“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 ↗
Krystal Biotech, Inc.
KRYS
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.
- Revenue increased 31.9% versus the comparable filing period.
- 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.
Research brief
The story so far
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.
- 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.
No thresholded adverse filing evidence is available yet.
- 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
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- 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.
- Product pipeline and R&D has repeated adverse evidence across 3 filings.
- 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.
Price as of Sep 10, 2026
345.62Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“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 ↗
“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.
Fewer than 4 annual revenue periods; too little history to scaffold scenarios.
Price action
How the market is pricing the story
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.
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.