This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Agenus Inc. is a biotechnology company whose core business of developing cancer immunotherapies relies on animal testing. The company's pipeline of antibody-based therapies, including its lead candidate botensilimab, requires preclinical testing in animal models to evaluate safety and efficacy before advancing to human clinical trials. This standard industry practice involves the use of laboratory mice and other animals in research and development activities.
Cruelty Free Investing, an organization that screens companies for animal testing practices, flags Agenus for its involvement in animal-based research. The company's business model is fundamentally dependent on animal experimentation to bring its pharmaceutical products to market. There is no public evidence of a corporate commitment to developing or adopting non-animal testing alternatives for its core research and development processes.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.