Krystal Biotech reported preliminary, unaudited revenues of $388 million to $389 million for fiscal year 2025, exceeding the high end of internal guidance by approximately 4%. The company ended the year with $955 million in cash, cash equivalents and marketable securities, providing a runway into late 2027 based on current operating plans. Gross margin on product sales improved to 62% in the fourth quarter, up from 58% a year earlier, driven by manufacturing efficiencies and favorable yield improvements in the primary production process.

For 2026, Krystal Biotech has set four key objectives: file a Biologics License Application for its lead gene therapy candidate by midyear; initiate two Phase 3 clinical trials for additional rare dermatology indications in the second half; expand commercial manufacturing capacity by commissioning a new 3,000-liter bioreactor facility in Q3; and advance preclinical research toward three new gene therapy targets, including a focused oncology program anticipated to enter IND-enabling studies. Management highlighted plans to increase R&D spending by 25% year-over-year to support accelerated clinical timelines and to launch at least one investigator-sponsored trial in partnership with a leading academic center.