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.
Zenas BioPharma is a clinical-stage biopharmaceutical company whose core business involves developing therapeutic candidates that require animal testing for regulatory approval and research. The company's pipeline includes immunology and oncology drug candidates, which are subject to preclinical testing mandates under the U.S. Food and Drug Administration and other global regulatory agencies. This testing inherently involves the commercial use of animals in laboratory research. The company's SEC filings reference compliance with the Animal Welfare Act in the context of its clinical programs, confirming animal use is integral to its development process. As flagged by Cruelty Free Investors, the company's operations fall within the broad commercial exploitation of animals for product development, a category reserved for businesses whose activities are not covered by more specific codes like animal testing for cosmetics or entertainment.
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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.