UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 24, 2025
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||||||||
(Address of principal executive offices, including Zip Code)
Registrant’s telephone number, including area code: (412 ) 586-5830
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Common Stock | KRYS | Nasdaq Global Select Market | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure
On July 24, 2025, Jeune Aesthetics, Inc. (the “Company”), a wholly owned subsidiary of Krystal Biotech, Inc. (“Krystal Biotech”), issued a press release announcing positive safety and efficacy results for the Phase 1 study of KB304 for the treatment of moderate to severe wrinkles of the décolleté. In addition, the Company announced in the press release that it would host a conference call and webcast at 4:30 p.m. ET on July 24, 2025, to discuss the results of the study, the KB304 clinical development program, the Company’s pipeline product candidates, and the strategic vision for the Company. For purposes of the call and webcast, the Company provided a slide presentation, which is available on the “Investors” section of Krystal Biotech’s website at www.krystalbio.com. Copies of the press release and the slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference herein.
The information in this Item 7.01 of this Current Report on Form 8-K and in Exhibits 99.1 and 99.2 attached hereto shall not be (i) deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, or (ii) incorporated into any registration statement or other document filed with the Securities and Exchange Commission by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 104 | Cover Page Interactive Data file (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: | KRYSTAL BIOTECH, INC. | |||||||||||||||||||
| By: | /s/ Krish S. Krishnan | |||||||||||||||||||
| Name: | Krish S. Krishnan | |||||||||||||||||||
| Title: | Chairman and Chief Executive Officer | |||||||||||||||||||
Exhibit 99.1
Jeune Announces Positive Results and Significant Aesthetic Improvements from Phase 1 Study of KB304 for Moderate to Severe Wrinkles of the Décolleté
KB304 designed to deliver collagen and elastin to restore skin naturally
Conference call to discuss results scheduled for Thursday, July 24, 2025 at 4:30pm ET
PITTSBURGH, July 24, 2025 -- Jeune Aesthetics, Inc. (“Jeune”), a wholly owned subsidiary of Krystal Biotech, Inc. (“Krystal”) (NASDAQ: KRYS) leveraging Krystal’s clinically validated gene-delivery platform to fundamentally reverse the biology of aging skin, announced today positive safety and efficacy results, including significant improvements in key skin aesthetic attributes such as wrinkles and elasticity, in PEARL-2, a randomized, double-blind, placebo-controlled Phase 1 study evaluating KB304, for the treatment of wrinkles of the décolleté.
Meaningful aesthetic improvements were reported following KB304 treatment with clear and statistically significant advantages over placebo as evaluated by both the investigator and subjects using the Global Aesthetic Improvement Scale (GAIS). GAIS assesses the overall aesthetic change in appearance as a result of a treatment. Subjects also reported increased satisfaction with the appearance of wrinkles, as measured by the Subject Satisfaction Questionnaire (SSQ). The SSQ is a tool to gather subject-reported outcomes providing valuable insights on the impact of treatment beyond clinical observations.
Topline Efficacy Results
A total of 19 subjects were enrolled, 12 were randomized to KB304 and seven to placebo. One subject dropped out before completing KB304 treatments. The remaining 18 subjects were assessed for aesthetic improvement out to three months following KB304 injections in the décolleté.
The study investigator and subjects reported a clinically meaningful improvement in wrinkles one, two, and three months after treatment, as assessed by GAIS among KB304-treated subjects.
| Investigator Reported: At Least One-Point Improvement for Subjects Receiving: | Subject Reported: At Least One-Point Improvement for Subjects Receiving: | |||||||||||||
| KB304 | Placebo | KB304 | Placebo | |||||||||||
| At Three Months | 100% | 28.6% | 72.7% | 14.3% | ||||||||||
| At Two Months | 100% | 28.6% | 90.9% | 14.3% | ||||||||||
| At One Month | 100% | 14.3% | 72.7% | 14.3% | ||||||||||
As assessed by SSQ, 81.8% of subjects receiving KB304 reported improved satisfaction with their wrinkles’ appearance three months after treatment, compared to 14.3% of subjects receiving placebo.
Improvements in subjects receiving KB304 were also seen across multiple additional skin attributes, as assessed by GAIS, including elasticity, crepiness, hydration, and radiance, for which the investigator reported that 100% of subjects demonstrated an improvement of at least 1 point in each of these attributes at one, two, and three months following treatment.
“We are very excited to share today’s data update. We are pleased that both the investigator and subjects reported high rates of improvements across a variety of skin attributes when treated with KB304. We believe that KB304 has the potential to revolutionize the treatment of wrinkles and skin quality by directly addressing the underlying biology of aging skin. KB304 is a truly unique product candidate, which we think will address a massive gap in the market two ways…being the first product candidate to directly address elastin and by doing so in the décolleté where there are no injectable products approved. Consumers are yearning for a solution that delivers natural looking results, and KB304 has the potential to restore the skin to a more youthful appearance,” said Marc Forth, Chief Executive Officer of Jeune.
The KB304 safety profile was consistent with prior clinical experience in KB301. Adverse events were mild-to-moderate and mostly reported after the first dose but substantially tapered off with subsequent doses. No severe or drug-related serious adverse events were reported.
“We are extremely excited by the promising data from the Pearl-2 study,” said Suma Krishnan, President of Research & Development at Krystal Biotech. “We believe KB304 has the potential to be a first-in-class treatment to deliver collagen and elastin directly to the skin. This study is the first randomized, double-blind, placebo-controlled trial to investigate the potential combinatorial benefits of COL3 and elastin supplementation when produced by the body’s own skin cells. On the basis of the strong results and broad improvements across multiple skin aesthetic attributes, we will be progressing KB304 into Phase 2 development for the treatment of wrinkles in the décolleté, a priority aesthetic site for which no FDA-approved injectables exist. We plan to prioritize the development of KB304 and will be meeting with the FDA in the coming months to enable initiation of the Phase 2 study.”
Jeune has recently completed development and validation of a décolleté-specific photonumeric scale (“JDWS”). Jeune intends to submit the JDWS to the FDA and align on the Phase 2 study protocol in the second half of 2025 with the goal of initiating the Phase 2 study in the first half of 2026.
Conference Call and Webcast
Jeune and Krystal will host a conference call and webcast today, Thursday, July 24, 2025, at 4:30pm ET, to discuss the results of the PEARL-2 study, the KB304 clinical development program, Jeune’s pipeline product candidates, and the strategic vision for Jeune.
Investors and the general public can access the live webcast at: https://www.webcaster4.com/Webcast/Page/3018/52758.
For those unable to listen to the live webcast, a replay will be available on the Investor’s section of the Krystal website at www.krystalbio.com.
About KB304
KB304 is an investigational aesthetic therapy employing Krystal’s novel replication-defective, non-integrating HSV-1-based vector to deliver two copies of the gene encoding COL3 transgene and one copy of the gene encoding elastin to increase their levels in skin and address signs of skin aging associated with damage to the skin’s extracellular matrix. KB304 is formulated as a solution for direct intradermal injection to aesthetic priority areas.
About the PEARL-2 Study
PEARL-2 is a Phase 1 Study of KB304, a replication-defective, non-integrating vector expressing human type III collagen (COL3) and elastin for the treatment of moderate to severe wrinkles of the décolleté. Details of the Phase 1 study can be found at www.clinicaltrials.gov under NCT identifier NCT06724900.
About Jeune Aesthetics, Inc.
Jeune Aesthetics, Inc., a wholly-owned subsidiary of Krystal Biotech, Inc., is a biotechnology company leveraging a clinically validated gene-delivery platform to fundamentally address – and reverse – the biology of aging skin. For more information, please visit http://www.jeuneinc.com.
About Krystal Biotech, Inc.
Krystal Biotech, Inc. (NASDAQ: KRYS) is a fully integrated, commercial-stage, global biotechnology company focused on the discovery, development and commercialization of genetic medicines to treat diseases with high unmet medical needs. VYJUVEK®, the Company’s first commercial product, is the first-ever redosable gene therapy, and the first genetic medicine approved by the FDA and EMA for the treatment of dystrophic epidermolysis bullosa. The Company is rapidly advancing a robust preclinical and clinical pipeline of investigational genetic medicines in respiratory, oncology, dermatology, ophthalmology, and aesthetics. Krystal Biotech is headquartered in Pittsburgh, Pennsylvania. For more information, please visit http://www.krystalbio.com, and follow @KrystalBiotech on LinkedIn and X (formerly Twitter).
Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Krystal Biotech, Inc., or its wholly-owned subsidiary, Jeune Aesthetics, Inc., including statements about the clinical utility of KB304; KB304’s ability to deliver collagen and elastin to restore the skin naturally to a more youthful appearance and potentially revolutionize the treatment of wrinkles and skin quality; KB304’s potential to address a massive gap in the market; Krystal’s and Jeune’s plans to prioritize the development of KB304 and progress KB304 into a Phase 2 study for the treatment of wrinkles of the décolleté, including timing of meeting with the FDA
and the goal of initiating the Phase 2 study in the first half of 2026; 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: preliminary clinical data from a Phase 1 trial with a small sample size and limited follow-up may not predict results in later-stage studies; uncertainties associated with regulatory review of clinical trials, the availability or commercial potential of KB304, 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 and Jeune’s views as of the date of this press release. Krystal and Jeune anticipate that subsequent events and developments will cause their views to change. However, while Krystal and Jeune may elect to update these forward-looking statements at some point in the future, they specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Krystal’s and Jeune’s views as of any date subsequent to the date of this press release.
CONTACT
Investors and Media:
Stéphane Paquette, PhD
Krystal Biotech
spaquette@krystalbio.com
Nishant Saxena
Jeune Aesthetics
nsaxena@krystalbio.com
July 2025 1 KB304 PEARL-2 Results for Dynamic Wrinkles of the Décolleté r e p l e n i s h r e s t o r e Exhibit 99.2
Forward-Looking Statements 2 This presentation and the accompanying oral presentation contain forward-looking statements that involve substantial risks and uncertainties. Any statements about future expectations, plans, and prospects for Jeune Aesthetics, Inc., a wholly-owned subsidiary of Krystal Biotech, Inc. (the “Company”), including but not limited to statements about the potential of the Company’s unique rejuvenative approach to addressing the underlying biology of aging skin; the clinical utility of the Company’s investigational product candidate, KB304; the PEARL-2 clinical trial evaluating KB304 for the treatment of wrinkles; the potential benefits of KB304’s unique mechanism of collagen 3 and elastin replenishment to meet the strong demand for products that address the overall quality of the skin and restore a more youthful skin appearance; the Company’s plans for Phase 2 development of KB304, including plans to submit the photonumeric scale to the FDA and align on a phase 2 protocol later this year and initiating Phase 2 development in the first half of 2026; Jeune’s technology capabilities and it being the ideal primary skin rejuvenation tool; the demand and market for décolleté treatments; existing market demand for aesthetic products, expansion trends and reasons therefor, and the Company’s beliefs about expenditures for aesthetic products in general and KB304 specifically, including its belief of significant untapped market potential; the Company’s projected aesthetic treatment ladder; plans for KB301 and other product candidates, including timing of moving another product candidate into the clinic; the strategic vision for the Company and the relationship between the Company and Krystal Biotech, Inc. (“Krystal”), including potential shareholder maximizing opportunities; 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: uncertainties associated with regulatory reviews and the content and timing of regulatory authorities’ decisions; uncertainties in the initiation and conduct of clinical trials and availability and timing of data from clinical trials; the availability or commercial potential of product candidates; and such other important factors as are set forth in Krystal’s filings with the SEC. The forward-looking statements represent the Company’s and Krystal’s views as of the date of this presentation and should not be relied upon as representing the views as of any subsequent date. The Company and Krystal specifically disclaim any obligation to update forward-looking statements. This presentation contains estimates and statistical data. Estimates involve assumptions and limitations, and investors are cautioned not to give undue weight to estimates. Neither the Company, Krystal, nor any other person makes any representation as to the accuracy or completeness of such estimates or data or undertakes any obligation to update such estimates or data. Any projections, assumptions, and estimates of future performance are necessarily subject to a high degree of uncertainty and risk. All product candidates described in this presentation are investigational therapies. © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
3 Jeune Team Name Title / Years of Experience Prior Experience Marc Forth Chief Executive Officer 30 years • President & CEO, AEON Biopharma • In-licensed lead asset from Daewoong • Led separation from Alphaeon and merger with SPAC to take AEON public • Board Member Jeune • 16 years at Allergan • SVP of Neurosciences, Urology and Medical Derm • Led commercial planning and execution for Botox Cosmetic September Riharb Chief Marketing Officer 30 years • Spent 5 years as VP Marketing at Evolus • Spent over 20 years in aesthetics at Allergan, McGhan, Inamed Nishant Saxena Chief Financial Officer 25 years • Spent 16 years investment banking at Evercore • Advised on $500 bn of transactions • Involved in $4bn of private, public and equity-linked financings Additional Participants Name Title Years of Experience Suma Krishnan Founder & President R&D, Krystal Biotech Board Member, Jeune 30 years Today’s Presenters and Participants © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
Jeune Aesthetics: A Wholly Owned Subsidiary of Krystal Biotech, Inc. 4 *Jeune holds exclusive license to Krystal’s HSV-1 gene delivery platform for cash pay markets Subsidiary Dedicated to Cash Pay Markets* Clinical Development Commercial Fully integrated biotech developing portfolio of genetic medicines R&D Finance / HR Manufacturing Legal Regulatory © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
KB304 Designed to Increase Type III Collagen and Elastin Levels in Aging Skin 5 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. KB304 Payloads Type I Collagen Type III Collagen Type IV Collagen Elastin Percentage in the skin 70-80% 15%-20% Small % 2-3% Function Forms dense, tightly packed fibers that provide firmness and tensile strength Provides flexibility and elasticity, allowing skin to stretch and recover Forms the basal lamina, provides filtration and structural support Provides stretch and flexibility to prevent sagging Aging alteration Increases with growth, decreases with age Abundant in young skin, decreases with age Gradually declines, weakening the skin barrier Abundant in baby skin, peaks in mid- 20s / early 30s and declines thereafter • Type III collagen (COL3) is the second most abundant type of collagen protein in the skin but levels decline significantly with age1 • COL3 is indispensable for youthful, resilient skin2 and has been implicated in both new collagen fibril formation as well as regulation of collagen fibril diameter, organization, and elasticity2 • Elastin is ~1000 times more flexible than collagen, and gives skin its elastic quality3 • The production of elastin, which has a ~70 year4 half-life, peaks near birth and effectively ceases by adulthood5 • Due to the low rate of turnover, elastin fibers are particularly prone to the accumulation of damage from aging (extrinsic aging in particular) • This degradation of the elastin network over time leads to sagging and wrinkled skin 1. Varani J, Dame MK, Rittie L, Fligiel SEG, Kang S, Fisher GJ, Voorhees J, Decreased Collagen Production in Chronologically Aged Skin, American Journal of Pathology, Vol 168, No. 6, June 2006 2. Singh D, Rai V, Agrawal D, Regulation of Collagen I and Collagen III in Tissue Injury and Regeneration, Cardiol Cardiovasc Med. 2023 ; 7(1): 5–16. doi:10.26502/fccm.92920302. 3. Gosline J, Lillie M, Carrington E, Guerette P, Ortlepp C, Savage K, Elastic proteins: biological roles and mechanical properties, Philos. Trans. Royal Soc. B 357 (1418) (2002) 121–132. 4. Shapiro S.D. et al. Marked longevity of human lung parenchymal elastic fibers deduced from prevalence of D-aspartate and nuclear weapons-related radiocarbon. J. Clin. Invest. 1991; 87: 1828-1834 5. Swee M.H. et al. Developmental regulation of elastin production. Expression of tropoelastin pre-mRNA persists after down-regulation of steady-state mRNA levels. J. Biol. Chem. 1995; 270: 14899-14906
KB304 Data Review 6
7 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. PEARL-2 Evaluating KB304 in Dynamic Wrinkles of the Décolleté Study Objective and Design • Randomized (2:1), double-blind, placebo-controlled study evaluating KB304 for the improvement of dynamic wrinkles of the décolleté in adults • Key study objectives were safety and preliminary efficacy as assessed by investigator and subject, as well as images; surveys for efficacy assessment included • Investigator and Subject: 5-point Global Aesthetic Improvement Scale (GAIS) • Subject Only: Subject Satisfaction Questionnaire (SSQ) • Key exclusion / inclusion criteria • Females above 18 and up to 75 years of age, Fitzpatrick phototype score I-IV • No skin conditions or aesthetic treatments in décolleté region, last 6 months Study Population • 19 subjects enrolled and 18 assessed through three month follow up • Assessed subjects: • Median 62 years of age (range 47 to 75 years), all female • All active subjects received KB304 • All placebo subjects received saline Treatment Visits • Image Capture at Baseline • Subject and Investigator Assessments at Baseline • Three Treatments Injected Two Weeks Apart One Month Follow Up • Image Capture • Subject and Investigator Assessments Two Month Follow Up • Image Capture • Subject and Investigator Assessments Three Month Follow Up • Image Capture • Subject and Investigator Assessments One Month One Month One Month
Safety Findings in the Décolleté Region • All AEs were mild or moderate in severity and transient in nature. No serious AEs or SAEs were observed in the study • The most common AEs were pruritis, myalgia, and skin reaction • Both the frequency and duration of AEs decreased with subsequent doses © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. 8 AEs by Severity Grade Median Days with AE Symptoms 1 2 3 4 5 Dose Events (n) Mild (n) Moderate (n) Severe (n) Life-Threatening (n) Fatal (n) All 60 24 36 0 0 0 3 After Dose 1 43 13 30 0 0 0 4 After Dose 2 11 8 3 0 0 0 2 After Dose 3 6 3 3 0 0 0 2
9 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. KB304 Showed a Clear Separation from Placebo Follow Up Period After Treatment KB304 (n = 11) Placebo (n = 7) 0% 20% 40% 60% 80% 100% One Month Two Months Three Months One Month Two Months Three Months Investigator GAIS Assessed Lines / Wrinkles 0% 20% 40% 60% 80% 100% One Month Two Months Three Months One Month Two Months Three Months Subject GAIS Assessed Lines / Wrinkles Follow Up Period After Treatment KB304 (n = 11) Placebo (n = 7) +2 Points = Much Improved +1 Point = Improved 0 Point = No Change -1 Point = Worse -2 Points = Much Worse
10 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. Improvements Across Multiple Other Skin Attributes *Defined as GAIS scores of +1 or +2 Investigator Assessed Skin Attributes Follow Up Period After Treatment One Month Two Months Three Months 0% 20% 40% 60% 80% 100% One Month Two Months Three Months Elasticity Crepiness Hydration Radiance Texture KB304 (n = 10-11) Placebo (n = 7)
11 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. Improvements Across Multiple Other Skin Attributes *Defined as GAIS scores of +1 or +2 Subject Assessed Skin Attributes Follow Up Period After Treatment KB304 (n = 10-11) Placebo (n = 7) 0% 20% 40% 60% 80% 100% One Month Two Months Three Months Elasticity Crepiness Hydration Radiance Texture One Month Two Months Three Months
12 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. KB304 Subject Satisfaction with Line / Wrinkle Improvement Increased with Time KB304 (n = 11) Placebo (n = 7) One Month Two Months Three Months
Décolleté Before and After Images 13 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. Baseline Three Month Follow Up
Décolleté Before and After Images 14 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. Baseline Three Month Follow Up
Next Steps and Market Opportunity 15
Next Steps for KB304 16 © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. Select indication for Phase 2 development – completed, décolleté selected Develop décolleté-specific photonumeric scale (Jeune Décolleté Wrinkle Scale) and assessment tool for patient report outcomes – completed Validate Jeune Décolleté Wrinkle Scale – completed Submit photonumeric scale to FDA / align on Phase II protocol – second half 2025 Initiate Phase 2 development – first half 2026
17 Damage FillParalyze Replenish & Restore Using light and sound waves, energy-based devices damage the skin with the hope of triggering a wound healing response Whether hyaluronic acid, bovine collagen, or others, fillers add artificial volume to temporarily decrease the appearance of wrinkles By inducing denervation toxins paralyze the underlying muscle to prevent movement, thereby temporarily decreasing the appearance of wrinkles Via targeted delivery directly to skin cells Jeune’s treatments are designed to replenish key skin proteins to restore and maintain healthy, glowing skin Neurotoxins Fillers Energy-Based Devices Jeune vs. Jeune is focused on Addressing the Underlying Cause of Skin Aging No Primary Aesthetic Tool Addresses Aged Skin © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
Address Root Cause of Skin Aging Injected with Standard Syringes and Needles Shipped and Stored like other Injectables No Capital Equipment Investment Jeune Technology Jeune Technology Jeune Technology Jeune Technology © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. 18 Ideal Primary Tool for Skin Rejuvenation
9.9M Cosmetic Neurotoxin Injections and 6.3M Cosmetic Filler Injections in US1 No FDA Approved Aesthetic Injectables for the Décolleté © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved. 1 American Society of Plastic Surgeons Procedural Statistics Release 2024, excludes fillers for lip augmentation 2 The Best Anti-Aging Chest and Décolletage Products and Derm Treatments | Vogue The Décolleté: New Emphasis is Being Given to Keeping the Area as Fresh as your Face2 19 Significant Existing Consumer Demand
1. Br J Dermatol 2023; 189:i17–i23 2. United Nations, Department of Economic and Social Affairs, World Prospects 2024 3. Gen Z and Gen Alpha Infographic Update – McCrindle 4. Ozempic Is Changing People’s Skin, Say Plastic Surgeons | Allure 5. Realself Culture Report, 2023, Survey YouGov 20 Global Skin Rejuvenation Market1 $24.6B $44.5B 2023 by 2030 2023 by 2030 Aging Demographics2 Global – People over 40 3.0B 3.5B Increasing focus on Beauty & Wellness Driven by social media, improved access and greater societal focus on self care Prejuvenation3 Growth of Minimally Invasive Procedures in Millennials Gen Z is 22% of Global Population Increasing Demand due to GLP-1 Accelerated Skin Aging4 Collagen and Elastin Damage in Skin due to Significant Weight loss Massive Untapped Potential5 Only 24% of Americans have had an aesthetic / cosmetic procedure Several Factors Driving Growth in an Already Massive Market © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
OTC Beauty Lotions Aesthetic Practice Visit Reverse Skin Aging with Jeune Technology Addition of Neurotoxin and Filler 21 Treatment Goal Maintain youthful skin naturally; delay, avoid, or reduce toxins, fillers and EBD procedures Projected Aesthetic Treatment Ladder © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
22 Program Indication Key Skin Protein Skin Quality Attribute Discovery Preclinical Phase 1 Phase II Phase III Marketed KB304 Dynamic Wrinkles of the Décolleté Type III collagen (COL3) + Elastin (ELN) Structure, Flexibility and Elasticity KB301 TBD COL3 Structure and Flexibility KB303 TBD ELN Skin Elasticity KB302 TBD Type I collagen (COL1) Structure and Strength KB305 TBD Type IV (COL4) Lower Skin Structure Pipeline addresses multiple aspects of skin quality, with potential to address significant opportunities in cash pay markets Robust Pipeline of Candidates Addressing Significant Market Opportunities © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
23 Long Term Strategic Vision for Jeune Vision: Creating a new category of minimally invasive therapies to fundamentally address the underlying biology of aging skin by replenishing native proteins and restoring the skin Jeune is well-positioned to rapidly advance KB304 through value-creating Phase 2 milestones Jeune will evaluate other potential indications for KB301 Jeune expects to progress another product candidate into the clinic within the next 12-24 months As pipeline progresses in the clinic, need for dedicated resources and expertise will grow Jeune was purpose-built as wholly owned subsidiary to allow optionality for value-creating events during clinical development © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
24 Key Highlights De-Risked, Validated Approach that Directly Addresses the Root Causes of Aging Skin Leverages Krystal’s Validated Gene Delivery Platform, Comprehensive IP, Manufacturing Capabilities, Operational and Regulatory Expertise Experienced Management Team and Advisors with Significant Expertise in Developing and Commercializing Products in Cash Pay Markets Deep Pipeline of Additional Candidates Targeting Significant Cash Pay Market Opportunities Product Candidates, both KB301 and KB304, Supported by Positive Patient Data 1 5 2 3 4 Jeune | A Differentiated Solution to a Massive Market Opportunity © Copyright 2025 Jeune Aesthetics, Inc. All rights reserved.
Closing and Q&A 25