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.
Fractyl Health, Inc. is a biotechnology company developing metabolic therapies, including its lead candidate RJVA-002 for obesity. The company’s research and development pipeline relies on preclinical testing in animal models. For example, in July 2025, Fractyl announced potent preclinical results for RJVA-002, demonstrating approximately 30% weight loss over five weeks in a diet-induced obesity mouse model. This animal testing is a standard but required component of the company’s pathway to seek regulatory approval for its products.
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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.