持。此外，公司近期研发费用连续下降，最近一个报告期的研发费用不足800万元人民币，与其高昂的市值形成鲜明对比。
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