Full Press Release Details
Krystal Biotech Reports Second Quarter 2021 Financial Results and Provides Update on Operational Progress
PITTSBURGH, August 9, 2021 Krystal Biotech Inc., ( Krystal ) (NASDAQ: KRYS), the leader in
redosable gene therapies for rare diseases, today reported financial results and key operational progress updates for the second quarter ending June 30, 2021.
We are pleased with the progress we have made this quarter on multiple fronts. Not only has the Krystal team continued to advance three clinical stage
programs including the pivotal GEM-3 trial, we have also grown the commercial side of our organization and made significant headway on the construction of our
2nd GMP manufacturing facility, said Krish S. Krishnan, Chairman and Chief Executive Officer of Krystal Biotech, Inc. The remainder of 2021 promises to be even more exciting as we look
forward to reporting pivotal data on B-VEC, Jeune announcing initial efficacy data for KB301 in aesthetic skin conditions, and initiating a Phase 1 trial to evaluate our first pulmonary candidate - KB407 for
the treatment of cystic fibrosis.
Program Highlights & Upcoming Events:
KB407 for Cystic Fibrosis
KB301 for Aesthetic Indications
Financial results for the quarter ended June 30, 2021:
About Krystal Biotech
Krystal Biotech, Inc. (NASDAQ:KRYS) is a pivotal-stage gene therapy company leveraging its novel, redosable gene therapy platform and in-house manufacturing capabilities to develop therapies to treat serious rare diseases. For more information please visit http://www.krystalbio.com.
Forward-Looking Statements
Any statements in this
press release about future expectations, plans and prospects for Krystal Biotech, Inc., including but not limited to statements about the development of Krystal s product candidates, such as plans for the design, conduct and timelines of
ongoing pre-clinical and clinical trials of beremagene geperpavec ( B-VEC ), KB105, KB104, KB301, KB407, and KB408; the clinical utility of B-VEC, KB105, KB104, KB301, KB407 and KB408, and Krystal s plans for filing of regulatory approvals and efforts to bring B-VEC, KB105, KB104, KB301, KB407 and KB408 to
market; the market opportunity for and the potential market acceptance of B-VEC, KB105, KB104, KB301, KB407 and KB408; plans to pursue research and development of other product candidates; the sufficiency of
Krystal s existing cash resources; the unanticipated impact of COVID-19 on Krystal s business operations, pre-clinical activities and clinical trials; and
other statements containing the words anticipate, believe, estimate, expect, intend, may, plan, predict, project, target,
potential, likely, will, would, could, should, continue, and similar expressions, constitute forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical
trials, availability and timing of data from clinical trials, whether results of early clinical trials or trials will be indicative of the results of ongoing or future trials, uncertainties associated with regulatory review of clinical trials and
applications for marketing approvals, the availability or commercial
potential of product candidates including B-VEC, KB105, KB104, KB301, KB407 and KB408, the sufficiency of cash resources and need for additional financing
and such other important factors as are set forth under the caption Risk Factors in Krystal s annual and quarterly reports on file with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements
included in this press release represent Krystal s views as of the date of this release. Krystal anticipates that subsequent events and developments will cause its views to change. However, while Krystal may elect to update these
forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Krystal s views as of any date subsequent to the date of this
| CONTACTS: | ||
| Investors: | Media: | |
| Whitney Ijem | Mary Coyle | |
| Krystal Biotech | TellMed Strategies | |
| wijem@krystalbio.com | mary.coyle@tmstrat.com |
Consolidated Balance Sheet Data:
| (In thousands) | June 30, 2021 | December 31, 2020 | ||||||
| Balance sheet data: | ||||||||
| Cash and cash equivalents | $ | 329,527 | $ | 268,269 | ||||
| Working capital | 351,808 | 259,606 | ||||||
| Total assets | 443,556 | 310,844 | ||||||
| Total liabilities | 25,016 | 18,760 | ||||||
| Total stockholders equity | $ | 418,540 | $ | 292,084 |
Consolidated Statement of Operations:
| Three Months Ended June 30, | ||||||||||||
| (In thousands, except shares and per share data) | 2021 | 2020 | Change | |||||||||
| Expenses | ||||||||||||
| Research and development | $ | 6,594 | $ | 3,639 | $ | 2,955 | ||||||
| General and administrative | 9,799 | 3,315 | 6,484 | |||||||||
| Total operating expenses | 16,393 | 6,954 | 9,439 | |||||||||
| Loss from operations | (16,393 | ) | (6,954 | ) | (9,439 | ) | ||||||
| Other Income (Expense) | ||||||||||||
| Interest and other income, net | 30 | 121 | (91 | ) | ||||||||
| Total other income (expense) | 30 | 121 | (91 | ) | ||||||||
| Net loss | $ | (16,363 | ) | $ | (6,833 | ) | $ | (9,530 | ) | |||
| Net loss per common share: Basic and diluted | $ | (0.74 | ) | $ | (0.37 | ) | ||||||
| Weighted-average common shares outstanding: Basic and diluted | 22,204,659 | 18,383,941 | ||||||||||
| Six Months Ended June 30, | ||||||||||||
| (In thousands, except shares and per share data) | 2021 | 2020 | Change | |||||||||
| Expenses | ||||||||||||
| Research and development | $ | 12,795 | $ | 7,164 | $ | 5,631 | ||||||
| General and administrative | 17,951 | 5,735 | 12,216 | |||||||||
| Total operating expenses | 30,746 | 12,899 | 17,847 | |||||||||
| Loss from operations | (30,746 | ) | (12,899 | ) | (17,847 | ) | ||||||
| Other Income (Expense) | ||||||||||||
| Interest and other income, net | 64 | 725 | (661 | ) | ||||||||
| Build to suit interest expense | (1,492 | ) | (1,492 | ) | ||||||||
| Total other income (expense) | (1,428 | ) | 725 | (2,153 | ) | |||||||
| Net loss | $ | (32,174 | ) | $ | (12,174 | ) | $ | (20,000 | ) | |||
| Net loss per common share: Basic and diluted | $ | (1.48 | ) | $ | (0.68 | ) | ||||||
| Weighted-average common shares outstanding: Basic and diluted | 21,731,711 | 17,871,648 |
Source: Krystal Biotech, Inc.