Executive Summary

Q2 showed steady execution on VTP-1000 with the final SAD cohort screening underway and the MAD portion of AVALON initiated; however, the SAD topline shifted from “Q3” to “early Q4 2025,” modestly pushing the near‑term catalyst timeline .
Operating profile reflected disciplined R&D ($8.0M) but higher G&A ($15.4M) on FX-driven unrealized losses; net loss widened to $21.1M ($0.52) from $19.6M ($0.49) in Q1 and $16.9M ($0.43) y/y .
Cash, cash equivalents and restricted cash were $87.8M at 6/30 (cash & equivalents $86.3M), and runway “into 2027” remains unchanged; Q2 operating cash outflow was $18.1M vs $14.9M in Q1 .
EPS missed S&P Global consensus as the company remains pre‑revenue; path to stock catalysts centers on the early Q4 SAD readout, mid‑2026 MAD data, and partnering progress on legacy vector programs .
No Q2 earnings call transcript appears to have been filed; the company’s June Investor Summit remarks reiterated no near‑term financing plans given runway to 2027, pending readouts .

What Went Well and What Went Wrong

What Went Well
- Advanced VTP-1000: Final SAD cohort initiated screening and MAD initiated in July; SAD topline now expected early Q4 2025; MAD data mid‑2026 .
- R&D spending efficiency: R&D declined q/q to $8.0M (from $8.3M) as legacy infectious disease/oncology programs wind down; autoimmune spending ramps as development continues .
- HBV/prostate programs complete or show signals: VTP‑850 Phase 1 complete with encouraging immunogenicity (seeking partners); VTP‑300 data at EASL support potential functional cure component for low HBsAg patients (partnering focus) .
What Went Wrong
- EPS miss vs consensus: Q2 GAAP EPS of $(0.52) missed S&P Global consensus of $(0.33)*, reflecting higher G&A driven by FX and continued operating spend .
- Higher G&A: G&A rose to $15.4M vs $12.6M in Q1, mainly unrealized FX losses from USD balances in GBP entities, pressuring bottom line .
- Catalyst timing modestly slipped: SAD topline moved from “Q3 2025” to “early Q4 2025,” pushing the near‑term readout window slightly to the right .

Headline P&L (USD, in $M except per-share; “in thousands” per filings)

Metric	Q2 2024 (oldest)	Q1 2025	Q2 2025 (newest)
Revenue	$0.00 (no revenue recognized)	$0.00 (no revenue recognized)	$0.00 (no revenue recognized)
R&D Expense	$11.66	$8.29	$7.95
G&A Expense	$7.20	$12.64	$15.38
Other Operating Income	$0.58	$0.33	$0.01
Net Loss (Attrib. to shareholders)	$(16.94)	$(19.65)	$(21.12)
Diluted EPS	$(0.43)	$(0.49)	$(0.52)
Weighted Avg. Shares (Diluted)	39.04M	40.27M	40.34M

Cash and Liquidity

Metric	12/31/2024 (oldest)	3/31/2025	6/30/2025 (newest)
Cash & Equivalents ($M)	$110.66	$99.12	$86.26
Restricted Cash ($M)	$1.74	$1.46	$1.53
Cash, Equivalents & Restricted ($M)	$112.40	$100.58	$87.80
Operating Cash Flow (quarter) ($M)	n/a	$(14.9)	$(18.1)
Cash Runway Guidance	Into 2027	Into 2027	Into 2027 (unchanged)

R&D by Program (Q2 vs Q1 2025; $000s)

Program	Q1 2025	Q2 2025
VTP‑1000 (Celiac)	$982	$1,782
VTP‑300 (HBV)	$1,350	$1,837
Other clinical programs	$741	$1,642
Other pre‑clinical programs	$419	$449
Total Direct R&D	$3,492	$4,710
Personnel-related (indirect)	$3,944	$2,450
Other indirect (incl. facility)	$854	$793
Total R&D Expense	$8,290	$7,953

Estimates vs Actuals (S&P Global; Q2 2025)

Metric	Consensus	Actual
EPS (GAAP)	$(0.33)*	$(0.52)
Revenue ($M)	$0.00*	$0.00 (no revenue recognized)

Values marked with * are from S&P Global.

Metric	Period	Previous Guidance	Current Guidance	Change
VTP‑1000 SAD topline	Q3→Q4 2025	“Q3 2025”	“Early Q4 2025”	Lowered/slipped
VTP‑1000 MAD initiation	2H25	“2H 2025 expected”	“Initiated July 2025”	Achieved/raised certainty
VTP‑1000 MAD topline	2026	Not provided previously	“Mid‑2026”	New guidance
Cash runway	Multi‑year	Into 2027	Into 2027 (unchanged)	Maintained

Note: No Q2 2025 earnings call transcript was found in filings; themes below synthesize Q1–Q2 press releases and a June investor event.

Topic	Previous Mentions (Q4’24/Q1’25)	Current Period (Q2’25)	Trend
VTP‑1000 timeline	SAD readout expected Q3’25; MAD to start 2H’25	SAD now “early Q4’25”; MAD initiated July’25; MAD data mid‑’26	Slight schedule slip on SAD; execution on MAD
R&D focus shift	Strategic refocus to I&I; deprioritize vector programs, seek partners	Continues; VTP‑850 complete with partnering intent; VTP‑300 seeking partners	Steady execution
FX/margin dynamics	Q1 G&A up on $4.4M FX loss y/y	Q2 G&A up q/q on unrealized FX losses	FX volatility persists
Cash runway	Into 2027	Unchanged into 2027	Stable
HBV data positioning	EASL data support for low HBsAg cohorts, potential for functional cure component	Reiterated; partnering path emphasized	Stable

“We remained laser‑focused on advancing VTP‑1000… We look forward to reporting topline data from the SAD portion of the trial early in the fourth quarter of 2025.” — Bill Enright, CEO .
“MAD portion of the [AVALON] trial was initiated in July 2025… MAD data is expected in mid‑2026.” .
“Available resources and cash runway guidance into 2027 remains unchanged.” .
On financing cadence: “No immediate plans to do fundraising… cash runway into 2027… awaiting celiac program data.” — Investor Summit (June 10, 2025) .

Capital needs: Management indicated no near‑term financing given ~$100M cash and runway to 2027; will reassess post‑celiac readouts .
Readout timing: SAD data targeted for end‑Q3/early‑Q4 (reiterated in June), subsequently guided to “early Q4 2025” in Q2 release; MAD data mid‑2026 .
Modality strategy: Continued prioritization of antigen‑specific immune tolerance (SNAP‑TI) for I&I; legacy vector programs (HBV, prostate) to advance via partners .

EPS missed S&P Global consensus: $(0.52) vs $(0.33)*; key driver was higher G&A from unrealized FX losses .
Revenue in-line at $0 vs $0.00*; company remains pre‑revenue this quarter (no license revenues recognized) .
Values marked with * are from S&P Global.

Near‑term catalyst modestly delayed: SAD topline moves to early Q4’25; expect elevated event‑risk into that window; MAD initiation de‑risks execution, but efficacy signals await 2026 .
Expense mix evolving: R&D trendline is flattening as legacy programs complete while autoimmune spend scales; watch G&A/FX swings which impacted Q2 .
Liquidity sufficient through key milestones: ~$87.8M cash+restricted and runway into 2027 reduce financing overhang prior to SAD/MAD readouts .
HBV optionality via partnerships: EASL data showed meaningful HBsAg declines and instances of functional cure in low‑HBsAg cohorts; partnering remains the intended path to value realization .
Stock set‑up: Outcome hinges on early‑Q4 SAD tolerability/biomarker signals in celiac; a positive read could validate SNAP‑TI and re‑rate the pipeline, while further delays or mixed signals could pressure sentiment .
Governance/ops: CFO transition in Q1 with CEO as interim PFO; monitor finance organization stability through upcoming catalysts .

Balance Sheet (6/30/25): Cash & equivalents $86.26M; restricted $1.53M; total equity $102.48M .
Income Statement (Q2’25): Total operating expenses $23.34M; net loss $(21.13)M; EPS $(0.52) .
Operating Cash Flow: $(18.1)M in Q2’25 vs $(14.9)M in Q1’25 .
No Q2 2025 earnings call transcript was located in SEC/filings; analysis includes the June 10, 2025 Investor Summit remarks for qualitative context –.