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.
Valneva SE is a specialty vaccine company whose core business involves the development and production of vaccines, a process that requires animal testing for regulatory approval and safety validation. The company acknowledges this reliance, stating it strives to "enhance animal welfare and refine research practices" through continuous monitoring. Its preclinical research, such as for a Lyme disease vaccine candidate developed with Pfizer, involves animal models, with procedures approved by an internal animal welfare body.
Valneva SE is a clinical-stage biotechnology company focused on developing and commercializing vaccines. Its vaccine candidates, including those for Zika (VLA1601) and Lyme disease (VLA15), require extensive pre-clinical animal testing as part of the standard regulatory development pathway for human medicines. The company's public filings and research publications explicitly reference conducting "extensive pre-clinical laboratory and animal studies" and note that animal tests for its Zika candidate were scheduled to begin in 2024. While Valneva publishes an animal welfare policy and states a commitment to ethical practices, its core business model of vaccine development is inherently dependent on animal testing to meet safety and efficacy requirements for regulatory approval.
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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.