Skip to main content
← All exclusions

CALIDI BIOTHERAPEUTICS INC

CLDI

1

exclusion reason

1 theme

Animal Welfare (1)
CLDI Current as of April 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

Calidi Biotherapeutics is a clinical-stage biotechnology company whose core therapeutic platform is dependent on animal testing. Its lead product candidates, including CLD-101 for treating solid tumors, are in preclinical and clinical development stages that require extensive animal research to evaluate safety and efficacy. This reliance on animal models is inherent to its business model and drug development pipeline.

The company's operations fall under the broad category of commercial animal exploitation, as its research activities involve the use of laboratory animals. While specific details of Calidi's internal animal welfare protocols are not publicly documented in the provided evidence, the company operates within a pharmaceutical research sector where animal testing is a standard, material component of bringing new therapies to market. The absence of a publicly available animal welfare policy or commitment to alternative testing methods further underscores its operational reliance on animal-based research.

Research Sources 1 organization
Cruelty Free Investors
External

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.

RSS feed No spam · Unsubscribe anytime

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.