Line two baking trays with parchment paper.
Thaw the puff pastry until pliable but still chilled.
Preheat the oven to 200°C (390°F).
In a small bowl, mix the softened cream cheese, vanilla extract, and powdered sugar until smooth.
Cut each pastry sheet into four equal squares to make eight squares.
Arrange the pastry squares on the prepared baking trays.
Fold each square diagonally into a loose triangle. Using a sharp knife, make two cuts about 1.25 cm (½ inch) from the edges without cutting through the tip.
Open the pastry and cross the cut strips over opposite sides to create a decorative frame.
Spread the cream cheese filling evenly inside each frame.
Place one apricot half in the center of each pastry.
Brush the pastry edges with beaten egg and sprinkle with demerara sugar.
Bake the Apricot Cream Cheese Puff Pastry for 15–18 minutes, or until the pastry is puffed and golden.
Meanwhile, warm the apricot jam with a teaspoon of water until smooth.
Brush the warm pastries with the jam for a glossy finish.
Cool slightly before serving warm or at room temperature.