This press release includes forward-looking combined R&D and SG&A expense guidance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to R&D and SG&A expense or any other performance measure derived in accordance with GAAP. The Company defines non-GAAP combined R&D and SG&A expense as GAAP combined R&D and SG&A expense excluding stock-based compensation. The Company cautions investors that amounts presented in accordance with its definition of non-GAAP combined R&D and SG&A expense may not be comparable to similar measures disclosed by competitors because not all companies calculate this non-GAAP financial measure in the same manner. The Company presents this non-GAAP financial measure because it considers this measure to be an important supplemental measure and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the Company's industry. Management believes that investors' understanding of the Company's performance is enhanced by including this forward-looking non-GAAP financial measure as a reasonable basis for comparing the Company's ongoing results of operations. Management uses this non-GAAP financial measure for planning purposes, including the preparation of the Company's internal annual operating budget and financial projections; to evaluate the performance and effectiveness of the Company's operational strategies; and to evaluate the Company's capacity to expand its business. This non-GAAP financial measure has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for R&D and SG&A expense or other financial statement data presented in accordance with GAAP in the Company's consolidated financial statements. The Company has not provided a quantitative reconciliation of forecasted non-GAAP combined R&D and SG&A expense to forecasted GAAP combined R&D and SG&A expense because the Company is unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP combined R&D and SG&A expense, is inherently uncertain and depends on various factors, some of which are outside of the Company's control.

CONTACT

Investors and Media:

Stéphane Paquette, PhD

Krystal Biotech

spaquette@krystalbio.com

Condensed Consolidated Balance Sheet Data:

 
                                    September 30,     December 31, 
                                         2024             2023 
                                   ---------------  ---------------- 
(in thousands)                       (unaudited) 
    Balance sheet data: 
    Cash and cash equivalents       $      373,966   $     358,328 
    Short-term investments                 214,358         173,850 
    Long-term investments                  105,888          61,954 
      Total assets                         982,318         818,355 
      Total liabilities                     96,472          39,714 
      Total stockholders' equity    $      885,846   $     778,641 
 

Condensed Consolidated Statements of Operations:

 
                      Three Months Ended September 30, 
                     ----------------------------------- 
                            2024                2023         Change 
                         ----------          ----------   ------------ 
(in thousands, 
except per share 
data)                            (unaudited) 
Revenue 
    Product 
     revenue, net     $      83,841       $       8,556   $  75,285 
Expenses 
    Cost of goods 
     sold                     6,684                 223       6,461 
    Research and 
     development             13,511              10,629       2,882 
    Selling, 
     general, and 
     administrative          28,713              23,697       5,016 
    Litigation 
     settlement              12,500                  --      12,500 
                         ----------          ----------    -------- 
      Total 
       operating 
       expenses              61,408              34,549      26,859 
                         ----------          ----------    -------- 
      Income (loss) 
       from 
       operations            22,433             (25,993)     48,426 
Other income 
    Gain from Sale 
     of Priority 
     Review 
     Voucher                     --             100,000    (100,000) 
    Interest and 
     other income, 
     net                      7,336               6,740         596 
      Income before 
       income 
       taxes                 29,769              80,747     (50,978) 
      Income tax 
       expense               (2,589)                 --      (2,589) 
                         ----------          ----------    -------- 
Net income            $      27,180       $      80,747   $ (53,567) 
                         ==========          ==========    ======== 
 
Net income per 
common share: 
    Basic             $        0.95       $        2.88 
    Diluted           $        0.91       $        2.79 
 
Weighted-average 
common shares 
outstanding: 
    Basic                    28,716              28,042 
    Diluted                  29,902              28,892 
 
 
                      Nine Months Ended September 30, 
                     --------------------------------- 
                            2024              2023         Change 
                         -----------       ----------   ------------ 
(in thousands, 
except per share 
data)                           (unaudited) 
Revenue 
    Product 
     revenue, net     $      199,376      $     8,556   $ 190,820 
Expenses 
    Cost of goods 
     sold                     15,112              223      14,889 
    Research and 
     development              40,050           35,061       4,989 
    Selling, 
     general, and 
     administrative           82,398           73,637       8,761 
    Litigation 
     settlement               37,500           12,500      25,000 
                         -----------       ----------    -------- 
      Total 
       operating 
       expenses              175,060          121,421      53,639 
                         -----------       ----------    -------- 
      Income (loss) 
       from 
       operations             24,316         (112,865)    137,181 
Other income 
    Gain from Sale 
     of Priority 
     Review 
     Voucher                      --          100,000    (100,000) 
    Interest and 
     other income, 
     net                      22,430           15,105       7,325 
      Income before 
       income 
       taxes                  46,746            2,240      44,506 
      Income tax 
       expense                (3,066)              --      (3,066) 
                         -----------       ----------    -------- 
Net income            $       43,680      $     2,240   $  41,440 
                         ===========       ==========    ======== 
 
Net income per 
common share: 
    Basic             $         1.53      $      0.08 
    Diluted           $         1.47      $      0.08 
 
Weighted-average 
common shares 
outstanding: 
    Basic                     28,537           26,812 
    Diluted                   29,669           27,385 
 

(END) Dow Jones Newswires

November 04, 2024 08:00 ET (13:00 GMT)