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Segment information
 6 Months Ended
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, 2025Three months ended June 30, 2024Change
Direct research and development expenses:
VTP-1000 Celiac$1,782 $1,371 $411 
VTP-300 HBV1,837 3,034 (1,197)
Other clinical programs1
642 1,125 (483)
Other pre-clinical programs449 908 (459)
Total direct research and development expenses4,710 6,438 (1,728)
Indirect research and development expenses:  
Personnel-related (including share-based compensation)2
2,450 4,763 (2,313)
Facility related350 342 8 
Other indirect costs443 119 324 
Total indirect research and development expenses3,243 5,224 (1,981)
Total research and development expenses$7,953 $11,662 $(3,709)
Six months ended June 30, 2025Six months ended June 30, 2024Change
Direct research and development expenses:
VTP-1000 Celiac$2,764 $2,744 $20 
VTP-300 HBV3,187 4,947 (1,760)
Other clinical programs1
1,383 2,893 (1,510)
Other pre-clinical programs868 1,693 (825)
Total direct research and development expenses8,202 12,277 (4,075)
Indirect research and development expenses:  
Personnel-related (including share-based compensation)2
6,394 9,097 (2,703)
Facility related685 732 (47)
Other indirect costs962 681 281 
Total indirect research and development expenses8,041 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.
2This 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, 2025December 31, 2024
United States
$26,845 $28,907 
United Kingdom
1,771 4,797 
$28,616 $33,704