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.
Ensysce Biosciences is a clinical-stage pharmaceutical company developing novel opioid painkillers. The development of these drugs requires extensive animal testing to meet regulatory requirements for safety and efficacy prior to human trials. This testing is a core, non-negotiable component of bringing such pharmaceuticals to market.
The company's lead candidates, including PF614-MPAR, have progressed through preclinical studies. Published research on PF614 explicitly states that all in-vivo study procedures were conducted in compliance with applicable animal welfare regulations, confirming the use of animal models in its development pathway. As a company whose entire pipeline is predicated on securing FDA approval for new chemical entities, Ensysce's business model is intrinsically dependent on animal testing.
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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.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.