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Commitments and Contingencies - Schedule of Net Carrying Amount of the Liability Component of the Loan (Details) - 2024 Loan - Loans Payable - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Dec. 20, 2024
Debt Instrument [Line Items]
Principal amount	$ 85,600	$ 85,600	$ 85,600
Unamortized debt issuance cost	(601)	(794)
Net carrying amount	$ 84,999	$ 84,806

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

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 months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
AXN-2510	$	659	$	4,715
Other program expenses(1)	10		656
General and administrative(2)	5,338		8,611
Restructuring charges	992		16,082
Depreciation	11		498
Interest income	(678)		(1,175)
Interest expense	1,552		1,098
Gain on contract termination	(1,620)		—
Other income, net	(2,060)		(2,285)
Segment and consolidated net loss	$	4,204	$	28,200

______________________________________________________________

(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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the results of its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other periods, or any future year period. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued.

The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on March 27, 2026.

Segments

Operating segments are identified as components of an entity for which separate discrete financial information is available and that is regularly reviewed by the chief operating decision maker, the Company’s Chief Executive Officer, in deciding how to allocate resources to an individual segment and in assessing performance. The Company has determined it operates in a single operating segment and has one operating segment. See Note 3 for further information.

Cash, Cash Equivalents, Restricted Cash, and Marketable Securities

The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents include amounts invested in money market accounts.

As of March 31, 2026, restricted cash consisted of a cash reserve allocated to future tax payments related to the 2024 Loan (as defined in Note 8) and credit card collateral. As of December 31, 2025, restricted cash consisted solely of a cash reserve allocated to future tax payments related to the 2024 Loan. There was $0.1 million and $0.2 million in restricted cash as of March 31, 2026 and December 31, 2025, respectively, on the Company’s condensed consolidated balance sheets.

The Company’s investments in marketable securities have been classified and accounted for as available-for-sale. The Company classifies its maturities as either short-term or long-term based on each instrument’s underlying contractual maturity date, which are carried at their fair values based on the quoted market prices of the securities. Unrealized gains and losses are reported as accumulated other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in net loss in the period earned or incurred. As of March 31, 2026 and December 31, 2025, marketable securities consisted of U.S. Treasury bills.

The Company periodically reviews whether its securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company will record an impairment loss associated with its impaired investment. The impairment loss will be recorded as a write-down of investments in the condensed consolidated balance sheets and a realized loss within other expense in the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2026 and December 31, 2025, there were no impairment losses for the investments.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the amounts shown in the condensed consolidated statements of cash flows (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	5,022	$	6,638
Restricted cash	123		166
Cash, cash equivalents and restricted cash	$	5,145	$	6,804

Going Concern

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Management evaluated the Company’s ability to continue as a going concern for the twelve months following the issuance of the condensed consolidated financial statements. As disclosed and defined in Note 8, the 2024 Loan is due in January 2027, for total principal of $85.6 million, which is in excess of cash, cash equivalents, and marketable securities on hand as of March 31, 2026, which management has concluded is an indicator of substantial doubt about the Company’s ability to continue as a going concern.

The Company plans to cause Complex Therapeutics LLC, a wholly owned subsidiary of the Company, to execute its contractual right to extend the maturity of the 2024 Loan to January 2028. In addition, the Company may seek to cause Complex Therapeutics LLC to refinance or restructure the 2024 Loan, sell the Tarzana facility to repay the 2024 Loan, or seek additional financing in the form of equity or debt instruments. There can be no assurance that new financing or other forms of funding will be available on favorable terms or at all. The Company concluded that management's plans, including Complex Therapeutics LLC’s contractual right to exercise the extension option to January 2028, which is within Complex Therapeutics LLC’s control, alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern.

Assets Held for Sale

The Company classifies long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal group; the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset or disposal group beyond one year; and actions required to complete the plan to sell have been initiated.

The Company initially measures a long-lived asset or disposal group that is held for sale at the lower of its carrying value or fair value less any costs to sell. Fair value is estimated by the Company through evaluations of quoted market prices received for other comparable held for sale assets sold by the Company. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. The Company assesses the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets in the line item “assets held for sale” in its condensed consolidated balance sheets.

In March 2025, the Company’s board of directors (the “Board of Directors”) approved a plan to sell the Tarzana facility. The Company engaged a broker to facilitate a potential sale of the Tarzana facility and therefore reclassified the land and building as held for sale in the condensed consolidated balance sheet during the year ended December 31, 2025. The Tarzana facility is currently leased to AstraZeneca Pharmaceuticals LP (“Tenant”) and Tenant has a right of first offer to purchase it. Refer to Note 8.

In May 2026, the Company determined that there had been a change to its plan with respect to the Tarzana facility and the Board of Directors approved discontinuing the plan to market the Tarzana facility for sale. As a result, the Company determined that this asset no longer meets the criteria to be classified as held for sale under ASC 360. Consequently, in the second quarter of 2026, this asset will be reclassified as held and used at the lower of (a) its carrying amount before the asset was classified as held for sale, adjusted for depreciation expenses that would have been recognized had the asset been continuously classified as held and used, and (b) its fair value. The Company is currently evaluating the financial statement impact of this reclassification. The resulting adjustment will be recognized in the second quarter in the condensed consolidated statement of operations and comprehensive loss as a component of gain (loss) from operations.

The fair value less the cost to sell of the Tarzana facility was $112.1 million on the Company’s condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, the Company concluded that no impairment indicators were present and recorded no impairment charge. The Company recorded building impairments related to the Tarzana facility of nil and $16.6 million during the three months ended March 31, 2026 and 2025, respectively. Refer to Note 12.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset over its remaining useful life. If such assets are impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. If the useful life is shorter than originally estimated, the Company depreciates or amortizes the remaining carrying value over the revised shorter useful life. See Note 12 for more information.

Research and Development Expenses

Research and development costs are expensed as incurred. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial or project and the invoices received from its external service providers. The Company adjusts its accrual as actual costs become known. Where contingent milestone payments are due to third parties under research and development arrangements or license agreements, the milestone payment obligations are expensed when the milestone results are achieved.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in this update require disclosure, in the notes to the financial statements, of specific expense categories present within expense captions presented on the face of the income statement within continuing operations of public business entities. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers - Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”) which applies to all entities that enter into non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. The new guidance excludes from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company does not expect adoption of ASU 2025-07 to have a material impact on its condensed consolidated financial statements and related disclosures.

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, the Company has not yet determined the effect, if any, that the implementation of such proposed standards would have on the Company’s consolidated financial statements.

Commitments and Contingencies - Schedule of Interest Expense Related to the Loan (Details) - 2024 Loan - Loans Payable - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Interest Expense Related to the Loan [Line Items]
Contractual interest expense	$ 1,359	$ 886
Amortization of debt issuance cost	193	212
Total interest expense related to the 2024 Loan	$ 1,552	$ 1,098

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Leases

Company as a Lessee: Operating Lease Obligations

The Company currently leases office spaces and laboratory spaces located in Dallas, Texas, and Alderley Park in the United Kingdom. During April 2025, the Company terminated its prior lease in Thousand Oaks, California. The Company’s leased facilities have original lease terms ranging from 2 to 5 years that in general require the Company to provide a security deposit. Certain leases provide the right for the Company to renew the lease upon the expiration of the initial lease term, and various leases have scheduled rent increases on an annual basis. The exercise of lease renewal options for the Company’s existing leases is at the Company’s sole discretion, and not included in the measurement of right-of-use asset or lease liability as they are not reasonably certain to be exercised.

The Company’s lease costs consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	179	$	422
Variable lease cost	188		165
Total lease cost	$	367	$	587

The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities	$	175	$	417

The following table summarizes the Company’s lease assets and liabilities (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets	$	60	$	238
Current operating lease liabilities	$	186	$	372

The following table summarizes other supplemental information related to the Company’s lease obligations:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	0.6		0.7
Weighted-average discount rate	6.75	%	6.75	%

Subsequent to March 31, 2026, the Company extended its lease in Dallas to April 2031, which was originally set to expire in April 2026. The Alderley Park leases in the United Kingdom are set to expire in November 2026.

As of March 31, 2026, future minimum lease payments under operating lease liabilities were $0.2 million, excluding any future payments associated with the Dallas lease extension.

Operating lease liabilities are recorded in the line item “accrued expenses and other current liabilities” in the condensed consolidated balance sheet.

Company as a Lessor: Tarzana Facility Lease with AstraZeneca

On July 10, 2024, Complex Therapeutics LLC, a wholly owned subsidiary of the Company, entered into a lease with AstraZeneca Pharmaceuticals LP pursuant to which Tenant is leasing the facility located in Tarzana, California (the “Lease”). The Lease has an initial term of approximately 15 years, beginning on July 10, 2024 and ending on July 31, 2039, with Tenant having two consecutive options to extend the term for a five-year period each and a one-time option to terminate the Lease on the tenth anniversary of the commencement of the Lease, which, if exercised, obligates Tenant to pay Complex Therapeutics LLC a termination fee. The initial base rent was approximately $0.6 million per month (approximately $7.5 million annually) and the base rent escalates by 3% per annum. Tenant is also required to pay certain operating expenses and tax expenses as additional rent. There was rent abatement during the first year of the Lease such that Tenant paid no rent or reduced rent during this period. Tenant also has a right of first offer to purchase the premises that are subject to the Lease.

The Lease is classified as an operating lease and revenue is recognized on a straight-line basis and is recorded within the condensed consolidated statements of operations and comprehensive loss in the line item “Other rental income” as this is not a part of the Company’s core operations. Rental income related to the Lease was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Rental income related to fixed lease income	$	2,242	$	2,242

Approximate future straight-lined contractual lease income to be recognized under the Lease in effect as of March 31, 2026, is as follows (in thousands):


	March 31, 2026
2026 (remaining nine months)	$	6,726
2027	8,968
2028	8,968
2029	8,968
2030	8,968
Thereafter	76,973
Total	$	119,571

Differences between rental income earned and amounts due per the Lease are capitalized or charged, as applicable, to accrued rent receivable. As of March 31, 2026 and December 31, 2025, the Company had accrued rent receivable of $8.0 million and $7.7 million, respectively.

Legal Proceedings

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. The Company does not expect that the resolution of these matters will have a material adverse effect on its financial position, results of operations or cash flows.

Debt

In June 2022, the Company’s wholly owned subsidiaries Complex Therapeutics Mezzanine LLC and Complex Therapeutics LLC entered into a mortgage construction loan and mezzanine construction loan (together, the “Construction Loans”) secured by Complex Therapeutic LLC’s Tarzana, California land and building. The initial principal amount of the Construction Loans was $52.1 million, with additional future principal of up to $32.9 million to fund ongoing construction costs.

On December 20, 2024 (the “Closing Date”), Complex Therapeutics LLC entered into a Term Loan Agreement (the “2024 Loan”) and related loan documents with Midland National Life Insurance Company (“Lender”), pursuant to which Lender loaned Complex Therapeutics LLC a term loan in the principal amount of $85.6 million to refinance the Construction Loans. Substantially all of the 2024 Loan proceeds were used to repay in full the Construction Loans. As of both March 31, 2026 and December 31, 2025, the outstanding principal amount under the 2024 Loan was $85.6 million. Unamortized debt issuance costs were $0.6 million and $0.8 million as of March 31, 2026 and December 31, 2025, respectively.

The 2024 Loan has a term of two years with a one-year extension option. The extension option is subject to certain conditions being met, including: (a) no potential default or event of default, (b) payment of a 0.35% extension fee and the costs and expenses of Lender incurred in connection with the extension, (c) replenishing of all reserve funds as reasonably determined by Lender, and (d) compliance with minimum debt yield and debt service coverage ratio requirements. The 2024 Loan bears interest at a fixed rate of 6.35% per annum, with interest-only payments during the term and the principal balance due in full at maturity.

The 2024 Loan may be prepaid in whole but not in part. If the 2024 Loan is prepaid on or prior to the 12-month anniversary of the Closing Date, a prepayment fee is required (other than in connection with a casualty or condemnation event) to make Lender whole for the interest it would have otherwise earned on the 2024 Loan during the first 12 months. There is no prepayment fee due if the 2024 Loan is prepaid after the 12-month anniversary of the Closing Date.

The net carrying amount of the liability component of the 2024 Loan was as follows (in thousands):


	March 31, 2026		December 31, 2025
Principal amount	$	85,600	$	85,600
Unamortized debt issuance cost	(601)		(794)
Net carrying amount	$	84,999	$	84,806

The following table sets forth the interest expense recognized related to the 2024 Loan (in thousands):


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	1,359	$	886
Amortization of debt issuance cost	193		212
Total interest expense related to the 2024 Loan	$	1,552	$	1,098

Indemnifications

The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. No liability associated with such indemnifications was recorded as of March 31, 2026 and December 31, 2025.

Other Commitments

In the normal course of business, the Company enters into contracts and various purchase agreements and commitments with third-party vendors for clinical research services, products and other services for operating purposes. These agreements generally provide for termination or cancellation at the Company’s option, other than for costs already incurred.

As of March 31, 2026 and December 31, 2025, the Company had $0.2 million in commitments for contract terminations as part of the Plan (see Note 12).

Commitments and Contingencies

Leases

Company as a Lessee: Operating Lease Obligations

The Company’s lease costs consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	179	$	422
Variable lease cost	188		165
Total lease cost	$	367	$	587

The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities	$	175	$	417

The following table summarizes the Company’s lease assets and liabilities (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets	$	60	$	238
Current operating lease liabilities	$	186	$	372

The following table summarizes other supplemental information related to the Company’s lease obligations:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	0.6		0.7
Weighted-average discount rate	6.75	%	6.75	%

As of March 31, 2026, future minimum lease payments under operating lease liabilities were $0.2 million, excluding any future payments associated with the Dallas lease extension.

Operating lease liabilities are recorded in the line item “accrued expenses and other current liabilities” in the condensed consolidated balance sheet.

Company as a Lessor: Tarzana Facility Lease with AstraZeneca


	Three Months Ended March 31,
	2026		2025
Rental income related to fixed lease income	$	2,242	$	2,242

Approximate future straight-lined contractual lease income to be recognized under the Lease in effect as of March 31, 2026, is as follows (in thousands):


	March 31, 2026
2026 (remaining nine months)	$	6,726
2027	8,968
2028	8,968
2029	8,968
2030	8,968
Thereafter	76,973
Total	$	119,571

Legal Proceedings

Debt

The net carrying amount of the liability component of the 2024 Loan was as follows (in thousands):


	March 31, 2026		December 31, 2025
Principal amount	$	85,600	$	85,600
Unamortized debt issuance cost	(601)		(794)
Net carrying amount	$	84,999	$	84,806

The following table sets forth the interest expense recognized related to the 2024 Loan (in thousands):


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	1,359	$	886
Amortization of debt issuance cost	193		212
Total interest expense related to the 2024 Loan	$	1,552	$	1,098

Indemnifications

Other Commitments

As of March 31, 2026 and December 31, 2025, the Company had $0.2 million in commitments for contract terminations as part of the Plan (see Note 12).

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Marketable Securities

Marketable securities classified as available-for-sale as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31, 2026
	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	69,577	$	13	$	(41)	$	69,549


	December 31, 2025
	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	69,439	$	58	$	(6)	$	69,491

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of segments \| segment	1
Restricted cash	$ 123		$ 166
Assets held for sale	112,096		$ 112,096
Impairment of long-lived assets held for sale	0	$ 16,600
Impairment recognized	0	16,569
Buildings and Construction in Progress \| Level 2
Subsidiary, Sale of Stock [Line Items]
Impairment recognized	0	$ 16,600
Construction Loan Agreement \| Loans Payable
Subsidiary, Sale of Stock [Line Items]
Initial principal amount	$ 85,600

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Dec. 20, 2024 USD ($)	Jul. 10, 2024 USD ($) option	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Future minimum lease payments under operating lease liabilities	$ 200
Number of extension options \| option				2
Accrued rent receivable	7,968	$ 7,664
Non Cancelable Purchase Commitments with Contract Research Organizations \| Contract Terminations \| Restructuring Plan
Lessee, Lease, Description [Line Items]
Restructuring costs		200
Secured Mortgage Loan \| Loans Payable
Lessee, Lease, Description [Line Items]
Initial principal amount					$ 52,100
2024 Loan \| Loans Payable
Lessee, Lease, Description [Line Items]
Initial principal amount	85,600	85,600	$ 85,600
Unamortized debt issuance cost	$ 601	$ 794
Debt instrument term (in years)	2 years
Debt instrument, extension option, term (in years)	1 year
Debt instrument, extension fee, percentage	0.35%
Bears interest, percentage	6.35%
Complex Therapeutics LLC
Lessee, Lease, Description [Line Items]
Term of contract (in years)				15 years
Renewal term (in years)				5 years
Base rent, per month				$ 600
Base rent, per annually				$ 7,500
Rents increase in percentage				3.00%
Minimum
Lessee, Lease, Description [Line Items]
Original lease terms	2 years
Maximum
Lessee, Lease, Description [Line Items]
Original lease terms	5 years
Maximum \| Secured Mortgage Loan \| Loans Payable
Lessee, Lease, Description [Line Items]
Additional future principal (up to)					$ 32,900

Balance Sheet Components - Schedule of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (389)	$ (383)
Total property, plant and equipment, net	112	126
Office furniture and computer equipment
Property, Plant and Equipment [Line Items]
Office furniture and computer equipment	$ 501	$ 509

Financial Instruments - Schedule of Marketable Securities (Details) - U.S. Treasury bills - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Less than one year	$ 69,577	$ 69,439
Gross Unrealized Gains
Less than one year	13	58
Gross Unrealized Losses
Less than one year	(41)	(6)
Fair Value
Less than one year	$ 69,549	$ 69,491

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued compensation and benefits	$ 2,252	$ 2,517
Accrued operational expenses	178	43
Accrued restructuring costs	155	155
Accrued research, development and clinical trial expenses	$ 1,159	$ 977
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Operating lease liabilities, current	$ 186	$ 372
Total accrued expenses and other current liabilities	$ 3,930	$ 4,064

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation expense	$ 0	$ 500
Assets held for sale	112,096		$ 112,096
Impairment of long-lived assets held for sale	$ 0	$ 16,600

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Prepaid and other current assets

Prepaid and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid general and administrative	$	941	$	1,170
Prepaid research and development	124		441
Tax-related receivable	28		848
Prepaid contract research organization expenses	276		431
Other current assets	143		148
Total prepaid and other current assets	$	1,512	$	3,038

Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Office furniture and computer equipment	$	501	$	509
Less: accumulated depreciation	(389)		(383)
Total property, plant and equipment, net	$	112	$	126

Depreciation expense was nil and $0.5 million for the three months ended March 31, 2026 and 2025, respectively, in the condensed consolidated statements of operations and comprehensive loss. In March 2025, the Tarzana facility was classified as held for sale, and accordingly, depreciation ceased upon such classification.

As of March 31, 2026, the Company had $112.1 million in assets related to the Tarzana facility on the condensed consolidated balance sheet meeting the criteria of held for sale assets. These assets are recognized at the lower of cost or fair value less costs to sell. The Company estimates the fair value of its Tarzana facility through a combination of an income-based approach and a market-based approach. The income-based approach is dependent on specific assumptions such as market rental rates, capitalization rates and discount rates. The market-based approach utilizes observable data such as comparable building sales. The fair value of these assets are classified as Level 3 in the fair value hierarchy due to a mix of unobservable inputs utilized such as proprietary independent

research in the market as well as actual quotes from market participants. As a result, the Company recognized an impairment of long-lived assets held for sale of nil and $16.6 million related to the building and land during the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation and benefits	$	2,252	$	2,517
Accrued operational expenses	178		43
Accrued restructuring costs	155		155
Accrued research, development and clinical trial expenses	1,159		977
Operating lease liabilities, current	186		372
Total accrued expenses and other current liabilities	$	3,930	$	4,064

Segment Reporting - Narrative (Details)	3 Months Ended
Segment Reporting - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Available-for-sale	$ 69,549	$ 69,491

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 11
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Commitments and Contingencies - Schedule of Future Fixed Contractual Lease Payments to be Received (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026 (remaining nine months)	$ 6,726
2027	8,968
2028	8,968
2029	8,968
2030	8,968
Thereafter	76,973
Total	$ 119,571

Restructuring and Impairment of Long-Lived Assets (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Total Amount Expected to be Incurred and Liability

The following table summarizes the restructuring and impairment loss (gain) by category (in thousands):


	Three Months Ended March 31,
	2026		2025
Contract terminations	$	—	$	(487)
Impairment of long-lived assets held for sale	—		16,569
One-time employee termination benefits	992		—
Total restructuring and impairment charges	$	992	$	16,082

Schedule of Realignment Non-cash Charges

The following table shows the restructuring liability related to the Plan and the 2026 Employee Terminations (in thousands):


	Employee Benefits		Contract Terminations		Total
Restructuring liability as of December 31, 2025	$	—	$	155	$	155
Additions	992		—		992
Payments	(992)		—		(992)
Restructuring liability as of March 31, 2026	$	—	$	155	$	155

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	370	$	—	$	—	$	370
U.S. Treasury bills	—		69,549		—		69,549
Total	$	370	$	69,549	$	—	$	69,919

	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	4,339	$	—	$	—	$	4,339
U.S. Treasury bills	—		69,491		—		69,491
Total	$	4,339	$	69,491	$	—	$	73,830

Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Level 2 \| Loans Payable \| Secured Mortgage Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loan	$ 85.6	$ 85.5

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

Stock-Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance (in shares)	951,236
Unrecognized compensation cost \| $	$ 9.2
Unrecognized compensation cost, recognition period	2 years 1 month 6 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	192,148

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	March 31,
	2026	2025
Stock options to purchase common stock	1,406,324	1,234,635

Commitments and Contingencies - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 179	$ 422
Variable lease cost	188	165
Total lease cost	367	587
Cash paid for operating lease liabilities	175	$ 417
Operating lease right-of-use assets	60		$ 238
Current operating lease liabilities	$ 186		$ 372
Weighted-average remaining lease term (in years)	7 months 6 days		8 months 12 days
Weighted-average discount rate	6.75%		6.75%

Restructuring and Impairment of Long-Lived Assets - Schedule of Restructuring costs by category (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets held for sale	$ 0	$ 16,600
Total restructuring and impairment charges	992	16,082
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Impairment of long-lived assets held for sale	0	16,569
Total restructuring and impairment charges	992	16,082
Restructuring Plan \| Contract Terminations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	(487)
Restructuring Plan \| One-time employee termination benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 992	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Net Loss Per Share (Details) - shares	3 Months Ended
Net Loss Per Share (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Stock options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	1,406,324	1,234,635

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

2021 Equity Incentive Plan

In March 2021, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which became effective in connection with the Company’s initial public offering (“IPO”). The 2021 Plan was approved by the Board of Directors and stockholders in March 2021. The 2021 Plan is an equity incentive plan pursuant to which the Company may grant the following awards: (i) incentive stock options; (ii) nonstatutory stock options; (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock unit awards; (vi) performance awards; and (vii)

other forms of stock awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. The 2021 Plan is a successor to the Company’s 2018 Stock Incentive Plan (the “2018 Plan”). Following the effectiveness of the 2021 Plan, no further grants may be made under the 2018 Plan; however, any outstanding equity awards granted under the 2018 Plan will continue to be governed by the terms of the 2018 Plan.

As of March 31, 2026, 951,236 shares of common stock remained available for issuance under the 2021 Plan.

The following table sets forth stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Stock-based compensation expense	$	985	$	3,495

As of March 31, 2026, there was $9.2 million of total unrecognized compensation cost related to unvested stock options granted under the 2021 Plan, which is expected to be recognized over a weighted average period of 2.1 years.

Employee Stock Purchase Plan

In March 2021, the Company adopted the Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The ESPP was adopted by the Board of Directors and stockholders in March 2021, but the Company has not yet commenced offerings to employees under the ESPP. As of March 31, 2026, the Company had 192,148 shares of its common stock available for future issuance under the ESPP

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 13, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-40215
Entity Registrant Name	Instil Bio, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2072195
Entity Address, Address Line One	3963 Maple Avenue, Suite 350
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75219
City Area Code	972
Local Phone Number	499-3350
Title of 12(b) Security	Common Stock, $0.000001 par value per share
Trading Symbol	TIL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,781,976
Amendment Flag	false
Entity Central Index Key	0001789769
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026

Equity (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
Equity (Details) $ / shares in Units, $ in Millions	Mar. 31, 2025 shares	Mar. 31, 2026 USD ($) vote $ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock, votes per share \| vote		1
Common stock, shares outstanding (in shares)		6,781,976	6,781,976
Preferred stock authorized (in shares)		10,000,000	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.000001	$ 0.000001
Convertible preferred stock issued (in shares)		0	0
At Market Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			185,837
Sale of stock, price (in dollars per share) \| $ / shares			$ 37.13
Sale of stock, net proceeds \| $		$ 0.0	$ 6.6
Restructuring costs \| $			0.3
Sale of stock amount remaining under the offering \| $		$ 93.1	$ 93.1
Open Market Sale Agreement \| At Market Offering
Class of Stock [Line Items]
Number of shares authorized under the plan (in shares)	100,000,000.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense	$ 985	$ 3,495

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid general and administrative	$	941	$	1,170
Prepaid research and development	124		441
Tax-related receivable	28		848
Prepaid contract research organization expenses	276		431
Other current assets	143		148
Total prepaid and other current assets	$	1,512	$	3,038

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Office furniture and computer equipment	$	501	$	509
Less: accumulated depreciation	(389)		(383)
Total property, plant and equipment, net	$	112	$	126

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Accrued compensation and benefits	$	2,252	$	2,517
Accrued operational expenses	178		43
Accrued restructuring costs	155		155
Accrued research, development and clinical trial expenses	1,159		977
Operating lease liabilities, current	186		372
Total accrued expenses and other current liabilities	$	3,930	$	4,064

License and Collaboration Agreement with ImmuneOnco (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Jan. 05, 2026	Aug. 31, 2025	Jul. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development cost	$ 5.0
Additional accrual for prepayment of development costs						$ 5.0
Axion
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment				$ 10.0
Development cost		$ 5.0
Collaboration agreement costs incurred		0.3	$ 4.3
Axion \| Commercial, development and regulatory milestones
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Development payment		0.2			$ 1.8		$ 10.0
Reduction of research and development expense		$ 1.6

Commitments and Contingencies - Schedule of Lease Income Related to the Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Rental income related to fixed lease income	$ 2,242	$ 2,242

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of stockholders’ equity for the three months ended March 31, 2026 and 2025, and the results of its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other periods, or any future year period. The Company has evaluated subsequent events through the date the condensed consolidated financial statements were issued. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission (“SEC”) on March 27, 2026.
Segments	Segments Operating segments are identified as components of an entity for which separate discrete financial information is available and that is regularly reviewed by the chief operating decision maker, the Company’s Chief Executive Officer, in deciding how to allocate resources to an individual segment and in assessing performance. The Company has determined it operates in a single operating segment and has one operating segment. See Note 3 for further information.
Cash, Cash Equivalents, Restricted Cash, and Marketable Securities	Cash, Cash Equivalents, Restricted Cash, and Marketable Securities The Company considers all highly liquid investments purchased with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents include amounts invested in money market accounts. As of March 31, 2026, restricted cash consisted of a cash reserve allocated to future tax payments related to the 2024 Loan (as defined in Note 8) and credit card collateral. As of December 31, 2025, restricted cash consisted solely of a cash reserve allocated to future tax payments related to the 2024 Loan. There was $0.1 million and $0.2 million in restricted cash as of March 31, 2026 and December 31, 2025, respectively, on the Company’s condensed consolidated balance sheets.
Marketable Securities	The Company’s investments in marketable securities have been classified and accounted for as available-for-sale. The Company classifies its maturities as either short-term or long-term based on each instrument’s underlying contractual maturity date, which are carried at their fair values based on the quoted market prices of the securities. Unrealized gains and losses are reported as accumulated other comprehensive income (loss). Realized gains and losses on available-for-sale securities are included in net loss in the period earned or incurred. As of March 31, 2026 and December 31, 2025, marketable securities consisted of U.S. Treasury bills. The Company periodically reviews whether its securities may be other-than-temporarily impaired, including whether or not (i) the Company has the intent to sell the security or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If one of these factors is met, the Company will record an impairment loss associated with its impaired investment. The impairment loss will be recorded as a write-down of investments in the condensed consolidated balance sheets and a realized loss within other expense in the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2026 and December 31, 2025, there were no impairment losses for the investments.
Assets Held for Sale	Assets Held for Sale The Company classifies long-lived assets or disposal groups to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the asset or disposal group; the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets or disposal group; the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset or disposal group beyond one year; and actions required to complete the plan to sell have been initiated. The Company initially measures a long-lived asset or disposal group that is held for sale at the lower of its carrying value or fair value less any costs to sell. Fair value is estimated by the Company through evaluations of quoted market prices received for other comparable held for sale assets sold by the Company. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. The Company assesses the fair value of a long-lived asset or disposal group less any costs to sell each reporting period it remains classified as held for sale and reports any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the Company ceases depreciation and reports long-lived assets in the line item “assets held for sale” in its condensed consolidated balance sheets. In March 2025, the Company’s board of directors (the “Board of Directors”) approved a plan to sell the Tarzana facility. The Company engaged a broker to facilitate a potential sale of the Tarzana facility and therefore reclassified the land and building as held for sale in the condensed consolidated balance sheet during the year ended December 31, 2025. The Tarzana facility is currently leased to AstraZeneca Pharmaceuticals LP (“Tenant”) and Tenant has a right of first offer to purchase it. Refer to Note 8. In May 2026, the Company determined that there had been a change to its plan with respect to the Tarzana facility and the Board of Directors approved discontinuing the plan to market the Tarzana facility for sale. As a result, the Company determined that this asset no longer meets the criteria to be classified as held for sale under ASC 360. Consequently, in the second quarter of 2026, this asset will be reclassified as held and used at the lower of (a) its carrying amount before the asset was classified as held for sale, adjusted for depreciation expenses that would have been recognized had the asset been continuously classified as held and used, and (b) its fair value. The Company is currently evaluating the financial statement impact of this reclassification. The resulting adjustment will be recognized in the second quarter in the condensed consolidated statement of operations and comprehensive loss as a component of gain (loss) from operations.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or that the useful life is shorter than originally estimated. Recoverability of assets is measured by comparing the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset over its remaining useful life. If such assets are impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. If the useful life is shorter than originally estimated, the Company depreciates or amortizes the remaining carrying value over the revised shorter useful life. See Note 12 for more information.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. The Company accrues for costs incurred as the services are being provided by monitoring the status of the trial or project and the invoices received from its external service providers. The Company adjusts its accrual as actual costs become known. Where contingent milestone payments are due to third parties under research and development arrangements or license agreements, the milestone payment obligations are expensed when the milestone results are achieved.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). The amendments in this update require disclosure, in the notes to the financial statements, of specific expense categories present within expense captions presented on the face of the income statement within continuing operations of public business entities. The amendments in this update are effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers - Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract (“ASU 2025-07”) which applies to all entities that enter into non-exchange-traded contracts with underlyings based on operations or activities specific to one of the parties to the contract. The new guidance excludes from derivative accounting non-exchange-traded contracts with underlyings that are based on operations or activities specific to one of the parties to the contract. ASU 2025-07 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company does not expect adoption of ASU 2025-07 to have a material impact on its condensed consolidated financial statements and related disclosures. A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, the Company has not yet determined the effect, if any, that the implementation of such proposed standards would have on the Company’s consolidated financial statements.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 5,022	$ 6,638
Restricted cash	123	166
Cash, cash equivalents and restricted cash	$ 5,145	$ 6,804	$ 16,326	$ 10,635

Financial Instruments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Financial Instruments

Marketable securities classified as available-for-sale as of March 31, 2026 and December 31, 2025 consisted of the following (in thousands):


	March 31, 2026
	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	69,577	$	13	$	(41)	$	69,549


	December 31, 2025
	Maturity	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury bills	Less than one year	$	69,439	$	58	$	(6)	$	69,491

As of March 31, 2026 and December 31, 2025, marketable securities that had contractual maturities less than one year are classified as current because management considers these marketable securities to be available for current operations. The Company does not intend to sell its marketable securities and it is not likely that the Company will be required to sell these securities before recovery of their amortized cost basis. There were $69.5 million of marketable securities classified as available-for-sale as of March 31, 2026 and December 31, 2025.

Restructuring and Impairment of Long-Lived Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	$ 992	$ 16,082
Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges	992	$ 16,082
Employee benefits paid	$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring and Impairment of Long-Lived Assets - Schedule of Restructuring Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring liability, Beginning Balance	$ 155
Restructuring liability, Ending Balance	155
Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, Beginning Balance	155
Additions	992
Payments	(992)
Restructuring liability, Ending Balance	155
Employee Benefits \| Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, Beginning Balance	0
Additions	992
Payments	(992)
Restructuring liability, Ending Balance	0
Contract Terminations \| Restructuring Plan
Restructuring Reserve [Roll Forward]
Restructuring liability, Beginning Balance	155
Additions	0
Payments	0
Restructuring liability, Ending Balance	$ 155

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 5,022	$ 6,638
Restricted cash	123	166
Marketable securities	69,549	69,491
Prepaid expenses and other current assets	1,512	3,038
Assets held for sale	112,096	112,096
Total current assets	188,302	191,429
Property, plant and equipment, net	112	126
Operating lease right-of-use assets	60	238
Accrued rent receivable	7,968	7,664
Other long-term assets	3,986	4,066
Total assets	200,428	203,523
Current liabilities:
Accounts payable	793	779
Accrued expenses and other current liabilities	3,930	4,064
Total current liabilities	4,723	4,843
Loan payable	84,999	84,806
Other long-term liabilities	8	8
Total liabilities	89,730	89,657
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, par value $0.000001 per share; 10,000,000 shares authorized; zero shares issued and outstanding as of March 31, 2026, and December 31, 2025	0	0
Common stock, par value $0.000001 per share; 300,000,000 shares authorized; 6,781,976 shares issued and outstanding as of March 31, 2026, and December 31, 2025	0	0
Additional paid-in capital	841,922	840,937
Accumulated other comprehensive loss	(532)	(583)
Accumulated deficit	(730,692)	(726,488)
Total stockholders’ equity	110,698	113,866
Total liabilities and stockholders’ equity	$ 200,428	$ 203,523

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 669	$ 5,371
General and administrative	5,349	9,109
Restructuring and impairment charges	992	16,082
Total operating expenses	7,010	30,562
Loss from operations	(7,010)	(30,562)
Interest income	678	1,175
Interest expense	(1,552)	(1,098)
Other rental income	2,242	2,242
Gain on contract termination	1,620	0
Other (expense) income, net	(182)	43
Net loss	(4,204)	(28,200)
Other comprehensive loss:
Foreign currency translation	131	(159)
Unrealized loss on available-for-sale securities, net	(80)	(64)
Net comprehensive loss	$ (4,153)	$ (28,423)
Net loss per share, basic (in dollars per share)	$ (0.62)	$ (4.32)
Net loss per share, diluted (in dollars per share)	$ (0.62)	$ (4.32)
Weighted-average shares used in computing net loss per share, basic (in shares)	6,781,976	6,532,658
Weighted-average shares used in computing net loss per share, diluted (in shares)	6,781,976	6,532,658

Equity	3 Months Ended
Equity	Mar. 31, 2026
Equity [Abstract]
Equity	Equity Common Stock Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends out of legally available funds when and if declared by the Company’s Board of Directors, subject to the rights of holders of any classes of stock outstanding having priority rights as to dividends. No cash dividends have been declared by the Board of Directors from inception. As of March 31, 2026 and December 31, 2025, the Company had 6,781,976 shares of common stock outstanding. At-the-Market Offering In March 2025, the Company entered into an Open Market Sale AgreementSM with Jefferies LLC (“Jefferies”) pursuant to which the Company may, subject to the terms and conditions set forth in the agreement, offer and sell, from time to time, through or to Jefferies, acting as agent or principal, shares of common stock having an aggregate offering price of up to $100.0 million in one or more “at the market offerings” (the “ATM Program”). As of December 31, 2025, the Company had sold 185,837 shares of common stock under the ATM Program at a weighted-average price of $37.13 per share, for net proceeds of $6.6 million, after deducting commissions and expenses of approximately $0.3 million. The remaining availability under the ATM Program as of both December 31, 2025 and March 31, 2026 was approximately $93.1 million. There were no sales under the ATM Program during the three months ended March 31, 2026. Preferred Stock The Company’s current amended and restated certificate of incorporation authorizes the Company to issue up to 10,000,000 shares of preferred stock at $0.000001 par value per share. The Board of Directors is authorized to provide for the issuance of the preferred stock in one or more series, and to fix the number of shares and to determine or alter for each such series, such voting powers, full or limited, or no voting powers, and such designation, preferences, and relative, participating, optional, or other rights and such qualifications, limitations, or restrictions thereof, as shall be stated and expressed in subsequent resolution or resolutions adopted by the board providing for the issuance of such shares. As of March 31, 2026 and December 31, 2025, there were no shares of preferred stock issued or outstanding.

- Definition

The entire disclosure for equity.

+ References

+ Details

License and Collaboration Agreement with ImmuneOnco	3 Months Ended
License and Collaboration Agreement with ImmuneOnco	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Collaboration Agreement with ImmuneOnco	License and Collaboration Agreement with ImmuneOnco On August 1, 2024, Axion Bio entered into a license and collaboration agreement (the “IO Collaboration Agreement”) with ImmuneOnco Biopharmaceuticals (Shanghai) Inc. (“ImmuneOnco”), under which it in-licensed several bispecific antibodies, including AXN-2510 and AXN-27M. As part of the IO Collaboration Agreement, Axion Bio made a $10.0 million upfront payment to ImmuneOnco during the year ended December 31, 2024. This amount was fully expensed as in-process research and development (IPR&D) in the same year. During the year ended December 31, 2024, Axion Bio made a $5.0 million prepayment to ImmuneOnco for development costs, which was fully recognized as research and development expense by March 31, 2025. In April 2025, Axion Bio made a second $5.0 million prepayment to ImmuneOnco for development costs, which was fully recognized as research and development expense by September 30, 2025. In August 2025, Axion Bio made a third $5.0 million prepayment to ImmuneOnco for development costs, which was fully recognized as research and development expense by the three months ended March 31, 2026. In June 2025, Axion Bio achieved Investigational New Drug (IND) clearance in the United States for a Phase 1 trial of AXN-2510 in relapsed/refractory solid tumors. This milestone triggered a $10.0 million development payment to ImmuneOnco, which was paid in July 2025. This amount was fully expensed as IPR&D during the second quarter of 2025. The expenses recognized in connection with the IO Collaboration Agreement were $0.3 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively, and were recorded as a component of research and development expense on the condensed consolidated statements of operations and comprehensive loss. As of March 31, 2026, no additional milestones were accrued. On January 5, 2026, Axion Bio and ImmuneOnco entered into an agreement terminating the IO Collaboration Agreement. Under the termination agreement, Axion Bio agreed to transfer the rights, title, and interest related to AXN-2510 and AXN-27M to ImmuneOnco, and ImmuneOnco agreed to pay Axion Bio $1.8 million, of which $1.6 million was received during the quarter ended March 31, 2026 and recorded as other income as a gain on contract termination in the condensed consolidated statements of operations and comprehensive loss. Receipt of the remaining $0.2 million is contingent upon the completion of specified wind-down activities.

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table is a summary of the segment and consolidated net loss, including significant segment expenses for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026		2025
AXN-2510	$	659	$	4,715
Other program expenses(1)	10		656
General and administrative(2)	5,338		8,611
Restructuring charges	992		16,082
Depreciation	11		498
Interest income	(678)		(1,175)
Interest expense	1,552		1,098
Gain on contract termination	(1,620)		—
Other income, net	(2,060)		(2,285)
Segment and consolidated net loss	$	4,204	$	28,200

______________________________________________________________

(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.

Fair Value Measurement - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial Assets
Total	$ 69,919	$ 73,830
Level 1
Financial Assets
Total	370	4,339
Level 2
Financial Assets
Total	69,549	69,491
Level 3
Financial Assets
Total	0	0
Money market funds
Financial Assets
Money market funds and U.S. Treasury bills	370	4,339
Money market funds \| Level 1
Financial Assets
Money market funds and U.S. Treasury bills	370	4,339
Money market funds \| Level 2
Financial Assets
Money market funds and U.S. Treasury bills	0	0
Money market funds \| Level 3
Financial Assets
Money market funds and U.S. Treasury bills	0	0
U.S. Treasury bills
Financial Assets
Money market funds and U.S. Treasury bills	69,549	69,491
U.S. Treasury bills \| Level 1
Financial Assets
Money market funds and U.S. Treasury bills	0	0
U.S. Treasury bills \| Level 2
Financial Assets
Money market funds and U.S. Treasury bills	69,549	69,491
U.S. Treasury bills \| Level 3
Financial Assets
Money market funds and U.S. Treasury bills	$ 0	$ 0

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid general and administrative	$ 941	$ 1,170
Prepaid research and development	124	441
Tax-related receivable	28	848
Prepaid contract research organization expenses	276	431
Other current assets	143	148
Total prepaid and other current assets	$ 1,512	$ 3,038

Fair Value Measurement

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurement

The carrying amounts of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses approximate their fair values due to the short-term nature of these instruments. Cash and cash equivalents consist primarily of cash and highly liquid investments with original maturities of three months or less at the time of purchase; accordingly, their carrying amounts approximate fair value. Cash and cash equivalents are valued based upon quoted market prices in active markets for identical assets and are therefore classified as Level 1 assets. Money market funds are open-end mutual funds that invest in cash, government securities, and/or repurchase agreements that are collateralized fully. To the extent that these funds are valued based upon the reported net asset value, they are categorized in Level 1 of the fair value hierarchy.

Short-term marketable securities consisted of U.S. Treasury bills that are classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term.

The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring and nonrecurring basis:


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	370	$	—	$	—	$	370
U.S. Treasury bills	—		69,549		—		69,549
Total	$	370	$	69,549	$	—	$	69,919

	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
	(In thousands)
Financial Assets
Money market funds	$	4,339	$	—	$	—	$	4,339
U.S. Treasury bills	—		69,491		—		69,491
Total	$	4,339	$	69,491	$	—	$	73,830

There were no transfers in or out of Level 1, 2 and 3 measurements for the three months ended March 31, 2026 and the year ended December 31, 2025. As of March 31, 2026 and December 31, 2025, there were no securities within Level 3 of the fair value hierarchy.

As of March 31, 2026 and December 31, 2025, the fair value of the 2024 Loan (as defined in Note 8) was $85.6 million and $85.5 million, respectively. The fair value was determined on the basis of its net present value and is considered Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Instil Bio, Inc. (the “Company”) is a biotechnology company focused on identifying and advancing innovative therapeutic opportunities. In January 2026, the Company announced that its wholly owned subsidiary, Axion Bio, Inc. (“Axion Bio”), was discontinuing development of AXN-2510, its former lead product candidate. See Note 12 for further information. The Company is actively seeking to in-license or acquire and develop additional novel therapeutic candidates in diseases with significant unmet medical need.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (4,204)	$ (28,200)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	985	3,495
Non-cash lease expense	71	71
Foreign exchange remeasurement loss (gain)	129	(223)
Impairment of property, plant and equipment	0	16,569
Depreciation	12	498
Amortization (accretion) on invested securities	178	(236)
Non-cash interest expense	193	212
Loss on disposals of property and equipment	2	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,526	6,482
Other long-term assets	80	80
Accrued rent receivable	(304)	(1,392)
Accounts payable	17	(376)
Operating lease liabilities	(76)	(163)
Accrued expenses and other current liabilities	54	(1,012)
Net cash used in operating activities	(1,337)	(4,195)
Cash flows from investing activities:
Purchase of marketable securities	(22,317)	(38,194)
Maturities of marketable securities	22,000	47,400
Cash received from held for sale assets	0	405
Net cash (used in) provided by investing activities	(317)	9,611
Cash flows from financing activities:
Proceeds from exercise of stock options	0	404
Loan agreement closing costs	0	(172)
Net cash provided by financing activities	0	232
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,654)	5,648
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5)	43
Cash, cash equivalents and restricted cash—beginning of period	6,804	10,635
Cash, cash equivalents and restricted cash—end of period	5,145	16,326
Supplemental disclosure of cash flow information:
Cash paid for interest	$ 1,359	$ 886

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	6,781,976	6,781,976
Common stock, shares outstanding (in shares)	6,781,976	6,781,976

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net loss per share for the periods presented due to their anti-dilutive effect:


	March 31,
	2026	2025
Stock options to purchase common stock	1,406,324	1,234,635

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

The Company’s lease costs consisted of the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	179	$	422
Variable lease cost	188		165
Total lease cost	$	367	$	587

The following table summarizes cash flow information related to the Company’s lease obligations (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities	$	175	$	417

The following table summarizes the Company’s lease assets and liabilities (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets	$	60	$	238
Current operating lease liabilities	$	186	$	372

The following table summarizes other supplemental information related to the Company’s lease obligations:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	0.6		0.7
Weighted-average discount rate	6.75	%	6.75	%

Schedule of Lease Income Related to the Operating Lease


	Three Months Ended March 31,
	2026		2025
Rental income related to fixed lease income	$	2,242	$	2,242

Schedule of Future Fixed Contractual Lease Payments to be Received

Approximate future straight-lined contractual lease income to be recognized under the Lease in effect as of March 31, 2026, is as follows (in thousands):


	March 31, 2026
2026 (remaining nine months)	$	6,726
2027	8,968
2028	8,968
2029	8,968
2030	8,968
Thereafter	76,973
Total	$	119,571

Schedule of Net Carrying Amount of the Liability Component of the Loan

The net carrying amount of the liability component of the 2024 Loan was as follows (in thousands):


	March 31, 2026		December 31, 2025
Principal amount	$	85,600	$	85,600
Unamortized debt issuance cost	(601)		(794)
Net carrying amount	$	84,999	$	84,806

Schedule of Interest Expense Related to the Loan

The following table sets forth the interest expense recognized related to the 2024 Loan (in thousands):


	Three Months Ended March 31,
	2026		2025
Contractual interest expense	$	1,359	$	886
Amortization of debt issuance cost	193		212
Total interest expense related to the 2024 Loan	$	1,552	$	1,098

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Restructuring and Impairment of Long-Lived Assets

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring and Impairment of Long-Lived Assets

In January 2023, the Board of Directors approved a restructuring plan and the Company announced the consolidation of the ITIL-306 Phase 1 clinical trial, which included contract terminations.

In January 2024, the Board of Directors approved a comprehensive restructuring plan, which included the closure of the Company’s UK manufacturing facility and clinical trial operations. In September 2024, the Board of Directors approved additional UK restructuring actions, which resulted in the elimination of the majority of the remaining UK workforce in the fall of 2024, with the remaining reduction and restructuring activities substantially completed by the end of 2024.

Collectively, the restructuring events from 2023 and 2024 are referred to as the “Plan.” Certain contractual obligations associated with the Plan were settled in 2025, resulting in related cost adjustments.

In March 2025, the Board of Directors approved a plan to sell the Tarzana facility, and the Company listed the Tarzana facility for sale and reclassified it as a long-lived asset held for sale and incurred impairment charges on the facility and as well as charges related to the anticipated cost to sell the facility, collectively, these charges are referred to as (the “2025 Tarzana Charges”).

In January 2026, Axion Bio discontinued development of AXN-2510, and the Company terminated certain employees associated with this program (the “2026 Employee Terminations”).

Restructuring and Impairment Charges

As a result of the 2026 Employee Terminations, the Company recorded charges of $1.0 million within the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges” for the three months ended March 31, 2026. As a result of the 2025 Tarzana Charges and the Plan, the Company recorded charges of $16.1 million within the condensed consolidated statements of operations and comprehensive loss in the line item “restructuring and impairment charges” for the three months ended March 31, 2025.

The following table summarizes the restructuring and impairment loss (gain) by category (in thousands):


	Three Months Ended March 31,
	2026		2025
Contract terminations	$	—	$	(487)
Impairment of long-lived assets held for sale	—		16,569
One-time employee termination benefits	992		—
Total restructuring and impairment charges	$	992	$	16,082

Restructuring Liability

As a result of the Plan and the 2026 Employee Terminations, a restructuring liability was recorded in the condensed consolidated balance sheets under “Accrued expenses and other current liabilities” and was measured at the amount expected to be paid, or that was paid. During the quarter ended March 31, 2026, the Company paid $1.0 million of employee benefits and expects to pay the remainder of the restructuring costs by the end of 2026.

The following table shows the restructuring liability related to the Plan and the 2026 Employee Terminations (in thousands):


	Employee Benefits		Contract Terminations		Total
Restructuring liability as of December 31, 2025	$	—	$	155	$	155
Additions	992		—		992
Payments	(992)		—		(992)
Restructuring liability as of March 31, 2026	$	—	$	155	$	155

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table sets forth stock-based compensation included in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Stock-based compensation expense	$	985	$	3,495

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		6,525,887
Beginning balance at Dec. 31, 2024	$ 169,436	$ 0	$ 824,780	$ (228)	$ (655,116)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares of common stock issued upon exercise of stock options (in shares)		33,040
Shares of common stock issued upon exercise of stock options	404		404
Stock-based compensation	3,495		3,495
Net loss	(28,200)				(28,200)
Other comprehensive income (loss)	(223)			(223)
Ending balance (in shares) at Mar. 31, 2025		6,558,927
Ending balance at Mar. 31, 2025	$ 144,912	$ 0	828,679	(451)	(683,316)
Beginning balance (in shares) at Dec. 31, 2025	6,781,976	6,781,976
Beginning balance at Dec. 31, 2025	$ 113,866	$ 0	840,937	(583)	(726,488)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	985		985
Net loss	(4,204)				(4,204)
Other comprehensive income (loss)	$ 51			51
Ending balance (in shares) at Mar. 31, 2026	6,781,976	6,781,976
Ending balance at Mar. 31, 2026	$ 110,698	$ 0	$ 841,922	$ (532)	$ (730,692)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Segment Reporting - Schedule of the Segment Loss, Including Significant Segment Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Interest income	$ (678)	$ (1,175)
Interest expense	1,552	1,098
Gain on contract termination	(1,620)	0
Reportable Segment
Segment Reporting Information [Line Items]
AXN-2510	659	4,715
Other program expenses	10	656
General and administrative	5,338	8,611
Restructuring charges	992	16,082
Depreciation	11	498
Interest income	(678)	(1,175)
Interest expense	1,552	1,098
Gain on contract termination	(1,620)	0
Other income, net	(2,060)	(2,285)
Segment and consolidated net loss	$ 4,204	$ 28,200

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	5,022	$	6,638
Restricted cash	123		166
Cash, cash equivalents and restricted cash	$	5,145	$	6,804

Schedule of Cash, Cash Equivalents and Restricted Cash


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	5,022	$	6,638
Restricted cash	123		166
Cash, cash equivalents and restricted cash	$	5,145	$	6,804