In my opinion, a recession will probably be an overall positive...

In my opinion, a recession will probably be an overall positive for speculative stocks such as RAC, as it will help to increase unemployment (and reduce pressure on wages), reduce spending and further bring down inflation, feeding into lower interest rates, and perhaps even start up the printing presses again... making it lower cost for people into invest into speculative assets and perhaps even igniting some animal spirits. As the old saying goes, central banks never let a good crisis go to waste.

Markets are forward-looking, and if you look at RACs performance over the last year, I think some of this is due to the market factoring easier financial conditions ahead, in addition to an improvement in company fundamentals. I'm also not convinced that the overall bull market in stocks is finished... if you look through history, bull markets are punctuated by short, sharp, extreme sell-offs (perhaps like we're going through) and soon regain momentum. Bear markets behave in the opposite way (sharp increases that punctuate continuous bearish selling).

In my view, RAC has been through the worst and better times are ahead (provided the team deliver in getting bisantrene into patients and provided the drug does its thing). That's not to say it will be a quick or easy path upwards. Remember, the market wants your money and to get your money it needs to convince you to do the wrong thing. IMHO, if you've held on this long, now is not the time to sell - the time to do that was when central banks were looking to raise interest rates and RC220 was a pipe-dream, not when they're looking to cut and we have RC220 ready to go.