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.
Surrozen Inc. is a biotechnology company whose core research and development activities rely on animal testing. The company’s primary therapeutic candidates, such as SZN-043 for severe liver disease, are advanced through preclinical studies conducted on mice, as documented in its published research. In its own SEC filings, Surrozen explicitly acknowledges that animal testing activities are integral to demonstrating the safety and potency of its drug candidates, and that such activities “have been the subject of controversy and adverse publicity.”
The company’s business model is built on exploiting the Wnt signaling pathway to develop regenerative medicines, a process that currently necessitates animal models. Published studies list Surrozen as the funding source and sponsor for this animal-based research. Cruelty Free Investors classifies Surrozen as a company that exploits animals.
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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.