Segment information

12 Months Ended

Dec. 31, 2024

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 chief operating decision maker 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 consolidated financial statements. The following table is a summary of our significant segment expenses:

	Year ended December 31, 2024		Year ended December 31, 2023
Direct research and development expenses:
VTP-1000 Celiac1	$	5,486	$	8,420
VTP-300 HBV	10,474		11,276
VTP-850 Prostate cancer	1,429		2,726
VTP-200 HPV	2,009		4,950
VTP-600 NSCLC2	473		597
VTP-500 MERS3	610		—
Other and earlier stage programs4	3,228		1,787
Total direct research and development expenses	$	23,709	$	29,756
Indirect research and development expenses:
Personnel-related (including share-based compensation)	15,867		12,702
Facility related	1,249		1,339
Other indirect costs	1,411		1,077
Total indirect research and development expenses	18,527		15,118
Total research and development expenses	$	42,236	$	44,874

1 Research and development expenses related to VTP-1100 HPV Cancer were presented together with VTP-1000 Celiac in the prior period comparative, because our SNAP product candidates were both preclinical. Expenses related to VTP-1100 HPV Cancer are now included in "Other and earlier stage programs," because we are deferring the planned IND application for VTP-1100 in HPV cancer and we have initiated the clinical trial for VTP-1000 Celiac.

2 The VTP-600 NSCLC/ESCC Phase 1/2a trial is sponsored by Cancer Research U.K.

3 The development of VTP-500 is funded pursuant to an agreement with the Coalition for Epidemic Preparedness Innovations (CEPI).

4 This includes $0.9 million 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:

	Year ended December 31, 2024		Year ended December 31, 2023
United States	$	28,907	$	32,805
United Kingdom	4,797		11,705
	$	33,704	$	44,510