Krystal Biotech Reports $107M Q4 Revenue, $955.9M Cash, Gains RMAT
Krystal Biotech reported $107.1 million in fourth-quarter VYJUVEK revenue and $389.1 million for full-year 2025, ending the period with $955.9 million in cash and investments. The FDA granted RMAT designation to KB707 for advanced NSCLC and Fast Track status to KB111 for HHD as the pipeline advances.
1. Financial Results and Cash Position
Krystal Biotech reported fourth-quarter net product revenue of $107.1 million and full-year revenue of $389.1 million, achieving a 94% gross margin in 2025. The company ended the period with $955.9 million in cash and investments, underpinning continued R&D and commercialization efforts.
2. VYJUVEK Commercial Progress
The company secured over 660 U.S. reimbursement approvals and recorded steady uptake in Germany, France and Japan with over 90 patients prescribed VYJUVEK outside the U.S. Ongoing pricing negotiations in Germany and France are expected through late 2026 and 2027 respectively, while launch preparations in Italy target the second half of 2026.
3. Pipeline Advances and Regulatory Designations
The FDA granted RMAT designation to KB707 for advanced NSCLC and Fast Track designation to KB111 for HHD, supporting expedited review pathways. A Phase 1 CORAL-1 update confirmed KB407 lung delivery with 29.4–42.1% airway cell transduction and favorable tolerability, as repeat-dose AATD and ophthalmology studies progress toward registrational readouts.