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.
CureVac NV is a clinical-stage biotechnology company whose core business model involves developing messenger RNA (mRNA) vaccines and therapeutics. This research and development process is fundamentally reliant on animal testing to meet regulatory requirements for product safety and efficacy. The company’s pipeline of investigational candidates, including those for cancer and infectious diseases, necessitates preclinical testing in animal models as a standard phase of development. While the company references animal welfare in its Code of Conduct, this is an acknowledgment of an inherent and material part of its operations. The business of bringing novel biologic drugs to market is inextricably linked to the commercial use of animals in laboratory research.
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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.