Yes, you can reset the password(passphrase) in the below ways.
Click to Link: https://account.axcrypt.net/Home/PasswordReset to do this, or you can also go there from AxCrypt app with File | Options | Password Reset.
Password reset is not a way to recover encrypted files! It’s only to allow you to sign in to the AxCrypt app and web. The new password will be used to encrypt new files.
For more info about Password Reset: https://www.youtube.com/watch?v=O6whtjSb3pc and https://www.axcrypt.net/blog/password-reset-axcrypt/