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CARLSMED INC

CARL

Health Care

1

exclusion reason

1 theme

Animal Welfare (1)
CARL Health Care Current as of March 2026

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.

Animal Testing & Research
Since Mar 12, 2026

Carlsmed Inc. is a medical device company whose primary commercial product is a spinal implant system designed for use in spinal fusion surgeries. The company's business model is predicated on the sale of implants and instruments, which are tested for safety and efficacy using animal models as a standard industry practice prior to human clinical trials. This reliance on animal testing for product development and regulatory submission triggers the animal exploitation exclusion.

The company's S-1 registration statement filed with the SEC in June 2025 explicitly identifies compliance with animal welfare laws as a material risk, noting that failure to comply could result in substantial penalties. This disclosure acknowledges the company's operational involvement in activities governed by the Animal Welfare Act and similar regulations. While specific details of Carlsmed's testing protocols are not public, the regulatory framework referenced is designed for entities conducting research, testing, or education with live animals.

Independent reports, such as a November 2025 audit of U.S. laboratories, have documented widespread animal welfare violations within the research sector, providing evidence of systemic suffering. Companies like Carlsmed, which depend on animal data to bring new medical devices to market, are integrated into this commercial research ecosystem. The absence of a publicly available animal testing policy or commitment to alternative methods places the company within the standard industry model that exploits animals as a means to a commercial end.

Research Sources 1 organization
Cruelty Free Investors
External

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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.