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.
GH Research PLC is a clinical-stage biopharmaceutical company whose primary business activity is developing psychedelic-based therapeutics for psychiatric disorders. Its lead product candidate, GH001, is an investigational drug containing 5-MeO-DMT, a psychedelic compound. The company’s preclinical and clinical development pipeline relies on animal testing as a standard, required component of drug safety and efficacy research.
Cruelty Free Investors, a financial research group focused on animal welfare, has flagged the company for exclusion under its animal exploitation criteria. This categorization is applied to companies engaged in the commercial exploitation of animals, including those using animals in research and development. The available evidence indicates GH Research’s business model is intrinsically linked to animal-based research to advance its pharmaceutical candidates through regulatory approval processes.
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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.