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.
Vaxart, Inc. is a clinical-stage biotechnology company that develops oral vaccine tablets. Its core research and development process involves preclinical animal testing to assess vaccine candidates for safety and immunogenicity before human trials. The company explicitly notes in its 2025 Form 10-K that its operations are subject to the federal Animal Welfare Act, which regulates the treatment of animals in research.
Cruelty Free Investors lists Vaxart under "Companies That Exploit Animals" for its reliance on animal testing. This classification reflects the company's business model, which is built on pharmaceutical development—an industry sector where animal testing remains a standard, required step in the regulatory pathway for bringing new drugs and vaccines to market.
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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.