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.
Passage Bio is a preclinical-stage biotechnology company developing gene therapies for central nervous system disorders. Its research pipeline relies on animal testing to demonstrate safety and efficacy before human trials. The company’s lead program, PBFT02 for frontotemporal dementia, and other candidates are advanced through in vivo studies in animal models, a standard but material part of its business model.
While many biotech firms use animal testing, Passage Bio’s operations fall under this exclusion because its entire value proposition is built on preclinical animal data. The company has no marketed products; its ability to advance therapies and attract investment is contingent on successful animal studies. This places animal exploitation at the center of its commercial activity.
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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.
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