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.
Novavax, Inc. develops and manufactures protein-based vaccines, including its COVID-19 vaccine and other candidates in its pipeline. The company’s vaccine development process inherently involves animal testing as a required component of preclinical safety and efficacy studies. Regulatory submissions for its products, such as Investigational New Drug (IND) applications, include results from animal studies assessing toxicology and pharmacodynamics, as disclosed in its public filings. This testing is conducted to comply with U.S. Food and Drug Administration and international regulatory requirements for vaccine authorization.
The company’s platform technology and adjuvant system are evaluated in animal models during the research stage. For instance, development of its COVID-19 vaccine candidate included preclinical trials in animal subjects to assess immunogenicity and safety profiles prior to human clinical trials. As a biotechnology firm whose core business is bringing novel vaccines to market, Novavax engages in animal testing as a standard, non-optional element of its product development and regulatory compliance pathway.
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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.