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PHATHOM PHARMACEUTICALS INC

PHAT

Health Care

2

exclusion reasons

1 theme

Animal Welfare (2)
PHAT Health Care Current as of March 2026

PHATHOM PHARMACEUTICALS INC is screened out under 2 exclusion reasons spanning 1 issue category.

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. It is a statement of values.

Animal Exploitation
Since Jan 3, 2022

Phathom Pharmaceuticals is a clinical-stage biopharmaceutical company that develops gastrointestinal treatments. Its drug development pipeline relies on animal testing as a standard component of preclinical research and regulatory compliance. The company’s annual reports explicitly note that concurrent with clinical trials, companies “usually complete additional animal studies” to support drug applications. This places its core research and development activities within the commercial exploitation of animals for biomedical testing.

Animal Testing & Research
Since Jul 28, 2021

Phathom Pharmaceuticals is a clinical-stage biopharmaceutical company whose drug development pipeline requires animal testing as part of the preclinical research and regulatory submission process. The company’s SEC filings routinely cite the completion of animal studies as a standard step toward advancing its investigational compounds, including its approved product VOQUEZNA® (vonoprazan). FDA approval documents for vonoprazan reference findings from required animal studies that are described in the product’s official labeling.

As a pharmaceutical company seeking regulatory approval for new chemical entities, Phathom funds and commissions animal testing to satisfy preclinical safety and efficacy requirements, a practice inherent to its business model. This places the company within the scope of the exclusion for animal testing, which applies to firms that test on animals as part of product development or regulatory compliance, regardless of whether the testing is conducted in-house or outsourced.

Research Sources 10 organizations

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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.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.