Krystal Biotech Files Q2 2024 10-Q

TL;DR

Krystal Biotech Q2 2024 10-Q filed. Financials and ops update.

AI Summary

Krystal Biotech, Inc. filed its 10-Q for the period ending June 30, 2024. The company, focused on biological products, reported financial results for the second quarter of 2024. Specific financial figures and operational updates are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Krystal Biotech, crucial for understanding the company's trajectory in the biopharmaceutical sector.

Risk Assessment

Risk Level: medium — As a biotech company, Krystal Biotech faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024 Q2 — Reporting Period (Quarterly financial results)
• 12/31 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• Krystal Biotech, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240805 (date) — Filing date
• Pittsburgh, PA (location) — Company headquarters

FAQ

Filing Documents

• krys-20240630.htm (10-Q) — 1379KB
• executivechangeinctrlsever.htm (EX-10.1) — 286KB
• firstamendmentto2017iposto.htm (EX-10.2) — 22KB
• krys-20240630ex311june.htm (EX-31.1) — 10KB
• krys-20240630ex312june.htm (EX-31.2) — 10KB
• krys-20240630ex321june.htm (EX-32.1) — 11KB
• 0001711279-24-000040.txt ( ) — 6456KB
• krys-20240630.xsd (EX-101.SCH) — 36KB
• krys-20240630_cal.xml (EX-101.CAL) — 65KB
• krys-20240630_def.xml (EX-101.DEF) — 156KB
• krys-20240630_lab.xml (EX-101.LAB) — 528KB
• krys-20240630_pre.xml (EX-101.PRE) — 342KB
• krys-20240630_htm.xml (XML) — 836KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69 Item 3. Defaults Upon Senior Securities 69 Item 4. Mine Safety Disclosures 69 Item 5. Other Information 69 Item 6. Exhibits 70

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) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 345,786 $ 358,328 Short-term investments 213,826 173,850 Accounts receivable, net 103,236 42,040 Inventory 12,179 6,985 Prepaid expenses and other current assets 7,745 6,706 Total current assets 682,772 587,909 Property and equipment, net 158,808 161,202 Long-term investments 69,292 61,954 Right-of-use assets 6,660 7,027 Other non-current assets 126 263 Total assets $ 917,658 $ 818,355 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 5,425 $ 4,132 Current portion of lease liability 1,361 1,474 Accrued rebates 21,733 5,977 Accrued expenses and other current liabilities 43,332 21,511 Total current liabilities 71,851 33,094 Lease liability 6,326 6,620 Other long-term liabilities 588 — Total liabilities 78,765 39,714 Commitments and contingencies (see note 7) Stockholders' equity Common stock; $ 0.00001 par value; 80,000 shares authorized as of June 30, 2024 and December 31, 2023; 28,709 and 28,237 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively. — — Additional paid-in capital 1,092,854 1,047,830 Accumulated other comprehensive (loss) gain ( 634 ) 638 Accumulated deficit ( 253,327 ) ( 269,827 ) Total stockholders' equity 838,893 778,641 Total liabilities and stockholders' equity $ 917,658 $ 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 Income (Loss) (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share data) 2024 2023 2024 2023 Product revenue, net $ 70,284 $ — $ 115,535 $ — Expenses Cost of goods sold 6,009 — 8,428 — Research and developmen

View Full Filing

View this 10-Q filing on SEC EDGAR