Goodwill

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amount of goodwill was nil at December 31, 2024 (December 31, 2023: $12.2 million). The Company has performed the annual impairment assessment and identified qualitative indicators of impairment, most notably the share price drop in November 2024, including the lack of recovery thereof, and the strategic considerations to partner VTP-300 for future clinical development. Therefore, the Company performed a qualitative impairment assessment and determined that it was more likely than not that the fair value of the reporting unit is less than its carrying amount. The reporting unit comprises the net assets of the Company. The Company then performed a quantitative impairment assessment using the income approach to determine the fair value of the reporting unit, including the net present value of clinical stage assets and overhead costs. Based on the quantitative assessment, the Company determined that the fair value of the reporting unit is less than its carrying amount as of December 31, 2024, and, as a result, recognized a goodwill impairment charge of $12.2 million.


	2024		2023
Balance as of January 1,
Goodwill	$	12,209	$	12,209
Accumulated impairment charges	—		—

Goodwill impairment	(12,209)		—

Balance as of December 31,
Goodwill	—		12,209
Accumulated impairment charges	(12,209)		—