v3.26.1
Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company defines its segments on the basis of the way in which internally reported financial information is regularly reviewed by the Chief Operating Decision Maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company’s CODM is the Chief Executive Officer. The Company manages its operations as a single operating and reportable segment and the measure of segment profit or loss is net loss. The CODM uses net loss in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. The following table summarizes the significant segment expenses presented on the Company's condensed consolidated statements of operations and comprehensive loss:
Three Months Ended March 31,
(in thousands)20262025
Direct research and development by program
VDPHL01
17,188 9,278 
VDMN149 1,118 
VDMC26 7 
VDAA1 1 
Other program candidates and expenses
— 80 
Other unallocated research and development costs
Personnel expenses (including share-based compensation)3,476 879 
Other expenses
85 84 
General and administrative, excluding personnel expenses
4,608 1,050 
General and administrative, personnel expenses (including share-based compensation)
4,329 418 
Other segment items(1)
(2,630)(515)
Segment net loss
(27,232)(12,400)
(1)For the three months ended March 31, 2026 other segment items include interest income of $2.5 million and investment accretion of $0.1 million. For the three months ended March 31, 2025, other segment items include interest income of $0.5 million.