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.
Q32 Bio Inc. is a clinical-stage biotechnology company whose pipeline is built on animal testing as a fundamental component of its drug development process. Its lead candidate, bempikibart, is being evaluated for alopecia areata and other inflammatory conditions, and its development has required extensive preclinical testing on animals to assess safety and efficacy prior to human trials. This reliance on animal models is inherent to the company's business model of bringing new biologic therapies to market.
The company's operations and intellectual property are directly tied to this research methodology. Its SEC filings and public communications detail clinical trial designs and endpoints that are predicated on data generated from animal studies. As a biotechnology firm with no marketed products, its entire valuation and future revenue potential are contingent on a development pathway that necessitates commercial animal exploitation at scale.
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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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