Krystal Biotech, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Krystal Biotech, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Krystal Biotech, Inc. (KRYS) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Krystal Biotech, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is in Pittsburgh, PA. The SIC code for Krystal Biotech is 2836 (Biological Products). The filing was made on May 6, 2024.

Why It Matters

For investors and stakeholders tracking Krystal Biotech, Inc., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and analysts can use this report to assess Krystal Biotech's progress, identify key financial metrics, and understand any material changes since the last filing.

Risk Assessment

Risk Level: low — Krystal Biotech, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine disclosure for public companies and does not contain immediate red flags.

Analyst Insight

Monitor future filings for updates on product development, clinical trials, and financial performance, particularly revenue growth and cash burn.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-06 — Filing Date (10-Q submission)
• 2836 — SIC Code (Biological Products)

Key Players & Entities

• Krystal Biotech, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filed as of date
• 2836 (other) — Standard Industrial Classification
• Pittsburgh, PA (location) — Business address

FAQ

Industry Context

Krystal Biotech operates in the biotechnology sector, focusing on the development and commercialization of novel medicines.

Regulatory Implications

As a publicly traded company, Krystal Biotech is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) to disclose financial and operational information.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze any new disclosures regarding clinical trial progress or regulatory milestones.
3. Compare key financial metrics to previous quarters and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-05-06: Filing Date — Date Krystal Biotech submitted its 10-Q filing.

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following previous filings which would include the prior year's quarterly reports and annual reports.

Filing Documents

• krys-20240331.htm (10-Q) — 1194KB
• krys-20240331ex311.htm (EX-31.1) — 10KB
• krys-20240331ex312.htm (EX-31.2) — 10KB
• krys-20240331ex321.htm (EX-32.1) — 11KB
• 0001711279-24-000020.txt (&nbsp;) — 5531KB
• krys-20240331.xsd (EX-101.SCH) — 35KB
• krys-20240331_cal.xml (EX-101.CAL) — 61KB
• krys-20240331_def.xml (EX-101.DEF) — 150KB
• krys-20240331_lab.xml (EX-101.LAB) — 490KB
• krys-20240331_pre.xml (EX-101.PRE) — 322KB
• krys-20240331_htm.xml (XML) — 757KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3. Defaults Upon Senior Securities 67 Item 4. Mine Safety Disclosures 67 Item 5. Other Information 67 Item 6. Exhibits 67

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Krystal Biotech, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands, except par value) March 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 359,006 $ 358,328 Short-term investments 179,253 173,850 Accounts receivable, net 46,467 42,040 Inventory 11,037 6,985 Prepaid expenses and other current assets 6,485 6,706 Total current assets 602,248 587,909 Property and equipment, net 160,011 161,202 Long-term investments 83,996 61,954 Right-of-use assets 6,845 7,027 Other non-current assets 196 263 Total assets $ 853,296 $ 818,355 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 5,359 $ 4,132 Current portion of lease liability 1,430 1,474 Accrued rebates 11,289 5,977 Accrued expenses and other current liabilities 29,511 21,511 Total current liabilities 47,589 33,094 Lease liability 6,465 6,620 Total liabilities 54,054 39,714 Commitments and contingencies (see note 7) Stockholders' equity Common stock; $ 0.00001 par value; 80,000 shares authorized as of March 31, 2024 and December 31, 2023; 28,528 and 28,237 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. — — Additional paid-in capital 1,068,436 1,047,830 Accumulated other comprehensive (loss) gain ( 299 ) 638 Accumulated deficit ( 268,895 ) ( 269,827 ) Total stockholders' equity 799,242 778,641 Total liabilities and stockholders' equity $ 853,296 $ 818,355 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Krystal Biotech, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) Three Months Ended March 31, (in thousands, except per share data) 2024 2023 Product revenue, net $ 45,250 $ — Expenses Cost of goods sold 2,419 — Research and development 10,957 12,288 Selling, general, and administrative 26,058 24,035 Litigation settlement 12,500

Legal Proceedings

Legal Proceedings In May 2020, a complaint was filed against the Company in the United States District Court for the Western District of Pennsylvania by PeriphaGen, Inc. ("PeriphaGen") alleging breach of contract and misappropriation of trade secrets. On April 27, 2022, the Company and PeriphaGen entered into a final settlement agreement, and the Company paid PeriphaGen an upfront payment of $ 25.0 million on April 28, 2022 for: (i) the release of all claims in the trade secret litigation with PeriphaGen; (ii) the acquisition of certain PeriphaGen assets, and (iii) the grant of a license by PeriphaGen for dermatological applications. In accordance with the settlement agreement, on June 15, 2023, the Company paid PeriphaGen an additional $ 12.5 million following the FDA's approval of VYJUVEK. The settlement agreement requires the Company to pay three additional $ 12.5 million contingent milestone payments upon reaching $ 100.0 million in total cumulative sales, $ 200.0 million in total cumulative sales and $ 300.0 million in total cumulative sales. As defined in the settlement agreement, cumulative sales shall include all revenue from sales of the Company's products by the Company and its affiliates and licensees, as reported by the Company in its annual Form 10-K filings. If all milestones are achieved, the total consideration for settling the dispute, acquiring certain assets, and granting of a license from PeriphaGen will be $ 75.0 million, of which $ 37.5 million has been paid. The Company recorded litigation settlement expense of $ 12.5 million for each of the three months ended March 31, 2024 and 2023 on the condensed consolidated statements of operation

View Full Filing

View this 10-Q filing on SEC EDGAR