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.
Upstream Bio Inc. is a clinical-stage biotechnology company whose business model is predicated on animal testing. The company’s drug development pipeline requires extensive preclinical testing on animals, as referenced in its legal filings, which cite “preclinical (animal) testing” as a standard phase of research. The global shortage of animal testing subjects, including monkeys, is listed among the material risks to its business in SEC filings, indicating the company’s operational dependency on this practice. This places the company within the broader biotechnology and pharmaceutical sector, which routinely exploits animals in research and development.
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The Naughty List
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.