Krystal Biotech, Inc.
KRYS evidence brief
What we can confirm
- BioSniper Score:
- 4.8 / 10
- Market Cap:
- $10.22B
What it means
What to watch
Prepared research question
What matters most for KRYS—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · KRYS
Krystal Biotech is a fully integrated, global, commercial-stage biotechnology company that develops and commercializes genetic medicines using a proprietary HSV-1-based gene therapy platform, anchored by its approved product VYJUVEK for dystrophic epidermolysis bullosa.
Key risk: Capital depletion risk
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$10.22B
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 10 clinical trials for Krystal Biotech, Inc..
Krystal Biotech is a fully integrated, global, commercial-stage biotechnology company that develops and commercializes genetic medicines using a proprietary HSV-1-based gene therapy platform, anchored by its approved product VYJUVEK for dystrophic epidermolysis bullosa.
- VYJUVEK (beremagene geperpavec-svdt) is an FDA-approved gene therapy for dystrophic epidermolysis bullosa (DEB) and has generated cumulative net product revenue of $965.9 million since launch as of Q2 2026 [news · 2026-08-03].
- As of June 30, 2026, the company reported cash & equivalents of $427.7M, total revenue of $119.2M, net income of $54.8M, and shareholders' equity of $1,359.1M [sec].
- The company is executing two registrational trials in neurotrophic keratitis and eye lesions in DEB patients, with potential to initiate two additional registrational programs in cystic fibrosis and Hailey-Hailey disease later in 2026 [sec · filed 2026-04-03].
- Krystal Biotech's pipeline includes KB707 (inhaled gene therapy for NSCLC) which has received FDA Regenerative Medicine Advanced Therapy (RMAT) designation, and KB304 (aesthetic medicine) via subsidiary Jeune Aesthetics, which reported positive Phase 1 results in July 2025 [sec · filed 2026-04-03][sec_mda · as of 2026-08-03].
- The company ended Q2 2026 with $1.1 billion in cash and investments, and is on track for VYJUVEK launches in Spain and Italy later in 2026 [news · 2026-08-03].
What works
- VYJUVEK is a commercially approved gene therapy generating substantial and growing revenue, with $119.2M in Q2 2026 global revenue and cumulative revenue of $965.9M since launch [news · 2026-08-03].
- The company has a strong balance sheet with $1.1 billion in cash and investments as of Q2 2026, providing financial flexibility to fund operations and pipeline development [news · 2026-08-03].
- The proprietary HSV-1-based gene therapy platform is versatile, enabling development across multiple organ systems (skin, lung, eye) and therapeutic areas including rare disease, oncology, and aesthetics [sec · filed 2026-04-03][sec_mda · as of 2026-08-03].
- Multiple pipeline programs have received regulatory designations (RMAT, Rare Pediatric, Fast Track) that may expedite development and review [sec · filed 2026-04-03].
What to weigh
- The company faces significant ongoing costs for global commercialization of VYJUVEK, clinical trials, and manufacturing, with no guarantee of sufficient capital to cover all future needs [sec_mda · as of 2026-08-03].
- The timing and success of additional European launches (e.g., Spain, Italy) are uncertain and depend on pricing negotiations and regulatory interactions [sec_mda · as of 2026-05-04].
- Pipeline candidates (e.g., KB707 for NSCLC, KB407 for cystic fibrosis) are in early-to-mid stage clinical development and face inherent risks of failure or delay [sec · filed 2026-04-03].
- The company's revenue is currently concentrated in a single product (VYJUVEK), making it vulnerable to competitive, pricing, or manufacturing disruptions [sec_mda · as of 2026-08-03].
From the filings
Quoted directly from source documents.
VYJUVEK is an FDA-approved gene therapy for DEB generating significant revenue.
“Net VYJUVEK product revenue was $389.1 million for the year ended December 31, 2025”
SEC filings · April 3, 2026
The company has a strong cash position as of Q2 2026.
“Strong balance sheet, ending the quarter with $1.1 billion in cash and investments”
News · August 3, 2026
KB707 has received RMAT designation from the FDA.
“The FDA granted Regenerative Medicine Advanced Therapy (" RMAT ") designation to KB707 for the treatment of advanced or metastatic non-small cell lung cancer (" NSCLC ")”
SEC filings · April 3, 2026
The company is executing registrational trials in neurotrophic keratitis and eye lesions.
“We are currently executing two registrational trials in neurotrophic keratitis and eye lesions in DEB patients”
SEC filings · April 3, 2026
Catalyst timeline
- 2020-10-07 · Phase 1 start for KB301 (aesthetic collagen therapy) — Early-stage study of a gene therapy for superficial skin depressions.
- 2023-06-30 · Phase 1 start for KB407 (inhaled CFTR gene therapy) — First-in-human study for cystic fibrosis treatment.
- 2023-10-31 · Phase 1/2 start for KB707 (inhaled gene therapy for NSCLC) — Dose escalation and expansion study in advanced solid tumors.
- 2024-02-15 · Phase 1 start for KB408 (inhaled AAT gene therapy) — Study for alpha-1 antitrypsin deficiency.
Risks & what to watch (4)›
Key risks
- Capital depletion risk — The company may use all available capital resources sooner than expected due to costs of commercialization, trials, and manufacturing [sec_mda · as of 2026-08-03].
- Single-product revenue concentration — Revenue is heavily dependent on VYJUVEK; any disruption could materially impact financial performance [sec_mda · as of 2026-08-03].
- Pipeline execution risk — Multiple pipeline programs are in early-to-mid stage and may fail to meet efficacy or safety endpoints [sec · filed 2026-04-03].
- European launch uncertainty — Timing of launches in Spain, Italy, and other European markets depends on pricing negotiations and regulatory outcomes [sec_mda · as of 2026-05-04].
What to watch
- VYJUVEK revenue growth trajectory and market share in existing and new European territories (Spain, Italy) [news · 2026-08-03].
- Interim efficacy data from the inhaled KB707 dose expansion cohort in NSCLC, which could inform registrational study plans [sec · filed 2026-04-03].
- Initiation of registrational programs for cystic fibrosis (KB407) and Hailey-Hailey disease, expected later in 2026 [sec · filed 2026-04-03].
- Progress of aesthetic medicine program KB304 (Jeune Aesthetics) following positive Phase 1 results [sec_mda · as of 2026-08-03].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 9, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 0.10 · 4% dilution
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
0 buys · 32 sells (180d)
Regulatory
Financials
Short Interest
as of Apr 30, 2026- % of float
- 16.3%
- Days to cover
- 10.0
- Shares short
- 2,912,515
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
KRYS short interestGovernance
Frequently asked questions
What is the AI investment thesis for Krystal Biotech, Inc.?
Krystal Biotech is a fully integrated, global, commercial-stage biotechnology company that develops and commercializes genetic medicines using a proprietary HSV-1-based gene therapy platform, anchored by its approved product VYJUVEK for dystrophic epidermolysis bullosa.
Who is the CEO of Krystal Biotech, Inc.?
Mr. Krish S. Krishnan M.B.A., M.S. is the chief executive officer of Krystal Biotech, Inc. (KRYS).
Where is Krystal Biotech, Inc. headquartered?
Krystal Biotech, Inc. (KRYS) is headquartered in Pittsburgh, PA, United States.
What therapeutic areas does Krystal Biotech, Inc. focus on?
Krystal Biotech, Inc. develops therapies across Oncology, Rare Disease, Neurology, Respiratory, Dermatology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.