KRYS Stock — Krystal Biotech Inc.: Cash, EV, Pipeline

What they do

We are a fully integrated, global, commercial-stage biotechnology company focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. Using our patented gene therapy technology platform that is based on engineered herpes simplex virus-1 (“HSV-1”), we create vectors that efficiently deliver therapeutic transgenes to cells of interest in multiple organ systems.

Source: 10-K FY2025 via SEC EDGAR

Share price

$300.88

Market cap

$8,916.1M

Cash

$911.9M

Enterprise value

$8,004.2M

Balance sheet

Cash	$911.9M
Debt	$0.0M
Net cash	$911.9M
Enterprise value	$8,004.2M
Basic shares	29.6M shares
Fully diluted shares	32.0M shares
Fully diluted market cap	$9,615.5M
Cash per share	$30.77
Quarterly burn	+$74.8M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

29.6M

Pre-funded warrants

0.0M

Options

2.0M

RSUs

0.3M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

—

FDSO

32.0M

Cap table as of 2026-06-30.

Price history

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Next catalyst

KB407 · Est. Nov 7, 2026 · half midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 7, 2026 Now half midpoint	KB407 KB407 open-label single-arm study in cystic fibrosis · NCT05504837	Not disclosed	cystic fibrosis	H2 2026
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	KB803 IOLITE registrational Phase 3 in corneal abrasions in dystrophic epidermolysis bullosa · NCT07016750	Phase 3	corneal abrasions	Q4 2026
Dec 13, 2026 - Jan 24, 2027 in 5 wks	KB111	Early Phase 1	Hailey Hailey Disease; Skin Diseases; Lesion Skin	—
Jan 12 - Feb 23 in 9 wks	KB803	Phase 3	Dystrophic Epidermolysis Bullosa; DEB - Dystrophic Epidermolysis Bullosa; Recessive Dystrophic Epidermolysis Bullosa	—
Jan 12 - Feb 23 in 9 wks	KB801	Phase 2	Neurotrophic Keratitis	—
Jan 12 - Feb 23 in 9 wks	KB407 (Nebulization)	Phase 1	Cystic Fibrosis	—
Mar 15 - Apr 26 in 4 mo	KB707	Phase 2	Lung Cancer, Non-small Cell; Lung Cancer Metastatic; Solid Tumor, Adult	—
GUIDEDEst. Jul 2, 2027 in 8 wks guidance midpoint	KB408 SERPENTINE-1 in alpha-1 antitrypsin deficiency · NCT06049082	Not disclosed	alpha-1 antitrypsin deficiency	2027
Aug 12 - Sep 23 in 9 mo	KB707	Phase 2	Cancer; Melanoma Stage III; Melanoma Stage IV	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

VYJUVEK

Approved · Active Modality: redosable topical gene therapy

Aliases beremagene geperpavec-svdt, B-VEC

Target COL7A1

Indications

dystrophic epidermolysis bullosa (DEB) (Approved)

Status note First and only corrective therapy for DEB in approved markets (US, EU, UK, Japan); exclusive worldwide rights held by Krystal.

KB803

Phase 3 · Active Modality: redosable eye drop gene therapy (B-VEC formulation)

Target COL7A1

Indications

corneal abrasions in DEB (Phase 3)
ocular complications of DEB (Phase 3)

Status note IOLITE Phase 3 registrational study enrollment completed April 2026; dosing schedule modified after initial safety observation.

KB801

Stage not disclosed · Active Modality: eye drop HSV-1 vector gene therapy

Target NGF (nerve growth factor)

Indications

neurotrophic keratitis (Stage not disclosed)

Status note EMERALD-1 protocol amended to enable it to serve as a registrational trial; FDA platform technology designation for the engineered HSV-1 vector.

KB407

Phase 1 · Active Modality: HSV-1 vector gene therapy

Target CFTR

Indications

cystic fibrosis (Phase 1)

Catalysts

— end of 2026

Status note CORAL-1 Phase 1; repeat-dose study enrolling; in discussions with FDA, CFF and TDNCC on registrational pathway.

KB408

Phase 1 · Active Modality: inhaled (nebulized) HSV-1 vector gene therapy

Target SERPINA1

Indications

alpha-1 antitrypsin deficiency (AATD) lung disease (Phase 1)

Status note SERPENTINE-1 Phase 1 dose escalation; no discontinuation disclosed.

KB111

Phase 1 · Active Modality: topical gel HSV-1 vector gene therapy

Target ATP2C1

Indications

Hailey-Hailey disease (Phase 1)

Catalysts

— end of 2026

Status note HALITE-1 open-label study enrolling; FDA Fast Track and platform technology designations.

KB707

Phase 1 · Active Modality: redosable immunotherapy (transcutaneous injection and inhaled formulations)

Target IL-2; IL-12

Indications

solid tumors (Phase 1)
non-small cell lung cancer (inhaled formulation) (Phase 1)

Status note KYANITE-1 Phase 1/2 dose escalation and expansion; FDA RMAT, Fast Track and Rare Pediatric Disease designations.

KB304

Phase 1 · Active Modality: intradermal injection HSV-1 vector gene therapy

Target COL3A1 (collagen type III alpha 1); elastin

Indications

wrinkles of the decollete (aesthetics) (Phase 1)

Catalysts

— 2027

Status note PEARL-2 Phase 1 completed; developed through Jeune Aesthetics subsidiary; no discontinuation disclosed.

Per-asset detail extracted from the 10-Q filed 2026-08-03. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	KB803
Lead indication	Dystrophic Epidermolysis Bullosa
Lead phase	Phase 3
Active trials	11

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07016750	Phase 3	Recruiting	Sponsor	KRYS	—	Dystrophic Epidermolysis Bullosa; DEB - Dystrophic Epidermolysis Bullosa; Recessive Dystrophic Epidermolysis Bullosa	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT06999733	Phase 2	Recruiting	Sponsor	KRYS	—	Neurotrophic Keratitis	—
NCT06228326	Phase 2	Recruiting	Sponsor	KRYS	—	Lung Cancer, Non-small Cell; Lung Cancer Metastatic; Solid Tumor, Adult	—
NCT05970497	Phase 2	Recruiting	Sponsor	KRYS	—	Cancer; Melanoma Stage III; Melanoma Stage IV	—
NCT06724900	Phase 2	Active, not recruiting	Sponsor	KRYS	—	Wrinkles in Decolletage; Pigmentation; Décolleté Wrinkles	—
NCT05504837	Phase 1	Recruiting	Sponsor	KRYS	—	Cystic Fibrosis	H2 2026 Est. Nov 7, 2026 · half midpoint
NCT04540900	Phase 1	Active, not recruiting	Sponsor	KRYS	—	Skin Roughness; Wrinkle; Fine Lines	—
NCT06049082	Phase 1	Recruiting	Sponsor	KRYS	—	Alpha 1-Antitrypsin Deficiency	2027 Est. Jul 2, 2027 · guidance midpoint
NCT07717346	Early Phase 1	Recruiting	Sponsor	KRYS	—	Hailey Hailey Disease; Skin Diseases; Lesion Skin	—
NCT04917887	Not disclosed	Recruiting	Sponsor	KRYS	—	Dystrophic Epidermolysis Bullosa; Recessive Dystrophic Epidermolysis Bullosa; Dominant Dystrophic Epidermolysis Bullosa	—
NCT06563414	Not disclosed	Recruiting	Sponsor	KRYS	—	Epidermolysis Bullosa Dystrophica; Epidermolysis Bullosa Dystrophica, Recessive; Epidermolysis Bullosa Dystrophica Dominans	—

Sponsor-matched active trials from ClinicalTrials.gov (11 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 11 active trials for Krystal Biotech, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Avoro Capital Advisors	2,888,888	no change	9.64%	2026-08-14
Frazier Life Sciences	481,307	no change	3.90%	2026-08-14
Braidwell LP	128,975	-53,450	1.77%	2026-08-14
OrbiMed Advisors	83,200	+14,100	0.59%	2026-08-14
ADAR1 Capital Management	16,420	-3,594	0.29%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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KRYS — Krystal Biotech Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

KRYS — Krystal Biotech Inc.