v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company manages its business activities on a consolidated basis and has one reportable segment relating to the research and development of novel therapies. The Chief Executive Officer, who serves as the Company’s chief operating decision maker (“CODM”), is responsible for the overall supervision, direction, and management of the business and its officers.
The CODM reviews net loss, as reported in the condensed consolidated statements of operations and comprehensive loss, as well as the progress of the Company’s program(s). The CODM does not review assets in evaluating the results of the segment, and therefore, such information is not presented. All long-lived assets owned by the Company are located in the United States. The accounting policies of the segment are the same as those described in Note 2.
The following table is a summary of the segment and consolidated net loss, including significant segment expenses for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
In-process research and development$— $10,000 $— $10,000 
AXN-2510269 6,597 928 11,312 
Other program expenses(1)
1 146 11 802 
General and administrative(2)
4,881 6,145 10,219 14,756 
Restructuring and impairment charges, net181 540 1,173 16,622 
Depreciation249 12 260 510 
Interest income(632)(1,044)(1,310)(2,219)
Interest expense1,582 1,582 3,134 2,680 
Gain on contract termination— — (1,620)— 
Other income, net(2,232)(2,584)(4,292)(4,869)
Segment and consolidated net loss$4,299 $21,394 $8,503 $49,594 
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(1)    Other program expenses consist of costs related to the Company’s past development of its CoStAR-TIL technology.
(2)    Depreciation expense is removed from “General and administrative” and is disclosed separately.