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.
OptiNose, Inc. is a specialty pharmaceutical company whose primary commercial product, XHANCE, is a corticosteroid delivered via a breath-powered exhalation delivery system. The company’s development pipeline includes investigational treatments for chronic rhinosinusitis and other conditions, which are tested on animals as part of the preclinical and regulatory process. This reliance on animal testing for product development and regulatory submission places the company within the scope of commercial animal exploitation.
The evidence gathered from public sources and regulatory filings indicates the use of animal models in research, but specific details on the scale, nature, or alternatives explored in the company's programs are not publicly disclosed in the materials provided. Without accessible data on in vitro alternatives or a formal corporate policy committing to alternative methods, the company’s operations default to standard industry practice involving animal testing.
Research Sources
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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.