Krystal Biotech Inc

Latest Results (04.04.2026):

Krystal Biotech, Inc. reported results for the fourth quarter of 2025 (Q4 2025) showing continued commercial traction for VYJUVEK and strong profitability. The company posted $107.1 million of net product revenue in Q4 2025 ($389.1 million for FY2025), delivered a 94% gross margin, generated net income of $51.4 million in Q4 ($204.8 million for FY2025), and closed the quarter with $955.9 million in cash and investments. The release also highlighted multiple clinical and regulatory milestones across its pipeline, including RMAT and Fast Track designations and positive cystic fibrosis data.

Revenue and Margins

Q4 2025 net product revenue: $107.1M (up from $91.1M in Q4 2024). FY2025 net product revenue: $389.1M vs. $290.5M in FY2024. Reported gross margin for Q4 and FY2025: 94%.

Profitability

Q4 2025 net income: $51.4M, $1.77 basic and $1.70 diluted per share. FY2025 net income: $204.8M, $7.08 basic and $6.84 diluted per share — a substantial YoY increase from FY2024.

Cash & Balance Sheet

Cash, cash equivalents and investments totaled $955.9M as of December 31, 2025. Total assets: $1.334B; total stockholders’ equity: $1.220B.

Expenses and Trends

Q4 2025 operating highlights: cost of goods sold $6.6M; R&D $14.8M (includes $2.7M stock-based comp); SG&A $41.4M (includes $11.1M stock-based comp). FY2025 combined R&D and SG&A increased versus FY2024, with FY2025 SG&A at $146.7M and R&D at $58.0M.

Guidance & Non‑GAAP Note

FY2026 guidance: non‑GAAP combined R&D and SG&A expense of $175.0–$195.0M (excludes stock‑based compensation). Company did not reconcile to GAAP guidance because stock‑based compensation cannot be confidently estimated.

VYJUVEK Commercial Update

VYJUVEK net revenue since U.S. launch: $730.3M (company figure). Over 660 U.S. reimbursement approvals; launches underway in Germany, France and Japan with >90 patients prescribed across those markets. Pricing negotiations ongoing (Germany through at least 2H 2026; France through at least 2027); potential Italy launch targeted for 2H 2026.

Pipeline & Regulatory Milestones

Key clinical/regulatory updates: FDA granted RMAT to KB707 (advanced/metastatic NSCLC) and Fast Track to KB111 (Hailey‑Hailey disease). Positive CORAL‑1 high‑dose KB407 CF cohort: airway transduction observed in all bronchoscoped patients (29.4%–42.1% of conducting airway cells); planning CORAL‑3 repeat‑dosing study to start in 1H 2026.

Other Clinical Programs

Ongoing registrational studies: IOLITE (KB803, corneal abrasions in DEB) — enrollment expected complete 1H 2026 with topline before year‑end; EMERALD‑1 (KB801, neurotrophic keratitis) — ~60 patients planned and data expected before year‑end. KB408 (AATD) Cohort 2B interim data expected in 2026. OPAL‑1 intratumoral KB707 and Jeune aesthetics KB304 development updates also in progress.

Commercial Expansion

Executed regional specialty distributor agreement for Israel in Feb 2026 and remains on track to expand specialty distributor network to cover >40 countries by end of 2026.