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Segment information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment information | Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The CODM approves key operating and strategic decisions, including key decisions in clinical development and clinical operating activities, entering into significant contracts and approves the Company's consolidated operating budget. The Company views its operations and manages its business as one operating segment, the research and development of immunotherapies and vaccines. The CODM uses loss before income tax to monitor budget versus actual results and decide how to use the Company's resources. As the Company operates in one operating segment, all required financial segment information can be found in these condensed consolidated financial statements. The following table is a summary of the Company's significant segment expenses:
|  |  |  |  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Change
Direct research and development expenses: |  |  |  |  |  |  |  |  |
VTP-1000 Celiac |  |  |  |  | $ | 1,782 |  |  | $ | 1,371 |  |  | $ | 411 |
VTP-300 HBV |  |  |  |  | 1,837 |  |  | 3,034 |  |  | (1,197) |
Other clinical programs 1 |  |  |  |  | 642 |  |  | 1,125 |  |  | (483) |
Other pre-clinical programs |  |  |  |  | 449 |  |  | 908 |  |  | (459) |
Total direct research and development expenses |  |  |  |  | 4,710 |  |  | 6,438 |  |  | (1,728) |
Indirect research and development expenses: |  |  |  |  |  |  |  |  |
Personnel-related (including share-based compensation)2 |  |  |  |  | 2,450 |  |  | 4,763 |  |  | (2,313) |
Facility related |  |  |  |  | 350 |  |  | 342 |  |  | 8 |
Other indirect costs |  |  |  |  | 443 |  |  | 119 |  |  | 324 |
Total indirect research and development expenses |  |  |  |  | 3,243 |  |  | 5,224 |  |  | (1,981) |
Total research and development expenses |  |  |  |  | $ | 7,953 |  |  | $ | 11,662 |  |  | $ | (3,709) |
|  |  |  |  | Six months ended June 30, 2025 |  | Six months ended June 30, 2024 |  | Change
Direct research and development expenses: |  |  |  |  |  |  |  |  |
VTP-1000 Celiac |  |  |  |  | $ | 2,764 |  |  | $ | 2,744 |  |  | $ | 20 |
VTP-300 HBV |  |  |  |  | 3,187 |  |  | 4,947 |  |  | (1,760) |
Other clinical programs 1 |  |  |  |  | 1,383 |  |  | 2,893 |  |  | (1,510) |
Other pre-clinical programs |  |  |  |  | 868 |  |  | 1,693 |  |  | (825) |
Total direct research and development expenses |  |  |  |  | 8,202 |  |  | 12,277 |  |  | (4,075) |
Indirect research and development expenses: |  |  |  |  |  |  |  |  |
Personnel-related (including share-based compensation)2 |  |  |  |  | 6,394 |  |  | 9,097 |  |  | (2,703) |
Facility related |  |  |  |  | 685 |  |  | 732 |  |  | (47) |
Other indirect costs |  |  |  |  | 962 |  |  | 681 |  |  | 281 |
Total indirect research and development expenses |  |  |  |  | 8,041 |  |  | 10,510 |  |  | (2,469) |
Total research and development expenses |  |  |  |  | $ | 16,243 |  |  | $ | 22,787 |  |  | $ | (6,544) |
1 This includes expenses relating to the infectious disease and oncology programs; VTP-850 Prostate cancer, VTP-200 HPV, VTP-600 NSCLC (the Phase 1/2a trial is sponsored by Cancer Research UK) and VTP-500 MERS (funded pursuant to an agreement with the Coalition for Epidemic Preparedness Innovations (“CEPI”). Expenses relating to these programs were previously presented separately, but are now aggregated for the prior period comparative.
2 This includes $0.1 million and $0.1 million for the three and six months ended June 30, 2025, respectively (three and six months ended June 30, 2024:$0.2 million and $0.3 million, respectively) of personnel-related indirect expenses relating to time spent progressing the VTP-500 MERS program, which is funded by CEPI.
The Company operates in two geographic regions: the U.S. and the U.K. The following table summarizes the Company’s assets held for sale and long-lived assets, which include the Company’s intangible assets, property and equipment, net, and right-of-use assets, by geography:
| June 30, 2025 |  | December 31, 2024
United States | $ | 26,845 |  |  | $ | 28,907 |
United Kingdom | 1,771 |  |  | 4,797 |
| $ | 28,616 |  |  | $ | 33,704 |

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- Definition The entire disclosure for reporting segments including data and tables. 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