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.
SAB Biotherapeutics Inc. develops human polyclonal antibody therapies using a proprietary platform that relies on genetically engineered cattle. The company’s core technology involves immunizing these transchromosomic bovines to produce fully human antibodies in their blood plasma, which is then harvested and purified for use in therapeutic candidates. This process is central to the company’s pipeline for infectious diseases like influenza and Ebola.
The company’s regulatory filings and published research explicitly reference the use of pivotal animal model efficacy studies and the care of research animals as part of its operations. Its work is conducted under the U.S. FDA’s Animal Rule pathway, which permits reliance on animal studies when human efficacy trials are not ethical or feasible. The business model is intrinsically dependent on the large-scale use of livestock for biological production.
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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.