Detailed financial statements for Krystal Biotech, Inc. (KRYS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Krystal Biotech, Inc. is a clinical-stage biotechnology company focused on developing redosable gene therapies to address severe orphan diseases across the United States. Its most advanced therapeutic candidate, beremagene geperpavec (B-VEC), is currently undergoing Phase III clinical evaluation for the treatment of dystrophic epidermolysis bullosa.
Analysis Summary
Trailing-twelve-month margins: gross margin 93.4%, operating margin 48.4%, net margin 47.9%.
At $305.03 (closing price, November 3, 2026), KRYS trades at a P/E of 41.39 and an ROE of 17.02%. Market capitalisation stands at $9.0B.
Balance sheet quality for KRYS: debt-to-equity ratio of 0.01, current ratio of 7.89 over the last 12 months, net cash position of $818.5M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $188.9M represents 92% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $1.0M | 0 | 0 | 0 | 0 | $50.7M | $290.5M | $389.1M |
| Cost of Revenue | $2,000 | $23,000 | $141,000 | $974,000 | $1.9M | 0 | 0 | $3.1M | $20.1M | $28.8M |
| Gross Profit | -$2,000 | -$23,000 | $886,000 | -$974,000 | -$1.9M | 0 | 0 | $47.6M | $270.5M | $360.4M |
| Research & Development | $741,000 | $3.2M | $7.8M | $15.6M | $17.9M | $27.9M | $42.5M | $46.4M | $53.6M | $58.0M |
| Selling, General & Admin | $402,000 | $1.6M | $4.2M | $6.5M | $13.2M | $40.4M | $77.7M | $98.4M | $113.7M | $146.7M |
| Operating Expenses | $1.1M | $4.8M | $11.9M | $22.1M | $31.1M | $68.3M | $145.2M | $157.3M | $204.8M | $199.1M |
| Operating Income | -$1.1M | -$4.8M | -$11.9M | -$22.1M | -$33.0M | -$68.3M | -$145.2M | -$109.7M | $65.7M | $161.3M |
| EBITDA | -$1.1M | -$4.6M | -$10.7M | -$18.1M | -$30.3M | -$65.3M | -$116.1M | -$92.2M | $109.9M | $196.0M |
| Interest Expense | $7,000 | $3.1M | $1.0M | 0 | 0 | $1.5M | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.1M | -$7.9M | -$10.9M | -$19.1M | -$32.2M | -$69.6M | -$140.0M | $12.9M | $95.4M | $189.5M |
| Income Tax | 0 | 0 | -$20,141 | 0 | 0 | 0 | 0 | $2.0M | $6.2M | -$15.4M |
| Net Income | -$1.1M | -$7.9M | -$10.9M | -$19.1M | -$32.2M | -$69.6M | -$140.0M | $10.9M | $89.2M | $204.8M |
| EPS | -$0.27 | -$1.48 | -$0.97 | -$1.20 | -$1.71 | -$3.13 | -$5.49 | $0.40 | $3.12 | $7.08 |
| EPS (Diluted) | -$0.27 | -$1.48 | -$0.97 | -$1.20 | -$1.71 | -$3.13 | -$5.49 | $0.39 | $3.00 | $6.84 |
| Shares Outstanding (Diluted) | 4.3 M | 5.4 M | 11.2 M | 15.9 M | 18.8 M | 22.2 M | 25.5 M | 27.8 M | 29.7 M | 30.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $107.1M | $116.4M | $119.2M | $127.3M |
| Gross Profit | $96.2M | $110.0M | $112.8M | $119.8M |
| Operating Income | $44.4M | $53.7M | $58.4M | $71.1M |
| EBITDA | $39.6M | $63.2M | $67.6M | $81.8M |
| Net Income | $51.4M | $55.9M | $54.8M | $63.1M |
| EPS | $1.77 | $1.91 | $1.85 | $2.13 |
| EPS (Diluted) | $1.70 | $1.83 | $1.79 | $2.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.9M | $49.6M | $103.7M | $187.5M | $268.3M | $341.2M | $161.9M | $358.3M | $344.9M | $496.3M |
| Short-term Investments | 0 | 0 | $8.1M | $6.2M | $3.0M | $96.8M | $217.3M | $173.8M | $252.7M | $331.5M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $42.0M | $104.7M | $127.4M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.0M | $26.5M | $40.5M |
| Total Current Assets | $2.2M | $49.9M | $112.7M | $195.9M | $275.1M | $442.3M | $383.8M | $587.9M | $742.0M | $1.02B |
| Property, Plant & Equipment | $13,000 | $200,000 | $3.0M | $11.2M | $34.2M | $119.6M | $169.7M | $168.2M | $161.4M | $158.0M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.2M | $50.1M | $116.1M | $209.0M | $310.8M | $626.3M | $558.5M | $818.4M | $1.06B | $1.33B |
| Accounts Payable | $42,000 | $193,000 | $888,000 | $1.0M | $2.1M | $8.4M | $4.0M | $1.8M | $5.0M | $3.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $43,000 | $640,000 | $2.6M | $3.3M | $15.5M | $25.7M | $28.8M | $33.1M | $102.0M | $102.9M |
| Long-term Debt | $1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.9M | $640,000 | $2.9M | $6.1M | $18.8M | $32.7M | $36.2M | $39.7M | $109.5M | $114.2M |
| Retained Earnings | -$1.1M | -$9.1M | -$20.0M | -$39.0M | -$71.2M | -$140.8M | -$280.8M | -$269.8M | -$180.7M | $24.2M |
| Total Equity | $289,000 | $49.5M | $113.2M | $202.9M | $292.1M | $593.6M | $522.2M | $778.6M | $946.4M | $1.22B |
| Total Debt | $1.8M | 0 | 0 | $3.3M | $11.5M | $8.0M | $8.9M | $8.1M | $7.3M | $9.3M |
| Net Debt | -$80,000 | -$49.6M | -$111.8M | -$190.4M | -$259.7M | -$430.1M | -$370.2M | -$524.1M | -$590.3M | -$818.5M |
| Working Capital | $2.1M | $49.3M | $110.1M | $192.6M | $259.6M | $416.5M | $354.9M | $554.8M | $640.0M | $921.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $392.6M | $496.3M | $501.3M | $427.7M |
| Total Assets | $1.24B | $1.33B | $1.40B | $1.50B |
| Total Liabilities | $102.2M | $114.2M | $120.2M | $141.5M |
| Total Equity | $1.14B | $1.22B | $1.28B | $1.36B |
| Total Debt | $9.5M | $9.3M | $9.1M | $8.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$1.1M | -$7.9M | -$10.9M | -$19.1M | -$32.2M | -$69.6M | -$140.0M | $10.9M | $89.2M | $204.8M |
| Depreciation & Amortization | $2,000 | $23,000 | $141,000 | $974,000 | $1.9M | $2.8M | $4.1M | $5.0M | $6.7M | $6.6M |
| Stock-based Compensation | $33,000 | $246,000 | $792,000 | $1.2M | $3.3M | $15.3M | $33.2M | $39.9M | $49.1M | $54.5M |
| Change in Working Capital | -$203,000 | $498,000 | $511,000 | -$1.7M | $928,000 | $2.1M | $2.8M | -$37.9M | -$14.5M | -$36.4M |
| Operating Cash Flow | -$1.3M | -$3.9M | -$9.4M | -$18.7M | -$26.1M | -$47.9M | -$100.6M | -$88.8M | $123.4M | $200.9M |
| Capital Expenditure | -$15,000 | -$210,000 | -$2.2M | -$6.4M | -$14.8M | -$68.3M | -$53.0M | -$11.8M | -$4.2M | -$12.0M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $435,000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$4.1M | -$11.7M | -$25.1M | -$40.9M | -$116.3M | -$153.5M | -$100.6M | $119.2M | $188.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $39.7M | $77.5M | $80.4M | $74.8M |
| Capital Expenditure | -$1.7M | -$2.1M | -$7.1M | -$3.6M |
| Free Cash Flow | $38.0M | $75.4M | $73.2M | $71.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $13.8M | $13.6M | $14.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -100.0% | +473.0% | +33.9% | |||||||
| Net Income Growth (YoY) | -588.7% | -37.5% | -75.3% | -68.5% | -116.3% | -101.2% | +107.8% | +715.6% | +129.7% | |
| EPS Growth (YoY) | -448.1% | +34.5% | -23.7% | -42.5% | -83.0% | -75.4% | +107.3% | +680.0% | +126.9% | |
| Shares Change (YoY) | +25.4% | +109.0% | +41.9% | +18.2% | +18.1% | +14.8% | +8.9% | +7.2% | +0.7% | |
| FCF Growth (YoY) | -209.2% | -184.9% | -115.0% | -63.0% | -184.1% | -32.1% | +34.5% | +218.5% | +58.5% | |
| Gross Margin | 86.3% | 93.9% | 93.1% | 92.6% | ||||||
| Operating Margin | -1,160.3% | -216.4% | 22.6% | 41.5% | ||||||
| EBITDA Margin | -1,046.5% | -181.9% | 37.8% | 50.4% | ||||||
| Net Margin | -1,060.3% | 21.6% | 30.7% | 52.6% | ||||||
| FCF Margin | -1,137.2% | -198.4% | 41.0% | 48.5% | ||||||
| Effective Tax Rate | -0.0% | -0.0% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% | 15.2% | 6.5% | -8.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.31 | -$0.76 | -$1.04 | -$1.58 | -$2.18 | -$5.24 | -$6.02 | -$3.63 | $4.01 | $6.31 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 4.3 M | 5.4 M | 11.2 M | 15.9 M | 18.8 M | 22.2 M | 25.5 M | 27.2 M | 28.6 M | 28.9 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 17.02% |
| Return on Invested Capital | 13.70% |
| Return on Assets | 14.20% |
| Gross Margin | 93.36% |
| Operating Margin | 48.44% |
| Net Margin | 47.91% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 7.89 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 39.03 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -39.41 | -7.11 | -21.42 | -46.15 | -35.09 | -22.35 | -14.43 | 310.15 | 50.21 | 34.82 |
| P/B | 157.41 | 1.14 | 2.06 | 4.34 | 3.86 | 2.62 | 3.87 | 4.33 | 4.73 | 5.85 |
| P/S | 0.00 | 0.00 | 226.68 | 0.00 | 0.00 | 0.00 | 0.00 | 66.45 | 15.42 | 18.34 |
| Gross Margin | 0.0% | 0.0% | 86.3% | 0.0% | 0.0% | 0.0% | 0.0% | 93.9% | 93.1% | 92.6% |
| Operating Margin | 0.0% | 0.0% | -1,160.3% | 0.0% | 0.0% | 0.0% | 0.0% | -216.4% | 22.6% | 41.5% |
| Net Margin | 0.0% | 0.0% | -1,060.3% | 0.0% | 0.0% | 0.0% | 0.0% | 21.6% | 30.7% | 52.6% |
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