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.
Cellectis S.A. is a clinical-stage biotechnology company developing allogeneic CAR-T cell therapies for cancer treatment. The company’s product development pipeline, as detailed in its annual SEC Form 20-F filings, is built on a foundation of preclinical animal testing. These filings consistently disclose that advancement of its therapeutic candidates into human clinical trials is contingent on “results of product development, laboratory and animal studies” and that “testing in animal studies” is a standard part of its research process. The company explicitly notes that results from these animal studies may not be sufficiently compelling to warrant further development.
As a pharmaceutical developer, Cellectis operates within a regulatory framework that currently mandates animal testing to evaluate the safety and efficacy of novel cell therapies before they can be tested in humans. The company’s disclosures confirm that animal testing is not an ancillary activity but an integral, funded component of its core business model for bringing new drugs to market.
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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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