# Krystal Biotech, Inc. (KRYS)

> Source: Nexqual · https://nexqual.com/KRYS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Krystal Biotech, Inc. (KRYS), nexqual.com/KRYS" · informational, not investment advice.

**Price:** USD 320.13 (-0.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 322.17 · day 317.05–328.48 · 52w 183.03–382.54 · market cap $9.48B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $440M, net income $241M (54.8% margin), free cash flow $258M (SEC filings).
- Valuation: P/E 39.2x (avg 134.4x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold KRYS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $42.1M; 1 not under a Rule 10b5-1 plan ($8.2M); 0 by opportunistic insiders, 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +71.7% vs S&P 500 +14.9%; 5Y +489.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.92, revenue estimate $127M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $0K | $50.7M | $291M | $389M | $440M |
| Operating income | -$68.3M | -$145M | -$110M | $65.7M | $161M | $198M |
| Net income | -$69.6M | -$140M | $10.9M | $89.2M | $205M | $241M |
| EPS (diluted) | -$3.13 | -$5.49 | $0.39 | $3.00 | $6.84 | — |
| Free cash flow | -$116M | -$154M | -$101M | $119M | $189M | $258M |
| Operating margin | — | — | -216.2% | 22.6% | 41.5% | 44.9% |
| Net margin | — | — | 21.6% | 30.7% | 52.6% | 54.8% |
| Revenue growth | — | — | — | +473.0% | +33.9% | — |
| Cash + short-term investments | $438M | $379M | $532M | $598M | $828M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.2x · P/S 21.5x · P/FCF 36.8x · P/B 7.0x · FCF yield 2.72% · Earnings yield 2.55%
P/E at fiscal year-ends: Dec 2025 36.0x, Dec 2024 52.3x, Dec 2023 314.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KRYS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 0.61% | $4.5M | Added +1.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-04 | Krishnan Suma | President, R&D | 25,000 | $9.0M | 1.6% | Yes (adopted September 4, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-04 | Krishnan Krish S | President and CEO | 25,000 | $9.0M | 1.6% | Yes (adopted September 4, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-14 | Rossi Dino A | Director | 25,000 | $8.2M | 33.3% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-25 | Thomas John Charles | EVP, General Counsel | 1,000 | $347K | 100% | Yes (adopted February 23, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Krishnan Suma | President, R&D | 25,000 | $7.7M | 1.6% | Yes (adopted September 4, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-04 | Krishnan Krish S | President and CEO | 25,000 | $7.7M | 1.5% | Yes (adopted September 4, 2025) | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-26 | Thomas John Charles | EVP, General Counsel | 642 | $194K | 100% | Yes (adopted February 23, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | HC Wainwright & Co. | Reiterated | Buy | $361 |
| 2026-09-21 | B of A Securities | Target raised | Buy | $392 → $400 |
| 2026-08-14 | RBC Capital | Initiated | Outperform | $400 |
| 2026-08-04 | Citigroup | Target raised | Buy | $378 → $386 |
| 2026-07-14 | B of A Securities | Target raised | Buy | $364 → $396 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +71.7% | +489.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +72.0% | +42.5% |
| Volatility (annualized) | 37.9% | 53.9% |
| Max drawdown | -17.3% (Jun 2026→Aug 2026) | -41.5% (Jul 2024→May 2025) |

## Peers (Biotechnology)
KYMR (Kymera Therapeutics, Inc.) USD 110.85 -1.58% · PCVX (Vaxcyte, Inc.) USD 62.85 -0.60% · PTGX (Protagonist Therapeutics, Inc.) USD 139.53 +1.05% · TWST (Twist Bioscience Corporation) USD 135.47 -9.16% · CAI (Caris Life Sciences, Inc.) USD 31.71 -1.98% · IBRX (ImmunityBio, Inc.) USD 8.31 -3.82%

## More
Full page: https://nexqual.com/KRYS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KRYS's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1711279/000171127926000016/krys-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | "•Gene Silencing Approaches: We are aware of two companies, Takeda Pharmaceutical Company Limited (in partnership with Arrowhead Pharmaceutical Inc.) and Novo Nordisk A/S (in partnership with Alnylam Pharmaceuticals, Inc.…" |
| Partner | Arrowhead Pharmaceutical | "•Gene Silencing Approaches: We are aware of two companies, Takeda Pharmaceutical Company Limited (in partnership with Arrowhead Pharmaceutical Inc.) and Novo Nordisk A/S (in partnership with Alnylam Pharmaceuticals, Inc.…" |
| Partner | Novo Nordisk (NVO) | "•Gene Silencing Approaches: We are aware of two companies, Takeda Pharmaceutical Company Limited (in partnership with Arrowhead Pharmaceutical Inc.) and Novo Nordisk A/S (in partnership with Alnylam Pharmaceuticals, Inc.…" |
| Partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | "•Gene Silencing Approaches: We are aware of two companies, Takeda Pharmaceutical Company Limited (in partnership with Arrowhead Pharmaceutical Inc.) and Novo Nordisk A/S (in partnership with Alnylam Pharmaceuticals, Inc.…" |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $91.6M | 76.9% | -4.6% |
| Europe | $19.3M | 16.2% | — |
| Japan | $8.3M | 7.0% | — |
| Total revenue | $119.2M | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Financial Guidance ($ in millions) FY 2026 Guidance Non-GAAP Research and Development ("R&D") and Selling, General and Administrative ("SG&A") expense (1) $175.0 - $195.0 (1) Refer to Non-GAAP Financial Measures section below for additional information."
- "Non-GAAP combined R&D and SG&A expense guidance does not include stock-based compensation as we are currently unable to confidently estimate Full Year 2026 stock-based compensation expense."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.92 | $2.16 | -11.3% | $126.5M | 10 |
| Next quarter (ends 2026-12-31) | $2.01 | $2.33 | -13.6% | $134.3M | 10 |
| Current fiscal year (ends 2026-12-31) | $7.59 | $8.21 | -7.5% | $496.7M | 11 |
| Next fiscal year (ends 2027-12-31) | $8.95 | $9.87 | -9.3% | $634.2M | 11 |