v3.25.1
Segment information
 3 Months Ended
Mar. 31, 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 March 31, 2025Three months ended March 31, 2024Change
Direct research and development expenses by program:
VTP-1000 Celiac$982 $1,374 $(392)
VTP-300 HBV1,350 1,913 (563)
Other clinical programs1
741 1,767 (1,026)
Other pre-clinical programs419 784 (365)
Total direct research and development expenses3,492 5,838 (2,346)
Indirect research and development expenses:  
Personnel-related (including share-based compensation)2
3,944 4,335 (391)
Facility related335 390 (55)
Other indirect costs519 562 (43)
Total indirect research and development expenses4,798 5,287 (489)
Total research and development expenses$8,290 $11,125 $(2,835)
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 $0.07 million and $0.14 million for the three months ended March 31, 2025 and 2024, 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 long-lived assets, which include the Company’s intangible assets, property and equipment, net and right-of-use assets by geography:
March 31, 2025December 31, 2024
United States
$27,877 $28,907 
United Kingdom
3,335 4,797 
$31,212 $33,704