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)