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.
Celularity Inc. develops regenerative and cellular medicines using human placental-derived biomaterials. The company has stated it conducts animal testing as part of its product development process. While the specific scale and nature of this testing are not detailed in public filings, the admission of animal exploitation for testing purposes places the company within this exclusion category.
Celularity Inc. is a clinical-stage biotechnology company developing cellular and biomaterial-based therapeutics derived from human placental cells. As a pharmaceutical developer, its research pipeline necessitates preclinical animal testing to comply with regulatory requirements for drug safety and efficacy. The company's competitors, as cited in its SEC filings, explicitly reference conducting "preclinical laboratory tests, animal studies, and formulation studies" in accordance with FDA Good Laboratory Practice standards, a standard industry practice for entities at this stage of development. While Celularity's specific IMPACT manufacturing process optimizes the sourcing of human biological material, the progression of its therapeutic candidates through the development pipeline inherently involves animal testing as a required component of the regulatory pathway.
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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.
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