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.
Pyxis Oncology is a preclinical-stage biotechnology company developing antibody-drug conjugate therapies for cancer. Its research and development pipeline is built on animal testing, as documented in its public SEC filings. The company’s May 2025 Form 10-Q details a key preclinical study for a lead candidate, where the “combination of the mouse analog of MICVO and anti-PD-1 therapy resulted in TGI of 91% and complete response was seen in 9/15 animals.”
The company’s business model is contingent on animal experimentation to advance drug candidates toward clinical trials. Its 2024 Form 10-Q explicitly notes this reliance, stating that “our preclinical programs may experience delays or may never advance to clinical trials,” indicating that animal studies are a fundamental, ongoing part of its operations. As a company whose primary activity is preclinical drug development, animal testing is central to its core business.
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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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