Here are 1-2 brief analogies to describe Krystal Biotech:

• Like Sarepta Therapeutics, but focused on gene therapies for rare skin diseases.
• The Vertex Pharmaceuticals of gene therapy for rare skin conditions.

Krystal Biotech's major products are pipeline gene therapies for rare diseases and aesthetic conditions:

• beremagene geperpavec (B-VEC): A gene therapy in Phase III clinical study for treating dystrophic epidermolysis bullosa.
• KB105: A gene therapy in Phase I/II clinical study for deficient autosomal recessive congenital ichthyosis.
• KB301: A gene therapy in Phase I/II clinical stage for treating wrinkles and other presentations of aged or damaged skin.
• KB407: A gene therapy in preclinical stage for cystic fibrosis.
• KB104: A gene therapy in preclinical stage for netherton syndrome.
• KB5xx: A discovery stage product candidate for treating chronic skin diseases.
• KB3xx: A discovery stage product candidate for treating aesthetic skin conditions.

Krystal Biotech (KRYS) is a clinical-stage biotechnology company focused on developing gene therapies. As per the provided description, all of its product candidates, including its lead candidate beremagene geperpavec (B-VEC), are currently in various stages of clinical trials (Phase III, Phase I/II, preclinical, or discovery stage).

Given its status as a clinical-stage company, Krystal Biotech does not currently have any commercially approved products on the market. Consequently, it does not have "major customers" in the traditional sense of companies or individuals purchasing its products.

Once its products receive regulatory approval and are commercialized, the direct customers would primarily be healthcare systems, hospitals, specialty pharmacies, or clinics that administer these gene therapies to individual patients suffering from the rare diseases they are designed to treat.

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Krish Krishnan, Chairman & CEO

Krish Krishnan co-founded Krystal Biotech with his wife, Suma Krishnan, in 2016. He is an accomplished biotech executive with involvement in two successful IPOs, serving as COO/CFO of New River Pharmaceuticals, Inc. (NASDAQ: NRPH) and COO of Intrexon Corporation, Inc. (NYSE: XON). New River Pharmaceuticals, Inc. was sold to Shire Pharmaceuticals, plc for $2.6 billion. Krishnan also served as CEO of Pinnacle Pharmaceuticals, Inc. and was previously a Managing Principal of Suppliermarket.com, which was sold to Ariba in 2001 for $500 million. He has served as a board member for Biotie Therapies Oyi and Thar Pharmaceuticals, Inc. prior to its sale to Grunenthal GmbH in 2017. Earlier in his career, he worked at Third Security, a manager of venture capital funds focused on life sciences.

Suma Krishnan, President, Research & Development

Suma Krishnan co-founded Krystal Biotech with her husband, Krish Krishnan, in 2016. She possesses 25 years of drug development experience, having delivered multiple gene therapy programs from discovery to clinic as Head of Therapeutics at Intrexon Corporation. As SVP, Product Development at New River Pharmaceuticals, she led the discovery, development, and approval of Vyvanse™, a blockbuster drug for ADHD. She also advanced the approval of Adderall XR® and Fosrenol® at Shire, where she had a lucrative career before joining New River. Suma began her career as a discovery scientist for Janssen Pharmaceuticals, Inc. She holds over 70 patents for various drugs and, along with her husband, chose to self-fund Krystal Biotech rather than seek venture capital, using funds from previous biotech successes.

Kathryn Romano, EVP & Chief Accounting Officer

Kathryn Romano was appointed Chief Accounting Officer in February 2020. Prior to joining Krystal Biotech, she was the Corporate Controller at CNX Resources Corporation. She also served as Corporate Controller of Rice Energy from January 2013 until its acquisition by EQT in November 2017, remaining with the company through the transition until March 2018. Her earlier experience includes various accounting and auditing roles at Black Box Corporation and Deloitte. Ms. Romano is a Certified Public Accountant.

John Thomas, EVP, General Counsel & Corporate Secretary

John Thomas has been recognized in Best Lawyers in America from 2016-2022 for Intellectual Property law (litigation) and was named the Best Lawyers in America 2018 Trademark Lawyer of the Year–Pittsburgh, PA. He holds a B.S. in Chemistry from Indiana University of Pennsylvania and a J.D. from Duquesne Law, Cum Laude, where he served as an Associate Recent Decisions Editor of the Duquesne Law Review.

Laurent Goux, EVP, General Manager Europe

Laurent Goux leads Krystal's team in Europe. Before joining Krystal Biotech, he spent almost two decades in dermatology at Galderma, where he gained broad international experience. His leadership roles at Galderma included Global Head of Strategic Marketing and Market Access, Regional Director of Central and Eastern Europe, General Manager of Australia and NZ, and an international finance leader. Laurent graduated as a Chemical Engineer in Bordeaux and earned a Master's in Strategy and Management of International Business Management from ESSEC school in Paris.

Here are the key risks to Krystal Biotech (KRYS):

1. Dependence on VYJUVEK Revenue and Commercialization Risk: Krystal Biotech's revenue is heavily reliant on its first approved gene therapy, VYJUVEK (beremagene geperpavec or B-VEC), for dystrophic epidermolysis bullosa (DEB). While VYJUVEK has received regulatory approval in the United States, Europe, and Japan, there is a significant risk that sales may not meet expectations due to unpredictable patient treatment patterns, pricing pressures, or reimbursement challenges. The company's financial performance largely hinges on sustaining and expanding the commercial success of this single product.
2. Pipeline Development and Regulatory Approval Risk for Other Candidates: Krystal Biotech is a biotechnology company with a robust pipeline of other investigational genetic medicines in various stages of development, including KB105, KB301, KB407, and KB104. The success of these candidates is uncertain, as drug development is a high-risk and capital-intensive process. There is a significant risk of failure at any stage of clinical trials or the inability to obtain necessary regulatory approvals for these pipeline products. For example, Krystal Biotech discontinued a Phase I/II study for intratumoral KB707 due to regulatory uncertainty following a similar product's rejection by the FDA. The market remains cautious about the company's ability to replicate VYJUVEK's success with its broader pipeline.

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For Krystal Biotech's main products and services, the addressable market sizes are as follows:

• Beremagene geperpavec (B-VEC) for Dystrophic Epidermolysis Bullosa (DEB): The market size for Dystrophic Epidermolysis Bullosa treatment across the top 7 major markets (US, EU4, UK, and Japan) was valued at USD 589.9 million in 2024 and is projected to reach USD 2,128.8 million by 2035. The United States alone represented an estimated market size of approximately USD 400 million in 2023.
• KB105 for Deficient Autosomal Recessive Congenital Ichthyosis (ARCI): The market size for Congenital Ichthyosis in the top 7 markets (US, EU4, UK, and Japan) reached USD 5.2 million in 2024 and is expected to reach USD 8.1 million by 2035. The United States held a significant share of the overall 7MM ARCI market in 2024.
• KB301 for Wrinkles and other presentations of aged or damaged skin: The global facial aesthetics market size is projected to be valued at approximately US$17.15 billion in 2025 and is expected to reach US$37.5 billion by 2032. North America is anticipated to lead the global Aesthetic market landscape with 45.0% of total global market revenue in 2025. The U.S. aesthetic medicine market size was estimated at USD 37.94 billion in 2023 and is projected to grow to USD 167.13 billion by 2035.
• KB407 for Cystic Fibrosis (CF): The global cystic fibrosis therapeutics market size is calculated at USD 11.81 billion in 2025 and is projected to reach around USD 44.72 billion by 2035. The Cystic Fibrosis Market Size in the 7MM (the US, France, Germany, Italy, Spain, the UK, and Canada) was approximately USD 18,743 million in 2023, with the US accounting for approximately USD 9,473 million. The global cystic fibrosis (CF) market is estimated around USD 13.70 billion in 2025 with consistent growth anticipated, projected to reach USD 97.52 billion by 2034.
• KB104 for Netherton Syndrome: The Netherton Syndrome market in the 7MM (US, EU4, UK, and Japan) was valued at approximately USD 25 million in 2024. This market is projected to grow to USD 79.1 million by 2035 across the top 7 markets. In 2024, the United States accounted for an estimated market size of approximately USD 15 million for Netherton syndrome, representing nearly 65% of the total revenue generated across the 7MM.

Krystal Biotech (KRYS) is poised for future revenue growth over the next two to three years, primarily driven by the continued commercial success of its lead product, VYJUVEK, and the strategic advancement of its gene therapy pipeline. The key drivers include: * **Continued U.S. Commercial Growth and Market Penetration of VYJUVEK**: Krystal Biotech anticipates sustained revenue growth from VYJUVEK (beremagene geperpavec) within the U.S. market. This growth is bolstered by continued patient adds and increased adoption, with net VYJUVEK revenue showing consistent increases. The updated U.S. label, which expands the eligible patient population to include dystrophic epidermolysis bullosa (DEB) patients from birth, further strengthens its long-term outlook and addressable market within the U.S.. Management also focuses on expanding into community settings in the U.S. to drive ongoing revenue growth. * **International Commercial Expansion of VYJUVEK**: International markets are projected to be a primary driver of revenue growth for Krystal Biotech in the coming years. The company has already initiated commercial launches of VYJUVEK in Europe, including Germany in late August 2025, and is expanding into other key international territories like France and Japan. Initial overseas markets are already contributing to total net product revenue, and management forecasts ex-U.S. markets as a primary revenue growth driver for 2026. * **Advancement and Potential Commercialization of Pipeline Candidates, notably KB407 for Cystic Fibrosis**: Beyond VYJUVEK, the progress of Krystal Biotech's gene therapy pipeline is expected to contribute to future revenue growth. Specifically, the clinical advancement of KB407 for cystic fibrosis is highlighted as strengthening the company's position and suggesting additional opportunities for growth. Positive Phase 1 data for KB407 in cystic fibrosis has de-risked inhaled delivery, increasing confidence in upcoming programs. Furthermore, Krystal aims to leverage its proprietary HSV-1 platform to address larger markets, including aesthetic and dermatological conditions, with candidates like KB301. Success in advancing these pipeline assets towards later-stage clinical trials and potential commercialization within the next 2-3 years will lay the groundwork for significant new revenue streams.

Share Issuance

• Krystal Biotech commenced a $100 million underwritten public offering of its common stock in February 2021.
• The company also commenced a $200 million underwritten public offering of its common stock in November 2021.

Inbound Investments

• Krystal Biotech raised $100 million through a public offering of common stock in February 2021.
• An additional $200 million was raised through a public offering of common stock in November 2021.