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.
FibroBiologics, Inc. is a clinical-stage biotechnology company whose core business is the development of therapeutic products derived from fibroblasts, a type of cell. A central component of its research and development pipeline involves conducting animal studies. The company has publicly stated that completing animal studies is a prerequisite step for receiving approval to advance its lead candidate, CYMS101, into human clinical trials.
The available public disclosures, including its SEC filings, confirm that animal testing is an integral and ongoing part of its operational process. The company's foundational research and regulatory pathway are built upon this model of animal exploitation. There is no public evidence of a commitment to replace or eliminate animal testing from its development programs.
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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.