Krystal Biotech, Inc.
KRYS
Health Care
1
exclusion reason
1 theme
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.
Krystal Biotech is a clinical-stage biotechnology company whose core business model involves developing gene therapies for rare skin diseases, a process that requires animal testing for regulatory compliance. The company's public filings consistently reference preclinical studies and animal models as integral to its drug development pathway. For example, its 2024 Form 10-K lists "preclinical studies" as a core activity, and a 2025 filing notes the inherent difficulty in identifying relevant animal models for these tests. This indicates animal testing is not an ancillary activity but a fundamental, funded component of bringing its products to market. As a biotechnology firm with no approved products generating commercial revenue, its entire valuation is predicated on a pipeline that advances through stages requiring animal data for regulatory submissions.
Research Sources
1 organization
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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.
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