v3.26.3
Segments
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
(in thousands)2026202520262025
Direct research and development by program
VDPHL01
13,156 16,647 46,590 39,458 
Other program candidates and expenses
6 174 224 1,057 
Other unallocated research and development costs
Personnel expenses (including share-based compensation)2,862 1,078 8,606 3,012 
Other expenses
51 198 187 346 
General and administrative, excluding personnel expenses
7,262 1,642 18,486 3,975 
General and administrative, personnel expenses (including share-based compensation)
5,442 609 14,101 1,488 
Other segment items(1)
(7,780)(245)(16,461)(1,188)
Segment net loss
(20,999)(20,103)(71,733)(48,148)
(1)For the three months ended September 30, 2026, other segment items include interest income of $5.1 million and investment accretion of $2.6 million. For the three months ended September 30, 2025, other segment items
include interest income of $0.1 million and investment accretion of $0.1 million. For the nine months ended September 30, 2026 other segment items include interest income of $12.4 million and investment accretion of $4.0 million. For the nine months ended September 30, 2025, other segment items include interest income of $0.7 million and investment accretion of $0.5 million.