Slide 1: Fourth Quarter and Full Year 2025 Financial and Operating Results
Fourth Quarter and Full Year 2025 Financial and Operating Results February 17, 2026 © Copyright 2026 Krystal Biotech, Inc. All rights reserved.
Slide 2: Forward Looking Statements and Disclosures
Forward Looking Statements and Disclosures This presentation and our discussion contain forward-looking statements that involve substantial risks and uncertainties. Any statements about future expectations, plans, and prospects for Krystal Biotech, Inc. (together with its subsidiaries, the “Company”
Slide 3: Krystal's Innovative Approach Highlighted in Forbes
Krystal’s Innovative Approach Highlighted in Forbes Krystal | 3
Slide 4: 2025 In a Nutshell
2025 In a Nutshell ▪ Expanded our reach with global VYJUVEK launch ▪ Accelerated our pipeline with focus on registrational rare disease programs in 2026 ▪ Delivered top-line and bottom-line growth Krystal | 4
Slide 5: Over $730M in Net VYJUVEK Revenue Since Launch
Over $730M in Net VYJUVEK Revenue Since Launch US$ Millions $107.1 $96.0 $97.8 $91.1 $88.2 $83.8 $70.3 $42.1 $45.3 $8.6 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 Krystal | 5
Slide 6: Reimbursement Approval Acceleration Supports Long-Term Outlook in U.S.
Reimbursement Approval Acceleration Supports Long-Term Outlook in U.S. ✓ Three straight quarters of reimbursement approval acceleration Over 660 ✓ Expanding prescriber base with greater reach in the community ▪ Over 50 new prescribers in 4Q 2025 Reimbursement Approvals for VYJUVEK ▪ Over 500 unique
Slide 7: Global VYJUVEK Launch is Progressing Well
Global VYJUVEK Launch is Progressing Well ▪ VYJUVEK launch underway in Germany, France*, and Japan with strong patient demand ▪ Pricing negotiations ongoing in Germany and France with decisions expected no earlier than 2H 2026 in Germany and 2027 in France ▪ Currently in pricing negotiations with It
Slide 8: Confirmed CFTR Delivery and Expression with KB407 in Phase CF Study
Confirmed CFTR Delivery and Expression with KB407 in Phase 1 CF Study Representative Image ✓ Broad airway distribution All usable biopsies (n =31) were positive for CFTR and/or viral marker of KB407 transduction ✓ Exceeded transduction target Over 29% of conducting airway cells transduced in all six
Slide 9: Updates to KB801 Registrational Study to Support Home Dosing from Launch
Updates to KB801 Registrational Study to Support Home Dosing from Launch ▪ Upsized study to strengthen powering and increase safety database in support of potential streamlined filing ▪ Intensified KB801 dosing frequency to facilitate patient or caregiver administration in the home setting Objective
Slide 10: Similar Updates to Intensify Dosing in KB803 Registrational Study
Similar Updates to Intensify Dosing in KB803 Registrational Study Objectives Evaluate safety and efficacy of three doses weekly of KB803 for the treatment and prevention of corneal abrasions in DEB patients Natural KB803 Three Times / Week KB803 Three Times / Week 1:1 Randomization History 12 Weeks
Slide 11: Steady Progress Across Entire Clinical Stage Pipeline
Steady Progress Across Entire Clinical Stage Pipeline KB111 for HHD ▪ Scale development underway and expected to complete in 1H 2026 ▪ Expect to start registrational study in 2H 2026 Two regulatory designations granted by FDA to start 2026 KB408 for AATD lung disease KB111 granted Fast Track ▪ On tr
Slide 12: Fourth Quarter and Full Year 2025 Financial Highlights
Fourth Quarter and Full Year 2025 Financial Highlights Cash and investments: $955.9 million as of December 31, 2025 Diluted Full Year EPS: $6.84 Three Months Ended December 31 Twelve Months Ended December 31 2025 2024 2025 2024 Product revenue, net $107.1M $91.1M $389.1M $290.5M Cost of goods sold $
Slide 13: Value Drivers in 2026
Value Drivers in 2026 Global VYJUVEK Launch Execution ▪ Launch VYJUVEK in Italy ▪ Specialty distributor network expansion to cover over 40 countries Clinical Pipeline Execution ▪ Advance KB803 and KB801 to registrational study readouts ▪ Registrational study starts for KB111 in HHD and KB407 in CF +
Slide 14: Developing Genetic Medicines to Treat Diseases with High Unmet Medical Needs
Developing Genetic Medicines to Treat Diseases with High Unmet Medical Needs © Copyright 2025 Krystal Biotech, Inc. All rights reserved.