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KRYS

Krystal Biotech, Inc.

KRYS

Krystal Biotech, Inc. • NASDAQ
$218.00 ▼ -0.32% (-0.70)
Market Cap $6.32 B
52w High $221.84
52w Low $122.80
Dividend Yield 0%
P/E 32.68
Volume 63.01K
Outstanding Shares 29.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $97.8M ▲ $50.763M ▲ $79.365M ▲ 81.15% ▲ $2.741 ▲ $49.576M ▲
Q2-2025 $96.042M ▲ $49.57M ▲ $38.333M ▲ 39.913% ▼ $1.33 ▲ $40.85M ▲
Q1-2025 $88.183M ▼ $46.978M ▲ $35.733M ▼ 40.521% ▼ $1.24 ▼ $37.811M ▼
Q4-2024 $91.139M ▲ $44.811M ▼ $45.479M ▲ 49.901% ▲ $1.58 ▲ $42.934M ▲
Q3-2024 $83.841M $54.724M $27.18M 32.419% $0.95 $36.462M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $731.069M ▲ $1.24B ▲ $102.218M ▲ $1.138B ▲
Q2-2025 $681.986M ▲ $1.138B ▲ $97.747M ▲ $1.041B ▲
Q1-2025 $616.846M ▲ $1.074B ▲ $89.742M ▼ $984.674M ▲
Q4-2024 $597.517M ▲ $1.056B ▲ $109.458M ▲ $946.38M ▲
Q3-2024 $588.324M $982.318M $96.472M $885.846M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $79.365M ▲ $39.659M ▼ $-4.286M ▲ $3.709M ▲ $38.775M ▼ $37.955M ▼
Q2-2025 $38.334M ▲ $52.729M ▲ $-10.525M ▲ $1.796M ▲ $45.059M ▲ $50.825M ▲
Q1-2025 $35.733M ▼ $30.969M ▼ $-54.769M ▲ $-12.466M ▼ $-36.095M ▼ $24.765M ▼
Q4-2024 $45.479M ▲ $52.843M ▼ $-83.778M ▼ $2.428M ▼ $-29.101M ▼ $52.042M ▼
Q3-2024 $27.179M $58.857M $-34.328M $3.365M $28.18M $57.811M

Five-Year Company Overview

Income Statement

Income Statement Krystal has recently shifted from being a pure R&D story to a commercial-stage company. After years with almost no sales and steady losses, it now reports meaningful product revenue and has moved into profitability at the operating and net income level. Gross margins look very high, which is typical for successful rare-disease and gene therapy products and suggests good pricing power and efficient production. The rapid swing from sizable losses to healthy profits is a major change in the company’s profile, but results are still heavily dependent on the early performance of a single flagship product, so earnings could be volatile as markets for that product mature.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. Assets and shareholders’ equity have been building over time, reflecting both past fundraising and now retained earnings from the new commercial business. Cash levels are healthy relative to the very small amount of debt, so the company appears minimally leveraged and not reliant on borrowing to fund operations. This gives management room to keep investing in the pipeline and commercialization without immediate balance-sheet pressure, though future clinical and commercial plans could still require additional capital over time. Overall, it resembles a well-capitalized biotech that has just crossed into a revenue-generating phase.

Cash Flow

Cash Flow Cash flows tell a similar story of transition. For several years the company consistently used cash to fund research, development, and manufacturing build-out, with negative operating and free cash flow. Most recently, operating and free cash flow have turned positive, indicating that the commercial business is now covering day-to-day costs and even generating surplus cash. Capital spending has come down after earlier investment in facilities, which helps free cash flow further. While this is an encouraging sign of financial self-sufficiency, durability will depend on how revenue from the lead product ramps and how aggressively the company reinvests in new trials and infrastructure.

Competitive Edge

Competitive Edge Krystal occupies a distinct niche in gene therapy with a first-mover position in redosable, topical treatments. Its approved product for a severe rare skin disease gives it real-world commercial experience and regulatory credibility, which many early-stage peers lack. The proprietary HSV-1–based platform, strong patent coverage, and in-house manufacturing together create meaningful barriers for new entrants, especially in skin-targeted gene delivery. At the same time, the company operates in a competitive and fast-evolving field, with large pharma and other gene therapy firms pursuing overlapping areas such as dermatology, ophthalmology, respiratory disease, and oncology. Its current market is also highly concentrated in one rare-disease product, which is both a strength (dominant position) and a key risk (product concentration).

Innovation and R&D

Innovation and R&D Innovation is the core of Krystal’s story. The STAR-D platform, built on an engineered HSV-1 vector, is designed to allow repeat dosing, local (often topical) delivery, and the ability to carry relatively large or multiple genes—features that differentiate it from many “one-and-done” systemic gene therapies. The pipeline stretches across several areas: additional genetic skin diseases, eye diseases, cystic fibrosis, solid tumors, and even aesthetic applications, all leveraging variations of the same platform. In-house technical expertise and manufacturing know-how in HSV-1 vectors further deepen the company’s capabilities and make its technology less easily replicated. However, most of the pipeline is still in early or mid-stage clinical development, so there is substantial scientific, regulatory, and timing uncertainty around how much of this innovation will ultimately translate into approved products and revenue.

Summary

Krystal Biotech has just crossed an important threshold: it has moved from a pre-revenue biotech burning cash to a profitable, cash-generating company anchored by a first-in-class gene therapy. Financially, it now shows strong margins, a clean balance sheet with little debt, and improving cash flows, all supported by a single but highly differentiated product. Strategically, it combines a defensible platform, meaningful intellectual property, and its own manufacturing with a broad pipeline that aims to reuse the same technology across multiple diseases and markets. The main strengths are its scientific edge, early regulatory wins, and growing commercial validation. The main risks are concentration in one flagship product, the inherent uncertainty of drug development across a wide pipeline, and an increasingly competitive gene therapy landscape. Overall, Krystal stands out as a platform-driven, innovation-heavy biotech that has begun to prove its model in the market but still faces the usual clinical and execution risks of its sector.

NEWS

November 26, 2025 · 8:00 AM UTC

Krystal Biotech to Present at 8th Annual Evercore Healthcare Conference

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September 15, 2025 · 8:00 AM UTC

Krystal Biotech Announces FDA Approval of Updated VYJUVEK® Label

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