$KRYS

Krystal Biotech, Inc.

CIK:0001711279|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 119,222	$ 96,042	$ 235,579	$ 184,225
Operating expenses
Cost of goods sold	6,437	7,165	12,760	12,193
Research and development	14,518	14,410	29,849	28,666
Selling, general and administrative	39,850	35,068	80,863	67,714
Total operating expenses	60,805	56,643	123,472	108,573
Income from operations	58,417	39,399	112,107	75,652
Other income
Interest and other income, net	7,662	7,376	15,414	14,720
Income before income taxes	66,079	46,775	127,521	90,372
Income tax expense	(11,311)	(8,442)	(16,821)	(16,305)
Net income	54,768	38,333	110,700	74,067
Unrealized (loss) gain on available-for-sale securities	(1,213)	(158)	(2,790)	186
Foreign currency translation	(1,499)	925	(2,681)	1,161
Comprehensive income	$ 52,056	$ 39,100	$ 105,229	$ 75,414
Net income per common share:
Basic (in usd per share)	$ 1.85	$ 1.33	$ 3.76	$ 2.57
Diluted (in usd per share)	$ 1.79	$ 1.29	$ 3.62	$ 2.48
Weighted-average common shares outstanding:
Basic (in shares)	29,529	28,910	29,409	28,863
Diluted (in shares)	30,657	29,749	30,584	29,819

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net income	$ 110,700	$ 74,067
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	2,878	2,759
(Accretion) amortization on marketable securities	(1,324)	464
Amortization of operating lease right-of-use assets	414	418
Stock-based compensation expense, net	27,765	27,597
Realized gain on investments	(1,277)	(4,256)
Other, net	310	690
Changes in operating assets and liabilities
Accounts receivable, net	(11,915)	(6,693)
Inventory	(1,201)	(515)
Prepaid taxes	(1,302)	(948)
Prepaid expenses and other current assets	(1,892)	(2,009)
Lease liability	(486)	(258)
Other long-term liabilities	3,462	1,368
Accounts payable	4,079	5,029
Accrued rebates	25,834	14,834
Accrued expenses and other current liabilities	(874)	2,401
Accrued legal settlement	0	(31,250)
Net cash provided by operating activities	155,171	83,698
Investing Activities
Proceeds from disposal of assets	0	435
Purchases of property and equipment	(10,713)	(8,108)
Purchases of investments	(418,056)	(251,705)
Maturities of investments	203,602	194,084
Net cash (used in) investing activities	(225,167)	(65,294)
Financing Activities
Proceeds from exercise of stock options	21,662	3,258
Net cash provided by (used in) financing activities	4,594	(10,670)
Effect of exchange rate changes on cash and cash equivalents	(3,162)	1,230
Net (decrease) increase in cash and cash equivalents	(68,564)	8,964
Cash and cash equivalents at beginning of period	496,304	344,865
Cash and cash equivalents at end of period	427,740	353,829
Supplemental Disclosures of Non-Cash Activities
Unpaid purchases of property and equipment	443	1,329
Initial recognition of right-of-use assets	0	1,794
Supplemental Cash Flow Information
Income taxes paid	13,823	13,858
Restricted Stock Units (RSUs)
Financing Activities
Taxes paid for employee tax withholding related to restricted stock units and Taxes paid related to settlement of restricted stock awards	(17,068)	(12,116)
Restricted Stock
Financing Activities
Taxes paid for employee tax withholding related to restricted stock units and Taxes paid related to settlement of restricted stock awards	$ 0	$ (1,812)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 427,740	$ 496,304
Short-term investments	417,891	331,487
Accounts receivable, net	138,662	127,425
Inventory	45,556	40,475
Prepaid taxes	15,308	14,006
Prepaid expenses and other current assets	14,491	14,905
Total current assets	1,059,648	1,024,602
Property and equipment, net	153,775	150,776
Long-term investments	257,291	128,066
Right-of-use assets	6,826	7,239
Deferred tax asset, net of valuation allowance	22,824	22,824
Other non-current assets	284	287
Total assets	1,500,648	1,333,794
Current liabilities
Accounts payable	6,544	3,238
Current portion of lease liability	1,808	1,771
Accrued rebates	83,480	58,181
Accrued expenses and other current liabilities	35,565	39,752
Total current liabilities	127,397	102,942
Lease liability	7,045	7,568
Other long-term liabilities	7,080	3,724
Total liabilities	141,522	114,234
Commitments and contingencies (see note 7)
Stockholders’ equity
Common stock; $0.00001 par value; 80,000 shares authorized as of June 30, 2026 and December 31, 2025; 29,596 and 29,192 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	0	0
Additional paid-in capital	1,228,598	1,194,261
Accumulated other comprehensive (loss) gain	(4,335)	1,136
Retained earnings	134,863	24,163
Total stockholders’ equity	1,359,126	1,219,560
Total liabilities and stockholders’ equity	$ 1,500,648	$ 1,333,794