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.
Mustang Bio, Inc. is a clinical-stage biopharmaceutical company whose core business model involves developing cell and gene therapies that require preclinical testing on animals. The company's pipeline of oncology and rare disease treatments is predicated on animal research to demonstrate safety and efficacy before human trials. This places animal testing at the center of its product development process.
A 2025 audit report compiling hundreds of welfare violations from U.S. laboratories documented evidence of widespread animal suffering and systemic failures in animal care, a regulatory environment in which Mustang Bio operates. In 2016, an antibody manufacturer was fined $3.5 million and lost its license for violations of the federal Animal Welfare Act, a penalty an order of magnitude greater than any previous fines, highlighting the severe consequences for non-compliance in this sector. While specific, recent enforcement actions against Mustang Bio were not identified in the provided evidence, the company functions within an industry and research model inherently reliant on the commercial exploitation of animals.
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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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