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Krystal Biotech, Inc.

KRYS

Healthcare · 350.84 +0.8% today

Isolated · not yet confirmedMarket checked 11 Sept, 11:55 GMT-4

Market read

Krystal Biotech, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 9 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 12 directly disclosed connections are confirming.

What changed
  • Revenue increased 31.9% versus the comparable filing period.
Company+0.8% todayVolume comparison unavailable
Market group0 of 9 activeBiotechnology · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • Reported increase in R&D costs driven by timing of production runs for KB111, KB407, and KB803 and higher unallocated materials for pipeline products.

Invalidation: The isolated read changes if KRYS's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Healthcare · Biotechnology

The latest filing evidence is available. 0 of 9 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 12 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 31.9% versus the comparable filing period.
  • Operating margin improved 5.0 percentage points.
  • Net income increased 56.5% versus the comparable filing period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Reported increase in R&D costs driven by timing of production runs for KB111, KB407, and KB803 and higher unallocated materials for pipeline products.

Company research

Understand the business, not just the ticker

As of Sep 11, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods5
Price observations327
Usable filing statements49
Verified relationships12
Evidence supporting the case
  • Latest annual revenue changed +33.9% year over year.
  • Operating margin changed +18.8 percentage points in the latest annual period.
  • Net margin changed +21.9 percentage points in the latest annual period.
Evidence challenging the case
  • Product pipeline and R&D has repeated adverse evidence across 3 filings.
Questions before a position
  • P/E is 89% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 72% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 10, 2026

345.62
6m+35.5%12m+144.8%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$0$-3.13
2022-12-31$0$-5.49+14.8%
2023-12-31$50.7M$0.39+8.9%
2024-12-31$290.5M+473.0%$3.00+7.2%
2025-12-31$389.1M+33.9%$6.84+0.7%

What management says matters

Persistent and emerging business drivers

Product pipeline and R&Dnegative · 3 filings
The increase in research and development expenses was primarily attributable to: • a net increase of $0.9 million in unallocated materials and other support costs for our pipeline products; and • a net increase of $0.8 million in R&D payroll and manufacturing…
10-Q · May 4, 2026
Legal and regulatory exposurenegative · 2 filings
These increases were partially offset by: • a decrease of $0.4 million in B-VEC regulatory fees due to timing of international expansion.
10-Q · May 4, 2026
Demand and volumepositive · 1 filings
This demand is expected to grow driven by increasing aesthetic injectable adoption in emerging markets and shifting consumer attitudes about wellness, beauty, and healthy aging that have increased awareness and acceptance of aesthetic treatments among new con…
10-K · Feb 17, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 26.6× · EV/sales 25.3×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Fewer than 4 annual revenue periods; too little history to scaffold scenarios.

Price action

How the market is pricing the story

350.84+0.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 11:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for KRYS. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

Fundamentals strengthened in the latest filing

10-Q filed 2026-05-04 against the comparable filing from 2025-05-06.

constructive
OperationsconstructiveEvidence score +4
liquidityconstructiveEvidence score +1
valuationdiscount

What improved

  • Revenue increased 31.9% versus the comparable filing period.
  • Operating margin improved 5.0 percentage points.
  • Net income increased 56.5% versus the comparable filing period.

What weakened

No thresholded deterioration was identified.

Filing receipts

Increase in operating cash flows was driven by a $31.3 million impact of changes in accrued legal settlement due to the final payment of the PeriphaGen settlement in the first quarter of 2025 and a $20.2 million increase in net income primarily due to increased revenue, partially offset by increased operating expenses.

The decrease in cash used in financing activities was primarily driven by a $5.0 million increase in proceeds from exercise of stock options and $1.8 million decrease in taxes paid related to settlement of restricted stock awards, offset by $4.8 million increase in taxes paid for employee tax withholding related to restricted stock units.

The increase in product revenue, net was driven by an increase in VYJUVEK sales as compared to the prior year, primarily due to continued growth in our Europe and Japan markets.

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind KRYS

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

ALNYAlnylam Pharmaceuticals, Inc.partnerFeb 17, 2026

These can be generally classified into four broad categories: • Gene Silencing Approaches: We are aware of two companies, Takeda Pharmaceutical Company Limited (in partnership with Arrowhead Pharmaceutical Inc.) and Novo Nordisk A/S (in partnership with Alnyl…

BBIOBridgeBio Pharma, Inc.partnerFeb 17, 2026

We are also aware of a recombinant-protein-based approach being developed by BridgeBio Pharma, Inc.’s affiliate company, Phoenix Tissue Repair.

Depended on by

FDMT4D Molecular Therapeutics, Inc.competitorMar 18, 2026

We consider our most direct competitors with respect to 4D-710 for the treatment of CF lung disease to be Vertex Pharmaceuticals Incorporated, which has several approved CFTR modulators, as well as other companies in preclinical/early-clinical development of…

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks 9 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

KRYS is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

This group is retained as the last observed read for KRYS; it is not active in the latest market snapshot.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.