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.
BioAtla Inc. is a clinical-stage biotechnology company whose core business model involves the development of monoclonal antibody therapies. This process inherently requires extensive animal testing to satisfy regulatory requirements for drug safety and efficacy prior to human trials. The company’s quarterly filings explicitly acknowledge these animal testing requirements as a fundamental component of its research and development activities.
The company’s pipeline and intellectual property are built on licensed antibody platforms, which are advanced through preclinical studies involving animals. As a biotechnology firm whose entire product portfolio is dependent on animal-based research, BioAtla’s operations are intrinsically linked to the commercial exploitation of animals for biomedical testing, falling under the broad animal exploitation exclusion category.
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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.