Krystal Biotech reported preliminary unaudited net product revenue for VYJUVEK of $106 million to $107 million in the fourth quarter of 2025, driving full-year net product revenues to a range of $388 million to $389 million. These figures represent successful market launches in the United States, Europe and Japan, where the therapy’s redosable gene-delivery platform unlocked rapid patient uptake in dystrophic epidermolysis bullosa (DEB). Management will release audited fourth-quarter and full-year 2025 results in February 2026.

As of December 31, 2025, Krystal Biotech held approximately $955 million in cash, cash equivalents and marketable investments. This balance sheet strength provides funding for planned clinical programs and commercial expansion initiatives while supporting the company’s commitment to remain profitable throughout its rare disease growth trajectory.

Krystal’s 2026 roadmap prioritizes both commercial expansion and pipeline advancement. The company intends to launch VYJUVEK in at least one additional major European market and broaden its specialty distributor network to cover over 40 countries. On the clinical front, top-line results are expected by year-end from two registrational studies: a Phase 3 trial of KB803 in ocular complications of DEB and a double-masked, randomized, placebo-controlled study of KB801 in neurotrophic keratitis, for which enrollment has increased from 27 to 60 patients. The company also plans to initiate and complete enrollment in a registrational study of KB407 for cystic fibrosis and dose the first patient in a registrational trial of KB111 for Hailey-Hailey disease.

For 2026, Krystal forecasts combined non-GAAP research & development and selling, general & administrative expenses of $175 million to $195 million, excluding stock-based compensation. This disciplined expense guidance underpins a strategic vision to become a global leader in rare disease by launching at least four marketed genetic medicines, including VYJUVEK, and treating more than 10,000 patients worldwide by the end of 2030. Late-stage updates on larger-indication programs KB408 (alpha-1 antitrypsin deficiency) and KB707 (non-small cell lung cancer) are also anticipated before year-end.