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.
BeyondSpring is a clinical-stage biopharmaceutical company developing cancer therapies. Its lead drug candidate, plinabulin, has progressed through clinical trials, a process that typically requires animal testing for preclinical safety and efficacy data as part of regulatory submissions to agencies like the FDA.
A key researcher involved in the company's preclinical work has been directly sanctioned for animal welfare violations. In April 2023, a former Tufts School of Medicine faculty member, who conducted research central to BeyondSpring's plinabulin program, was suspended from animal work for one year following repeated, documented cases of animal mistreatment. This enforcement action by Tufts' Institutional Animal Care and Use Committee (IACUC) indicates a pattern of non-compliance with the Animal Welfare Act in research directly tied to the company's drug development pipeline.
BeyondSpring Inc. is a clinical-stage biopharmaceutical company focused on developing immuno-oncology therapies. Its lead drug candidate, plinabulin, is in clinical trials for cancer treatment. The development of such pharmaceutical products inherently requires animal testing to satisfy regulatory requirements for safety and efficacy data before human trials can proceed. The company's SEC filings explicitly cite reliance on "data from studies in animals" and acknowledge that disagreements with regulators over the interpretation of such data pose a material risk to its business. This indicates animal testing is a fundamental and non-negotiable component of its product development pipeline.
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.