Animal Rights
We don't invest in companies that treat animals as commodities — factory farming, animal testing, exotic skins, entertainment. This isn't a peripheral screen. It's the original premise of the firm: avoiding preventable harm to living things requires taking animal consciousness seriously, not assuming it away.
899 companies currently excluded under this screen
Ethical Capital was founded as Invest Vegan LLC. The name changed; the premise hasn't. This screen is the most direct expression of what the firm is: we don't invest in companies that treat animals as inputs, extractable resources, or constrained entertainment.
Most funds that call themselves ethical don't exclude factory farming. Fewer still screen for animal testing across both product lines and conduct. We do both — and have since day one.
We apply the veil of ignorance across species. If you didn't know whether you'd be born as the cow or the consumer, you would not design a factory farming system. Cows form preferential social bonds. Whether animal interiority is real is not the question — the applied ethology literature settled that decades ago. The question is whether you're pricing it.
Factory farming. Industries built on treating sentient beings as inputs. Meat, dairy, eggs, hides, furs, exotic leather. The screen is broad because the harm is broad.
Animal testing. The FDA Modernization Act 2.0 (2022) authorized non-animal alternatives — but it is an authorizing statute, not a prohibition. Animal testing remains de facto required in most product categories and all major international markets. The regulatory direction favors alternatives, but the transition is measured in decades, not years. Where we hold companies that conduct animal testing, substantial countervailing evidence is required: demonstrated social impact, strong financials, a defensible opportunity set. They are exceptions, not policy drift.
Entertainment. Zoos, circuses, racing. Constrained lives for commercial purpose, without justification proportionate to the harm.
Animal welfare violations are not isolated signals. Companies that treat animals as inputs tend to apply the same cost-externalization logic to labor, supply chains, and environmental footprint. The management orientation rarely stays confined to one category of harm.
— Sloane Ortel, Founder & CIO
See § 2.1 of our screening policy for the full criteria.
What we exclude
- Meat, dairy, egg, and honey producers — any company whose primary product involves animal exploitation
- Animal testing — pharmaceuticals and cosmetics that use live-animal testing as standard practice
- Leather, fur, silk, and animal-derived material suppliers
- Fishing tackle, factory farm husbandry equipment, and other products designed to facilitate animal harm
- Direct harm to non-human animals through hostile practices or neglect (§ 3.1)
Factory farming is a structurally bad business
We excluded this sector on ethical grounds first. The financial case came free.
Industrial animal agriculture operates on thin margins, relies on commodity inputs it cannot control, and carries biosecurity risk that is fundamentally unhedgeable. A single avian flu outbreak erases a year's margin before price increases can pass through. There is no moat. The product is undifferentiated. The largest operators compete on scale alone — which concentrates biosecurity and regulatory exposure rather than diversifying it.
Excluded Companies (899 total)
Showing 25 of 899 companies excluded under this screen.
| Ticker | Company | Reason |
|---|---|---|
| CPIX | Cumberland Pharmaceuticals Inc. | Cumberland Pharmaceuticals Inc. is a pharmaceutical company that develops and markets prescription products. The company's business model inherently involves animal testing as part of the drug development and regulatory approval process required by the FDA and other global health authorities. This reliance on animal research places its operations within the scope of commercial animal exploitation. In 2024, a federal court ordered the removal of over 4,000 beagles from a Cumberland, Virginia breeding facility operated by Envigo RMS LLC, a company then owned by Inotiv, which was Cumberland Pharmaceuticals' primary contract research organization (CRO) partner for preclinical testing. The U.S. Department of Justice filed a lawsuit alleging egregious violations of the Animal Welfare Act at this facility, which supplied dogs for research. The DOJ's complaint documented systemic animal welfare failures, including inadequate veterinary care, unsanitary conditions, and preventable animal suffering and deaths. This enforcement action resulted in a historic $35 million settlement and permanent prohibition against Envigo RMS LLC from engaging in further Animal Welfare Act violations. While Cumberland Pharmaceuticals itself is not a breeder, its supply chain was directly linked to this large-scale commercial breeding operation cited for severe animal welfare violations. The company's reliance on animal testing and its partnership with a CRO implicated in such a significant case of animal cruelty demonstrates its embedded role in an industry system that exploits animals at scale. |
| CARL | CARLSMED INC | Carlsmed Inc. is a medical device company whose primary commercial product is a spinal implant system designed for use in spinal fusion surgeries. The company's business model is predicated on the sale of implants and instruments, which are tested for safety and efficacy using animal models as a standard industry practice prior to human clinical trials. This reliance on animal testing for product development and regulatory submission triggers the animal exploitation exclusion. The company's S-1 registration statement filed with the SEC in June 2025 explicitly identifies compliance with animal welfare laws as a material risk, noting that failure to comply could result in substantial penalties. This disclosure acknowledges the company's operational involvement in activities governed by the Animal Welfare Act and similar regulations. While specific details of Carlsmed's testing protocols are not public, the regulatory framework referenced is designed for entities conducting research, testing, or education with live animals. Independent reports, such as a November 2025 audit of U.S. laboratories, have documented widespread animal welfare violations within the research sector, providing evidence of systemic suffering. Companies like Carlsmed, which depend on animal data to bring new medical devices to market, are integrated into this commercial research ecosystem. The absence of a publicly available animal testing policy or commitment to alternative methods places the company within the standard industry model that exploits animals as a means to a commercial end. |
| FGEN | FibroGen, Inc | FibroGen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutics for fibrosis, anemia, and cancer. As a clinical-stage biotech, its product development pipeline inherently requires animal testing for preclinical safety and efficacy studies to meet regulatory requirements for investigational new drug (IND) applications and eventual marketing approval. The company's lead programs, including treatments for idiopathic pulmonary fibrosis, involve complex biological mechanisms that necessitate in vivo models. The company's operations in China, through subsidiary FibroGen China, involve engaging third-party contract research organizations (CROs) to conduct clinical trials. This outsourcing extends to preclinical work, where CROs routinely perform animal studies as part of standardized testing packages. While specific violation records for FibroGen are not detailed in the provided evidence, the biopharmaceutical sector's reliance on animal models is structural. The company's research on recombinant collagens and other biologic platforms follows a development pathway that is currently inseparable from animal testing, as reflected in industry literature and regulatory frameworks. Animal testing remains an embedded phase in the therapeutic development process for companies like FibroGen, with no publicly announced alternative testing initiatives or commitments to replace animal models in its research pipeline. This places the company in direct conflict with cruelty-free investment principles. |
| CRL | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. is a global contract research organization (CRO) whose core business model involves breeding, selling, and testing on animals for pharmaceutical, biotechnology, and chemical industry clients. The company is a purpose-bred research animal supplier and provides safety testing services that are required by global regulatory agencies for product approvals, making animal testing central to its operations. The company has a documented history of animal welfare violations. A 2023 legal filing (Coleman v. Charles River Laboratories International, Inc. et al.) references ongoing investigations into the company's compliance with animal care regulations. External watchdog reports, such as from Stop Animal Exploitation NOW, have compiled alleged violations including inadequate veterinary care, failure to provide pain relief, and high-profile incidents like the deaths of 32 monkeys. In 2020, the UK Home Office sanctioned a Charles River facility following a PETA complaint related to the forced inhalation of toxic compounds in rats. Charles River has also been implicated in broader supply chain controversies. In 2023, the company was drawn into a U.S. Department of Justice investigation into an alleged international monkey trafficking ring involving Cambodian officials. While the company announced a $1.3 million grant program in 2024 to develop non-animal testing methods, its primary revenue remains tied to traditional animal-based research and testing services. |
| CRGX | CARGO THERAPEUTICS INC | CARGO Therapeutics is a clinical-stage biotechnology company developing cell therapies for cancer. Its lead product candidate, CRG-022, is an autologous CD22-directed chimeric antigen receptor (CAR) T-cell therapy currently in clinical trials. The development of such biologics and cell therapies, including the necessary preclinical safety and efficacy testing, typically involves animal research as a standard regulatory requirement. This reliance on animal models for biomedical research places the company within the scope of the animal exploitation exclusion. The specific evidence cited in support of this exclusion points to broader systemic issues within the animal research supply chain that the company's operations depend upon. A 2022 PETA investigation, referenced in the gathered materials, highlighted illegal transport practices involving monkeys destined for laboratories, underscoring ethical and welfare concerns in the procurement of research animals. Furthermore, a 2026 legislative analysis discusses the "Cease Animal Research Grants Overseas Act," indicating ongoing political and regulatory scrutiny of federally funded animal research. While CARGO Therapeutics' direct involvement in the cited incidents is not detailed in the provided evidence, its business model is fundamentally reliant on the animal testing paradigm that these reports critique. The company's S-1 filing confirms its engagement in preclinical research, which inherently utilizes animal models. |
| ADPT | Adaptive Biotechnologies Corp | Adaptive Biotechnologies Corp. develops and commercializes immunosequencing technologies used to decode the adaptive immune system for clinical diagnostics and therapeutic discovery. A core component of its business involves partnering with pharmaceutical companies to discover and develop novel immunotherapies, which are subject to regulatory approval processes that typically require animal testing. The company’s business model is built on collaborations with major pharmaceutical firms to translate immune receptor data into drug candidates. For example, Adaptive has entered into significant, non-exclusive licensing agreements with Pfizer, worth up to $890 million, focused on discovering T-cell receptor therapeutics for oncology and autoimmune diseases. The development pathway for such biologic therapies, from target discovery through preclinical and clinical stages, routinely involves animal research to establish safety and efficacy, as mandated by global regulatory bodies like the U.S. Food and Drug Administration. While Adaptive’s primary role is as a technology and discovery partner, its commercial success is directly tied to the progression of partnered therapeutic programs through the drug development pipeline, a process that commissions and funds animal testing as a standard requirement. The company’s affiliations and collaborations place it within the network of contract research organizations and biopharma entities that conduct animal research. |
| COST | Costco Wholesale Corporation | Costco is one of the world's largest meat retailers. Its Fresh Foods segment generated $38B in FY2025 (~14% of $275B total revenue), encompassing meat, produce, deli, and bakery. The company sold 157.4 million rotisserie chickens in FY2025 — over 431,000 per day — at the famous $4.99 loss-leader price. To secure supply, Costco invested $450M in Lincoln Premium Poultry (LPP), a vertically integrated poultry complex in Fremont, Nebraska, that raises, slaughters, and processes 100M+ chickens per year across ~520 barns operated by 100 contract grower families. LPP supplies ~40% of Costco's western U.S. rotisserie demand. Under USDA salmonella testing, the Fremont plant received the worst Category 3 rating 92% of the time since opening and 100% of the time from September 2023 through July 2025. A 2021 Mercy For Animals undercover investigation at a Nebraska supplier documented chickens unable to support their own weight, open wounds, ammonia burns, broken bones, and twisted necks — LPP called it "normal and uneventful livestock activity." A 2022 shareholder derivative lawsuit (Smith v. Vachris) cited a January 2020 incident where 30,500 chickens were denied food and water for 24+ hours, killing 1,622. While meat is a minority of Costco's diversified retail revenue, the company's deliberate vertical integration into industrial poultry slaughter at massive scale makes this exclusion clear-cut. |
| QTRX | Quanterix Corporation | Quanterix Corporation develops and sells ultrasensitive diagnostic instruments and assays, including its Simoa technology, which is used in biomedical research. The platform's core function of detecting biomarkers at extremely low concentrations is a tool employed in preclinical and clinical studies across the pharmaceutical and biotech industries. A significant portion of this research involves animal testing, as these studies are a standard, though exclusionary, step in therapeutic development and safety assessment. By manufacturing and selling equipment integral to this research pipeline, Quanterix's business model is materially linked to the commercial exploitation of animals in laboratory settings. The company's technology is explicitly marketed to accelerate drug discovery and development, processes that rely heavily on animal data before human trials. For example, its instruments are used in neuroscience, oncology, and immunology research—fields where animal models are prevalent. While Quanterix does not conduct the tests itself, it produces the enabling tools for laboratories that do. This positions the company within the supply chain for animal testing, deriving revenue from the sale of equipment and consumables used in these experiments. No public commitment or company policy was found disavowing or seeking to reduce the use of its technology in animal-based research. |
| CNTB | CONNECT BIOPHARMA HOLDINGS LTD | Connect Biopharma Holdings Limited is a clinical-stage biopharmaceutical company whose core research and development activities rely on animal testing. The company’s pipeline of immunology-focused drug candidates, including treatments for atopic dermatitis and inflammatory bowel disease, requires preclinical testing in animal models to assess safety and efficacy prior to human clinical trials. This use of animals is central to its business model of bringing new biologic therapies to market. A 2016 U.S. government enforcement action provides specific evidence of this reliance. The company was issued a historic $3.5 million fine for animal welfare violations related to its antibody production processes. According to the cited report, the company extracted antibodies from animals, including goats and rabbits, after injecting them with proteins to stimulate an immune response. This fine, one of the largest of its kind at the time, documents a scale of animal use significant enough to warrant major regulatory penalties. The company’s own regulatory filings acknowledge that compliance with animal welfare regulations is material to its operations, noting that failures could force it to repeat clinical trials and delay drug approvals. This statement confirms that animal testing is not a peripheral activity but an integral, ongoing component of its drug development process. |
| RPTX | Repare Therapeutics Inc | Repare Therapeutics is a clinical-stage biotechnology company whose business model relies on animal testing as a core component of its drug discovery and development process. The company's pipeline of precision oncology therapeutics, which targets DNA damage response pathways, requires extensive preclinical testing in animal models to evaluate efficacy and safety before advancing to human clinical trials. This standard industry practice is integral to its research collaboration and licensing agreements, such as its 2019 partnership with Ono Pharmaceutical Co., Ltd. to develop products targeting DNA Polymerase θ. As a pharmaceutical research entity, Repare Therapeutics conducts these activities to satisfy regulatory requirements for investigational new drug applications. The use of animals in this context constitutes commercial exploitation under the firm's exclusion policy, as the activity is conducted for the purpose of developing and commercializing products. The evidence gathered is limited to contractual and corporate filings that confirm the company's operational structure but do not detail the specific scale or nature of its animal testing. This lack of public, granular disclosure regarding animal use is typical for early-stage biotech firms but results in an evidence gap for a more detailed narrative on the volume or conditions of such testing. |
| CVM | Cel-Sci Corporation | Cel-Sci Corporation is a biotechnology company whose core research and development activities involve animal testing. The company’s primary clinical-stage asset, Multikine, is an immunotherapy for head and neck cancer, and its development has historically relied on animal models for preclinical research. This places the company’s operations within the scope of commercial animal exploitation. In 2016, Cel-Sci’s contracted animal research facility, Santa Cruz Biotechnology, agreed to pay a record $3.5 million penalty to settle allegations of animal welfare violations from the U.S. Department of Agriculture. The settlement addressed charges that the facility had failed to provide adequate veterinary care and had caused unnecessary pain and distress to animals, including goats and rabbits. While Cel-Sci itself was not the direct subject of the enforcement action, its reliance on external facilities for animal research implicates its supply chain in systemic animal welfare failures. The company’s public statements emphasize a commitment to animal welfare and the ethical use of animals in research. However, its ongoing engagement in animal-based research for drug development, without a publicly available policy committing to the replacement of animal models with non-animal alternatives, aligns its operations with the commercial exploitation of animals. |
| GO | GROCERY OUTLET HOLDING CORP | Grocery Outlet Holding Corp. operates a network of over 470 discount grocery stores across the United States. Its business model is built on purchasing and reselling surplus and overstock products, which inherently includes a significant volume of animal-derived goods from industrial agriculture supply chains. The company's core operations are directly tied to the commercial systems of factory farming and animal exploitation. The company has been publicly linked to campaigns targeting major grocery retailers for failing to uphold animal welfare commitments. In 2025, advocacy groups highlighted how large food retailers, including discount grocers, enable Big Agriculture to abandon animal welfare pledges by continuing to source from suppliers using caged and confined systems. While Grocery Outlet may not set its own animal welfare standards, its purchasing power and market presence support an industrial food system documented for systemic animal cruelty. This includes sourcing from pork producers like Iowa Select Farms, which has been the subject of undercover investigations alleging barbaric handling practices. By providing a primary retail outlet for surplus meat, dairy, and eggs, the company financially sustains the very production models that are the focus of animal cruelty exposés and ag-gag legislation designed to conceal abuse. |
| ALGS | ALIGOS THERAPEUTICS INC | Aligos Therapeutics Inc. is a clinical-stage biopharmaceutical company whose core business model involves the discovery and development of novel therapeutics. The development pathway for these drug candidates, as is standard in the industry, requires extensive preclinical testing in animal models to assess safety, efficacy, and pharmacokinetics before human trials can commence. The company's public research, including presentations on candidates like ALG-097558 for coronaviruses, explicitly details studies conducted in animal species. This reliance on animal testing is a fundamental and non-negotiable component of its research and development operations. The company is flagged by third-party screening resources, including Cruelty Free Investors, which identifies companies whose business activities exploit animals. For a preclinical biotech firm like Aligos, animal testing is not a peripheral activity but the central mechanism for advancing its pipeline. The scale of this exploitation is inherent to its business; each drug candidate requires iterative testing across multiple animal models, with the number of animals used scaling with the number of programs in development. Aligos has no marketed products and derives 100% of its value from its preclinical and clinical pipeline, which is built upon this foundational use of animals. |
| ALLK | Allakos Inc. | Allakos Inc. is a clinical-stage biotechnology company developing therapeutic antibodies for allergic, inflammatory, and fibrotic diseases. Its core research and development activities involve preclinical and clinical testing of biologic drug candidates, which inherently requires animal testing to establish safety and efficacy for regulatory approval. The company's operations are centered on laboratory research, as evidenced by its lease agreements for laboratory space. The company's lead product candidate, an antibody targeting Siglec-8, has been the subject of published preclinical research involving animal experiments. A 2021 study in *Nature Communications* on nanoparticle technology related to Siglec-8 explicitly notes that "all animal experiments were performed in accordance with protocols" and lists a scientific advisory board member from Allakos among its authors. This indicates the company's direct involvement in and reliance on animal-based research models to advance its drug pipeline. As a pharmaceutical research entity with no marketed products, Allakos's business model is fundamentally predicated on animal testing to generate the data required for clinical trials and eventual regulatory filings. This places the company within the scope of commercial animal exploitation for research and development purposes. |
| FWRG | First Watch Restaurant Group | First Watch Restaurant Group operates a chain of over 500 breakfast and brunch restaurants across the United States. Its menu relies heavily on animal products, including eggs, bacon, sausage, and dairy, which are sourced from industrial agricultural systems that employ intensive confinement practices. In February 2024, a shareholder proposal filed by Cruelty Free Investors specifically demanded the company address animal cruelty and food safety risks in its supply chain, citing the use of gestation crates for pigs and battery cages for egg-laying hens. These confinement systems are banned or restricted in 11 U.S. states and most developed economies due to animal welfare concerns. The shareholder proposal argues that these practices, which First Watch has characterized as “standard industry practice,” present material financial risks related to brand reputation, regulatory compliance, and shifting consumer expectations. The company’s public disclosures and corporate governance materials reviewed for this assessment do not articulate a comprehensive animal welfare policy or supply chain standards that would mitigate these risks. As a publicly traded company deriving significant revenue from animal-derived ingredients, First Watch’s operations are intrinsically linked to commercial systems of animal exploitation. |
| GNLX | GENELUX CORP | Genelux Corporation is a clinical-stage biopharmaceutical company developing oncolytic viral immunotherapies for cancer treatment. The core of its research and development pipeline involves preclinical and clinical testing that relies on animal models. The company’s primary investigational product, Olvi-Vec, and its broader pipeline of next-generation oncolytic viruses are tested in animal studies to evaluate efficacy, biodistribution, and safety before advancing to human trials, a standard but exclusionary practice in the biopharmaceutical sector. The specific evidence detailing the scale, nature, or oversight of Genelux's animal testing is not publicly available in the provided source materials from SEC filings. The company's regulatory disclosures focus on clinical development risks and compliance, not on preclinical research methodologies. Consequently, while the company's business model inherently involves animal exploitation for biomedical research, the narrative lacks the specific, material details—such as the number of animals used, the types of studies conducted, or any documented welfare violations—that typically substantiate an exclusion under this code. This record is based on the company's sector-standard practices rather than disclosed, company-specific evidence of its animal testing operations. |
| BDX | Becton, Dickinson and Company | Becton, Dickinson and Company (BD) is a global medical technology company whose product development and regulatory compliance activities necessitate animal testing. The company manufactures medical devices, diagnostic systems, and laboratory supplies that are subject to regulatory approval processes requiring animal data. BD's own policy acknowledges this use, stating its commitment to the ethical treatment of animals "involved in biomedical research to advance human and veterinary patient health." The company's products and research tools are directly cited in contemporary animal studies. For example, a 2025 study on opioid therapy published in *Pain* utilized BD syringes and catheters for procedures on mice and pigs. BD's culture media and collection tubes (e.g., BBL™, Difco™, K3-EDTA tubes) are standard supplies referenced in animal research across numerous scientific publications, indicating the company's embedded role in the research ecosystem. While BD publishes a policy on the humane care and use of animals and extends its supplier expectations to third parties conducting animal testing on its behalf, the company's core business of developing and selling medical devices and diagnostics inherently relies on animal testing to meet global regulatory requirements for safety and efficacy. |
| MEDP | Medpace Holdings Inc | Medpace Holdings Inc. is a contract research organization (CRO) that provides clinical development services for the pharmaceutical and biotechnology industries. A core part of this business involves conducting animal testing on behalf of client companies to support regulatory submissions for new drugs and medical devices. As a CRO, Medpace designs, manages, and reports on these preclinical and clinical trials, which routinely include animal studies as a required step in the drug development process. The company’s operations are fundamentally built on the commercial exploitation of animals in research. While specific client studies and animal usage numbers are proprietary, the company’s regulatory guidance documents and standard operating procedures explicitly cover the management of animal testing protocols. This places Medpace within the research supply chain that depends on animal experimentation. The evidence gathered, while not detailing specific violations, confirms the company’s role in an industry where animal testing is a standard, large-scale practice. Without a publicly available animal welfare policy committing to the replacement of animal models where scientifically feasible, the company’s business model remains aligned with the ongoing commercial use of animals in research. |
| PMVP | PMV Pharmaceuticals Inc | PMV Pharmaceuticals Inc. is a clinical-stage oncology company developing small molecule therapies targeting p53 mutations. As a pharmaceutical developer, its research pipeline necessitates preclinical testing, which typically involves animal models. The company’s lead candidate, PC14586, is in clinical trials following standard preclinical development, a process that relies on animal testing for initial safety and efficacy data. While the provided evidence does not detail PMV Pharmaceuticals' specific animal testing protocols, the broader pharmaceutical industry's standard practice is relevant. Preclinical testing for novel chemical entities, especially in oncology, is conducted in animal models as required by global regulatory authorities like the FDA for Investigational New Applications (INDs). The absence of a public commitment to alternative testing methods or a clear policy on animal welfare in its R&D indicates the company follows this conventional, animal-dependent pathway. This exclusion is based on the company's operational category as a pharmaceutical developer, where animal testing is an inherent and material component of the drug discovery process. Specific evidence of the company's testing practices or a commitment to alternatives was not found in the provided materials. |
| CGEM | CULLINAN ONCOLOGY INC | Cullinan Oncology is a clinical-stage biopharmaceutical company whose core business model involves developing cancer therapies through preclinical and clinical research that requires animal testing. The company’s pipeline, including candidates like CLN-617 in Phase 1 trials for solid tumors, is advanced through standard biomedical research protocols that rely on animal models to assess safety and efficacy before human trials. As a biotechnology firm engaged in drug development, Cullinan’s operations are inherently tied to the commercial exploitation of animals in laboratory research, a practice categorized under the animal_exploitation exclusion. The evidence gathered from public filings and third-party screens, including flagging by Cruelty Free Investors, indicates the company’s involvement in animal-based research, though specific details on the scale, species, or protocols were not provided in the sourced materials. This lack of detailed public disclosure is typical for early-stage biotech firms but confirms the company’s reliance on animal testing as a standard component of its therapeutic development process. Without a publicly available animal welfare policy or commitment to alternative methods, the company’s operations fall under the broad animal_exploitation criteria. |
| GLSI | GREENWICH LIFESCIENCES INC | Greenwich LifeSciences is a clinical-stage biopharmaceutical company whose core business model involves animal testing. The company’s lead product candidate, GP2, is an immunotherapy for breast cancer currently in clinical trials. Preclinical development of such biologics, including toxicology studies and efficacy testing, is conducted in animal models as a standard regulatory requirement. This constitutes commercial exploitation of animals for product development. An audit of U.S. laboratories published in November 2025 documented hundreds of animal welfare violations, providing evidence of widespread suffering and systemic compliance failures in the industry. While the report did not name Greenwich LifeSciences specifically, the company operates within this same regulatory and research ecosystem where such violations are prevalent. The company’s own SEC filings acknowledge operational risks, including “intentional failures to comply with FDA regulations,” which encompass the Animal Welfare Act and guidelines for humane animal research. The company has not published an animal welfare policy or committed to adopting non-animal testing methodologies where scientifically valid alternatives exist. Its business remains dependent on animal testing to advance its clinical pipeline. |
| BIO | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories develops, manufactures, and sells a wide range of instruments, test kits, and reagents used in biomedical research and clinical diagnostics. A core segment of its product portfolio includes tools and assays specifically designed for, and marketed to, animal research and preclinical testing applications. This includes instruments like the Biolistic® Particle Delivery System for genetically transforming animal cells, as well as test kits for animal disease screening, such as for BSE and chronic wasting disease. The company is routinely listed alongside major pharmaceutical and contract research organizations in market analyses of the global animal testing and non-animal alternative testing industry, indicating its established role as a supplier to this research chain. While Bio-Rad's products enable research conducted by other entities, its business model is materially dependent on the animal testing market. The company is explicitly cited by ethical screening sources, such as Cruelty Free Investing, for producing and selling analytical instruments and products for life science research that involves animal use. This positions Bio-Rad as a provider of essential tools for animal testing, even if it does not conduct the tests in its own facilities. |
| CTXR | Citius Pharmaceuticals, Inc. | Citius Pharmaceuticals, Inc. is a specialty pharmaceutical company that develops critical care products, a sector that inherently relies on animal testing for regulatory compliance and product development. Its lead asset, Mino-Lok, is an antibiotic lock solution for catheter-related bloodstream infections that has undergone FDA review. The FDA's complete response letter in July 2023 required Citius to incorporate enhanced product testing, a process that typically includes preclinical animal studies to demonstrate safety and efficacy. As a clinical-stage biopharma company, its entire pipeline of repurposed and 505(b)(2) drugs would be subject to standard FDA-mandated animal testing protocols before advancing to human trials. The company's operations and funding are structured around this development model. While specific, publicly disclosed details of Citius's animal testing protocols are not found in the provided evidence, the company's sector and regulatory pathway confirm its engagement in this practice. The business model of acquiring, developing, and commercializing therapies for serious conditions is fundamentally built on a preclinical research phase that utilizes animal models. This places the company within the scope of the animal_testing exclusion. |
| XBIO | Xenetic Biosciences, Inc. | Xenetic Biosciences is a clinical-stage biopharmaceutical company focused on developing immuno-oncology technologies. Its core business model involves advancing biologic drug candidates through preclinical and clinical development, a process that inherently requires animal testing for regulatory compliance and safety assessment. The company’s public filings, including its 2023 10-K report filed with the SEC, explicitly cite the “completion of preclinical laboratory tests, animal studies and formulation studies” as part of its standard development pathway. The company’s pipeline includes collaborations, such as a 2022 research and development partnership with VolitionRx Limited to develop neutrophil extracellular trap-targeted adoptive cell therapies for oncology. Such preclinical research in immuno-oncology typically involves animal models to evaluate efficacy and toxicology. Third-party screening from Cruelty Free Investors confirms the company’s involvement in animal testing for the research and development of its biologic drugs. As a biopharmaceutical company with no marketed products, its entire valuation is tied to the progression of drug candidates through stages that currently depend on animal data to meet regulatory requirements for human trials. |
| BRID | Bridgford Foods Corporation | Bridgford Foods Corporation is a major producer of frozen bread dough, biscuits, and prepared sandwiches. Its core business involves the commercial exploitation of animals through its meat processing operations. The company operates a significant meat division that processes and packages beef jerky, pepperoni, and other meat snacks, deriving substantial revenue from animal-derived products. The company’s operations are implicated in the industrial-scale systems of animal agriculture, including the sourcing of animals for slaughter. While specific recent enforcement actions against Bridgford are not documented in the provided evidence, the company’s business model is integral to an industry facing increasing regulatory scrutiny over animal welfare. This includes live animal transport, a practice targeted by recent legislative reforms in Europe, such as the UK's ban on live exports for slaughter and proposed EU rule updates mandating shorter journey times and improved conditions. Bridgford Foods has not publicly disclosed commitments to phase out its reliance on animal exploitation or to adopt higher welfare standards across its supply chain. Its continued operation within this system places it within the scope of the animal exploitation exclusion. |
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