KRYS

MKT CAP:$8B

Krystal Biotech, Inc.

Market Cap

$8B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$272.66+$25.75 (+10.43%)

Apr 21, 2026

Company Details

Krystal Biotech, Inc., a clinical stage biotechnology company, engages in the field of redosable gene therapy to treat serious rare diseases in the United States. Its lead product candidate is beremagene geperpavec (B-VEC), which is in Phas...

CEO

Krish S. Krishnan

IPO Date

Sep 20, 2017

Website

www.krystalbio.com

Key Metrics TTM

Revenue

$389M

+33.9% YoY

Net Income

$205M

EPS (Diluted)

$6.85

Free Cash Flow

$189M

Revenue / Share

$12.99

Gross Margin

92.6%

Operating Margin

41.5%

Net Margin

52.6%

FCF Margin

48.5%

P/S

20.7x

P/E

39.3x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 17, 2026

$389M+33.9%EPS $6.84

Q4 2025

Feb 17, 2026

$107M+17.5%EPS $1.70

Q3 2025

Nov 3, 2025

$98M+16.6%EPS $2.66

Q2 2025

Aug 4, 2025

$96M+36.6%EPS $1.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$1M	-$25M
Q2 22	$0	$0	-$29M
Q3 22	$0	$0	-$31M
Q4 22	$0	$0	-$35M
Q1 23	$0	$0	-$49M
Q2 23	$0	$0	-$38M
Q3 23	$9M	$8M	-$26M
Q4 23	$42M	$38M	$3M
Q1 24	$45M	$43M	-$7M
Q2 24	$70M	$64M	$9M
Q3 24	$84M	$77M	$22M
Q4 24	$91M	$86M	$41M
Q1 25	$88M	$83M	$36M
Q2 25	$96M	$89M	$39M
Q3 25	$98M	$92M	$41M
Q4 25	$107M	$96M	$44M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	941.2x	—
Q4 23	158.8x	736.6x
Q1 24	83.9x	140.9x
Q2 24	48.4x	76.0x
Q3 24	33.3x	153.8x
Q4 24	27.7x	90.3x
Q1 25	24.2x	65.0x
Q2 25	22.4x	54.9x
Q3 25	21.6x	40.5x
Q4 25	20.7x	39.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$15M	-$33M
Q2 22	-$43M	-$60M
Q3 22	-$20M	-$34M
Q4 22	-$22M	-$28M
Q1 23	-$26M	-$32M
Q2 23	-$34M	-$37M
Q3 23	-$21M	-$23M
Q4 23	-$7M	-$9M
Q1 24	$16M	$15M
Q2 24	-$4M	-$5M
Q3 24	$59M	$58M
Q4 24	$53M	$52M
Q1 25	$31M	$25M
Q2 25	$53M	$51M
Q3 25	$40M	$38M
Q4 25	$78M	$75M

Capital Expenditures

Quarter	CapEx
Q1 22	$17M
Q2 22	$17M
Q3 22	$14M
Q4 22	$5M
Q1 23	$5M
Q2 23	$3M
Q3 23	$2M
Q4 23	$2M
Q1 24	$1M
Q2 24	$1M
Q3 24	$1M
Q4 24	$801.0K
Q1 25	$6M
Q2 25	$2M
Q3 25	$2M
Q4 25	$2M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+75.7%
Q2 22	—	+75.4%
Q3 22	—	+100.9%
Q4 22	—	+58.9%
Q1 23	—	+93.6%
Q2 23	—	+32.3%
Q3 23	—	+9.9%
Q4 23	—	+12.2%
Q1 24	—	+6.4%
Q2 24	—	+62.2%
Q3 24	+879.9%	+77.7%
Q4 24	+116.3%	+27.6%
Q1 25	+94.9%	+0.1%
Q2 25	+36.6%	-8.1%
Q3 25	+16.6%	-8.1%
Q4 25	+17.5%	+25.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	—
Q2 22	$8M	—
Q3 22	$9M	—
Q4 22	$10M	—
Q1 23	$10M	—
Q2 23	$11M	—
Q3 23	$8M	97.1%
Q4 23	$10M	23.4%
Q1 24	$9M	20.6%
Q2 24	$13M	18.7%
Q3 24	$13M	15.9%
Q4 24	$13M	14.7%
Q1 25	$13M	15.3%
Q2 25	$14M	14.7%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$9M	—	$15M
Q2 22	$11M	$18M	—
Q3 22	$12M	$20M	—
Q4 22	$11M	$24M	—
Q1 23	$12M	$24M	—
Q2 23	$12M	$26M	—
Q3 23	$11M	$24M	—
Q4 23	$11M	$74M	—
Q1 24	$11M	—	$26M
Q2 24	$16M	—	$28M
Q3 24	$14M	—	$29M
Q4 24	$14M	—	$31M
Q1 25	$14M	—	$33M
Q2 25	$14M	—	$35M
Q3 25	$13M	—	$38M
Q4 25	$16M	—	$41M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$269M	$165M	$435M
Q2 22	$219M	$207M	$426M
Q3 22	$186M	$208M	$394M
Q4 22	$162M	$217M	$379M
Q1 23	$141M	$210M	$350M
Q2 23	$276M	$202M	$478M
Q3 23	$373M	$189M	$562M
Q4 23	$358M	$174M	$532M
Q1 24	$359M	$179M	$538M
Q2 24	$346M	$214M	$560M
Q3 24	$374M	$214M	$588M
Q4 24	$345M	$253M	$598M
Q1 25	$309M	$308M	$617M
Q2 25	$354M	$328M	$682M
Q3 25	$393M	$338M	$731M
Q4 25	$496M	$331M	$828M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	25M	+13.1%	+18.2%
Q2 22	26M	+1.7%	+15.0%
Q3 22	26M	+0.3%	+15.3%
Q4 22	26M	-0.2%	+15.1%
Q1 23	26M	+0.6%	+2.4%
Q2 23	27M	+3.7%	+4.4%
Q3 23	29M	+8.4%	+12.8%
Q4 23	29M	-0.3%	+12.8%
Q1 24	29M	+1.6%	+13.9%
Q2 24	30M	+1.2%	+11.2%
Q3 24	30M	+0.9%	+3.5%
Q4 24	30M	-0.1%	+3.7%
Q1 25	30M	-0.0%	+2.0%
Q2 25	30M	-0.4%	+0.4%
Q3 25	30M	+0.3%	-0.2%
Q4 25	30M	+0.4%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	119
Q2 22	$0	119
Q3 22	$0	119
Q4 22	$0	210
Q1 23	$0	210
Q2 23	$0	210
Q3 23	$40.7K	210
Q4 23	$184.0K	229
Q1 24	$197.6K	229
Q2 24	$306.9K	229
Q3 24	$366.1K	229
Q4 24	$331.4K	275
Q1 25	$320.7K	275
Q2 25	$349.2K	275
Q3 25	$355.6K	275
Q4 25	$1.0K	105K

Revenue / Employee