v3.26.1
Segments
 6 Months Ended
Jun. 30, 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 (“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 June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Direct research and development by program
VDPHL01
16,246 13,533 33,434 22,811 
Other program candidates and expenses
42 (323)218 883 
Other unallocated research and development costs
Personnel expenses (including share-based compensation)2,268 1,055 5,744 1,934 
Other expenses
51 64 136 148 
General and administrative, excluding personnel expenses
6,616 1,283 11,224 2,333 
General and administrative, personnel expenses (including share-based compensation)
4,330 461 8,659 879 
Other segment items(1)
(6,051)(428)(8,681)(943)
Segment net loss
(23,502)(15,645)(50,734)(28,045)
(1)For the three months ended June 30, 2026, other segment items include interest income of $4.8 million and investment accretion of $1.3 million. For the three months ended June 30, 2025, other segment items include
interest income of $0.1 million and investment accretion of $0.4 million. For the six months ended June 30, 2026 other segment items include interest income of $7.3 million and investment accretion of $1.4 million. For the six months ended June 30, 2025, other segment items include interest income of $0.6 million and investment accretion of $0.4 million.