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.
SI-BONE, Inc. develops and markets medical devices, specifically the iFuse Implant System, for minimally invasive surgery of the sacroiliac joint. The company's product development and regulatory clearance processes involve animal testing. Public shareholder proposals filed against Charles River Laboratories, a major animal testing contractor, by People for the Ethical Treatment of Animals (PETA) in 2023 and 2024 specifically named SI-BONE as one of the companies whose business supports the animal testing industry. Furthermore, a regulatory records search indicates the company's submissions to the U.S. Food and Drug Administration involve animal health inspections related to its products. This reliance on animal models for the development and clearance of its orthopedic implants places the company within the scope of commercial animal exploitation.
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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.