Krystal Biotech Inc (KRYS) Announces Q3 2023 Financial Results
Krystal Biotech Inc (NASDAQ:KRYS) reported $8.6 million in VYJUVEK U.S. net product revenue for Q3 2023
The company closed the quarter with a strong balance sheet, boasting $598.6 million in cash, cash equivalents, and investments
Net income for Q3 2023 was $80.7 million, a significant increase from a net loss of $29.9 million in Q3 2022
Company sold its Rare Pediatric Disease Priority Review Voucher for $100 million
On November 6, 2023, Krystal Biotech Inc (NASDAQ:KRYS), a commercial-stage biotechnology company, announced its financial results for the third quarter ended September 30, 2023. The company reported $8.6 million in VYJUVEK U.S. net product revenue and closed the quarter with a robust balance sheet, holding $598.6 million in cash, cash equivalents, and investments.
Financial Highlights
The company recorded its first sales for patients that began treatment in August 2023, resulting in product revenues of $8.6 million for the quarter. The cost of goods sold totaled $223 thousand for the quarter. The company also recorded a gain of $100 million from the sale of the rare pediatric disease Priority Review Voucher.
Research and development expenses for the quarter were $10.6 million, compared to $11.5 million for the same quarter in the previous year. Selling, general, and administrative expenses were $23.7 million, compared to $19.9 million in Q3 2022. The net income for Q3 2023 was $80.7 million, a significant increase from a net loss of $29.9 million in Q3 2022.
Business Updates
Krystal Biotech Inc (NASDAQ:KRYS) has made significant strides in its clinical trials. The company completed Cohort 1 in the Phase 1 clinical trial of KB407 for the treatment of Cystic Fibrosis (CF) and dosed the first patient in the Phase 1 Clinical Trial of KB707 in patients with locally advanced or metastatic solid tumor malignancies. The company also received clearance for KB408 for the treatment of Alpha-1 Antitrypsin Deficiency (AATD).
Looking Forward
Looking ahead, the company plans to commence the Phase 2 cohort of its KB105-02 (JADE-1) trial for the treatment of TGM1-ARCI in 2024 and plans to file an IND application with the FDA and to initiate a clinical trial of KB104 to treat patients with Netherton Syndrome in late 2024.
Conclusion
The Q3 2023 financial results of Krystal Biotech Inc (NASDAQ:KRYS) reflect a strong financial position and promising progress in its clinical trials. The company's robust balance sheet and significant net income growth demonstrate its potential for continued growth and success in the biotechnology sector.
Explore the complete 8-K earnings release (here) from Krystal Biotech Inc for further details.
This article first appeared on GuruFocus.
