0001711279-26-000043 | 10-Q | XBRL Viewer

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Stock-Based Compensation - Schedule of Stock-Based Compensation Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 13,609	$ 13,478
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	2,177	2,469
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 11,432	$ 11,009

Product Revenue, Accounts Receivable and Reserves for Product Sales

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Product Revenue, Accounts Receivable and Reserves for Product Sales

The Company’s product revenue, net of sales discounts and allowances totaled $116.4 million and $88.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Product revenue by significant geographic region is as follows:


	Three Months Ended March 31,
		2026		2025
United States		$	87,489	$	88,183
Europe		20,677		—
Japan		8,191		—
Total product revenue, net		$	116,357	$	88,183

The Company’s accounts receivable, net balance relating to VYJUVEK sales was $127.0 million as of March 31, 2026 and $127.4 million as of December 31, 2025. Accounts receivable, net from the Company’s customers who individually accounted for 10% or more of accounts receivable, net consisted of the following:


	Percent of Accounts Receivable, Net
	March 31, 2026		December 31, 2025
Customer A	62	%	66	%
Customer B	13	%	14	%

All other single customers represent less than 10% of outstanding accounts receivable, net in the applicable period.

The following table summarizes changes in allowances and discounts for the three months ended March 31, 2026:


(in thousands)	Rebates		Prompt Pay		Other Accruals		Total
Balance as of December 31, 2025	$	61,905	$	5,834	$	378	$	68,117
Provisions	22,335		3,349		60		25,744
Payments/Credits	(8,399)		(3,845)		(278)		(12,522)
Balance as of March 31, 2026	$	75,841	$	5,338	$	160	$	81,339

Rebates are included in accrued rebates and other long-term liabilities on the condensed consolidated balance sheets. Other long-term liabilities are comprised of $5.1 million and $3.7 million of long-term accrued rebates as of March 31, 2026 and December 31, 2025, respectively. Prompt pay discount is recorded as an allowance against accounts receivable, net on the condensed consolidated balance sheets. Other accruals are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Provisions for rebates, prompt pay discounts and other accruals are recorded reductions to product revenue, net on the condensed consolidated statements of operations and comprehensive income.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments, which consist of all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented, are reflected in the interim condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassified amounts have no impact on the Company’s previously reported financial position or results of operations. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 17, 2026. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors and applies significant judgment in developing the estimates and assumptions that are used in the preparation of these financial statements. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates in the period these variances become known. Estimates are used in the following areas, among others: variable consideration associated with revenue recognition, stock-based compensation expense, accrued expenses, and income taxes. Summary of Significant Accounting Policies See Note 2 to our consolidated financial statements included in the 2025 10-K. There were no material changes to the Company’s significant accounting policies during the three months ended March 31, 2026. Recently Issued Accounting Pronouncements, Not Yet Adopted There were no accounting pronouncements issued or adopted during the three months ended March 31, 2026 that had or are expected to have a material impact on the Company’s condensed consolidated financial statements. In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard calls for enhanced disclosures about components of expense captions on the face of the income statement. This standard will be effective for fiscal years beginning after December 15, 2026, with the option to apply it retrospectively. Early adoption is allowed. Currently, the Company is assessing the potential impact of this guidance on its consolidated financial statement disclosures. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard clarifies current interim reporting requirements on Topic 270 and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard will be effective for fiscal years beginning after December 15, 2027, with the option to apply it retrospectively. Early adoption is allowed. Currently, the Company is assessing the potential impact of this guidance on its condensed consolidated financial statement disclosures.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Income tax expense	$ 5,510	$ 7,864

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

As of March 31, 2026, future minimum commitments under the Company’s operating leases with lease terms in excess of 12 months were as follows:


(in thousands)	Operating Leases
2026 (remaining nine months)	$	1,417
2027	1,919
2028	1,954
2029	1,990
2030	2,016
Thereafter	7,279
Future minimum operating lease payments	16,575
Less: Interest	(7,463)
Present value of lease liability	$	9,112

As of March 31, 2026 and December 31, 2025, the Company’s weighted-average remaining lease term for operating leases was 10.0 years and 10.1 years, respectively, and the Company’s weighted-average discount rate for operating leases was 9.7% as of March 31, 2026 and December 31, 2025.

The components of the Company’s lease expense are as follows:



	Three Months Ended March 31,
(in thousands)		2026		2025
Operating lease expense		$	411	$	426
Variable lease expense		63		64
Total lease expense		$	474	$	490

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Future Minimum Commitments

As of March 31, 2026, future minimum commitments under the Company’s operating leases with lease terms in excess of 12 months were as follows:


(in thousands)	Operating Leases
2026 (remaining nine months)	$	1,417
2027	1,919
2028	1,954
2029	1,990
2030	2,016
Thereafter	7,279
Future minimum operating lease payments	16,575
Less: Interest	(7,463)
Present value of lease liability	$	9,112

Schedule of Lease Expense

The components of the Company’s lease expense are as follows:



	Three Months Ended March 31,
(in thousands)		2026		2025
Operating lease expense		$	411	$	426
Variable lease expense		63		64
Total lease expense		$	474	$	490

Product Revenue, Accounts Receivable and Reserves for Product Sales - Schedule of Product Revenue by Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 116,357	$ 88,183
United States
Disaggregation of Revenue [Line Items]
Product revenue, net	87,489	88,183
Europe
Disaggregation of Revenue [Line Items]
Product revenue, net	20,677	0
Japan
Disaggregation of Revenue [Line Items]
Product revenue, net	$ 8,191	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease expense	$ 411	$ 426
Variable lease expense	63	64
Total lease expense	$ 474	$ 490

Fair Value Instruments - Schedule of Cash, Cash Equivalents and Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 501,313	$ 496,304
Gross Unrealized Gains	290	1,190
Gross Unrealized (Losses)	(686)	(8)
Amortized Cost	1,017,286	954,675
Aggregate fair value, total	1,016,890	955,857
Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	515,973	458,371
Gross Unrealized Gains	290	1,190
Gross Unrealized (Losses)	(686)	(8)
Aggregate Fair Value	515,577	459,553
Cash and cash equivalents \| Level 1:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	501,313	496,304
Aggregate Fair Value	501,313	496,304
Commercial paper \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		12,887
Gross Unrealized Gains		2
Gross Unrealized (Losses)		(1)
Aggregate Fair Value		12,888
Corporate bonds \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	229,575	211,268
Gross Unrealized Gains	125	535
Gross Unrealized (Losses)	(348)	(6)
Aggregate Fair Value	229,352	211,797
U.S. government agency securities \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	286,398	234,216
Gross Unrealized Gains	165	653
Gross Unrealized (Losses)	(338)	(1)
Aggregate Fair Value	286,225	234,868
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value, total	501,313	496,304
Short-term Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value, total	322,092	331,487
Short-term Marketable Securities \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 322,092	331,487
Debt securities, available-for-sale, term	1 year
Short-term Marketable Securities \| Commercial paper \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value		12,888
Short-term Marketable Securities \| Corporate bonds \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 147,369	142,801
Short-term Marketable Securities \| U.S. government agency securities \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	174,723	175,798
Long-term Marketable Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate fair value, total	193,485	128,066
Long-term Marketable Securities \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 193,485	128,066
Long-term Marketable Securities \| Level 2: \| Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, term	1 year
Long-term Marketable Securities \| Level 2: \| Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt securities, available-for-sale, term	2 years
Long-term Marketable Securities \| Commercial paper \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value		0
Long-term Marketable Securities \| Corporate bonds \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 81,983	68,996
Long-term Marketable Securities \| U.S. government agency securities \| Level 2:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate Fair Value	$ 111,502	$ 59,070

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Sep. 18, 2025
Settled Litigation
Operating Leased Assets [Line Items]
Loss Contingency, Corporate Governance Reform, Period			5 years
Clinical Supply Agreements
Operating Leased Assets [Line Items]
Project management service fee	$ 2.5	$ 2.2

Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 187,354	$ 182,057
Accumulated depreciation	(33,772)	(31,281)
Property and equipment, net	153,582	150,776
Building and building improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	109,256	109,242
Manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	30,202	29,279
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	27,227	27,227
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	12,341	8,108
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	3,521	3,490
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	2,616	2,559
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 2,191	$ 2,152

Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 15,173	$ 15,938
Work-in-process	15,115	15,224
Finished goods	12,358	9,313
Inventory	$ 42,646	$ 40,475

Net Income Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Common Stockholders

Basic net income per share attributable to common stockholders is calculated by dividing net income attributable to common stockholders by the weighted-average shares outstanding during the period, without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing the net income by the weighted-average number of shares of common stock and common stock equivalents outstanding for the period. Common stock equivalents consist of common stock issuable upon (1) exercise of stock options and (2) vesting of restricted stock awards, restricted stock units and performance-based restricted stock units (collectively, “restricted stock”).

For the three months ended March 31, 2026 and 2025, respectively, there were 376 thousand and 413 thousand common stock equivalents outstanding in the form of stock options and 50 thousand and 48 thousand in unvested restricted stock, that have each been excluded from the calculation of diluted net income per common share as their effect would be anti-dilutive.


	Three Months Ended March 31,
(in thousands, except per share data)		2026		2025
Numerator:
Net income		$	55,932	$	35,733
Denominator:
Weighted-average basic common shares		29,288		28,815
Dilutive effect of stock options and unvested restricted stock		1,219		1,056
Weighted-average diluted common shares		30,507		29,871

Net income per common share—basic		$	1.91	$	1.24
Net income per common share—diluted		$	1.83	$	1.20

Product Revenue, Accounts Receivable and Reserves for Product Sales - Schedule of Changes in Allowances and Discounts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Accounts Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	$ 68,117
Provisions	25,744
Payments/Credits	(12,522)
Ending balance	81,339
Rebates
Accounts Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	61,905
Provisions	22,335
Payments/Credits	(8,399)
Ending balance	75,841
Prompt Pay
Accounts Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	5,834
Provisions	3,349
Payments/Credits	(3,845)
Ending balance	5,338
Other Accruals
Accounts Receivable, Allowance For Credit Loss [Roll Forward]
Beginning balance	378
Provisions	60
Payments/Credits	(278)
Ending balance	$ 160

Leases - Schedule of Future Minimum Operating Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Leases [Abstract]
2026 (remaining nine months)	$ 1,417
2027	1,919
2028	1,954
2029	1,990
2030	2,016
Thereafter	7,279
Future minimum operating lease payments	16,575
Less: Interest	(7,463)
Present value of lease liability	$ 9,112

Stock-Based Compensation - Schedule of Restricted Stock Units and PSU Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares)	331,574	308,096
Granted (in shares)	96,322	130,556
Vested (in shares)	(105,767)	(84,097)
Forfeited/surrendered for taxes (in shares)	(11,945)	(5,798)
Ending balance (in shares)	310,184	348,757
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 152.97	$ 135.22
Granted (in usd per share)	275.64	179.25
Vested (in usd per share)	143.50	129.56
Forfeited/ surrendered for taxes (in usd per share)	156.52	154.56
Ending balance (in usd per share)	$ 194.16	$ 152.75
Performance Shares
Number of Shares
Beginning balance (in shares)	56,250	137,500
Granted (in shares)	43,536	0
Vested (in shares)	(56,250)	(81,250)
Forfeited/surrendered for taxes (in shares)	0	0
Ending balance (in shares)	43,536	56,250
Weighted-Average Grant Date Fair Value
Beginning balance (in usd per share)	$ 159.47	$ 145.37
Granted (in usd per share)	275.64	0
Vested (in usd per share)	159.47	135.61
Forfeited/ surrendered for taxes (in usd per share)	0	0
Ending balance (in usd per share)	$ 275.64	$ 159.47

Product Revenue, Accounts Receivable and Reserves for Product Sales - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Product revenue, net	$ 116,357	$ 88,183
Accounts receivable, net	127,022		$ 127,425
Other long-term liabilities	$ 5,124		$ 3,724

- Definition

+ References

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-Paragraph 4
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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+ Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventory

Inventory consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Raw materials	$	15,173	$	15,938
Work-in-process	15,115		15,224
Finished goods	12,358		9,313
Inventory	$	42,646	$	40,475

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025

Building and building improvements	$	109,256	$	109,242
Manufacturing equipment	30,202		29,279
Leasehold improvements	27,227		27,227
Construction in progress	12,341		8,108
Laboratory equipment	3,521		3,490
Computer equipment and software	2,616		2,559
Furniture and fixtures	2,191		2,152
Total property and equipment	187,354		182,057
Accumulated depreciation	(33,772)		(31,281)
Property and equipment, net	$	153,582	$	150,776

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Accrued taxes	$	13,110	$	10,919
Accrued payroll and benefits	4,938		11,457
Accrued professional fees	4,347		5,936
Accrued preclinical and clinical expenses	3,801		4,667
Other current liabilities	3,176		3,579
Accrued inventory	1,040		1,005
Accrued construction in progress	784		2,189


Accrued expenses and other current liabilities	$	31,196	$	39,752

Balance Sheet Components - Schedule of Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued taxes	$ 13,110	$ 10,919
Accrued payroll and benefits	4,938	11,457
Accrued professional fees	4,347	5,936
Accrued preclinical and clinical expenses	3,801	4,667
Other current liabilities	3,176	3,579
Accrued inventory	1,040	1,005
Accrued construction in progress	784	2,189
Accrued expenses and other current liabilities	$ 31,196	$ 39,752

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company operates as one operating segment, which is focused on the discovery, development, manufacturing and commercialization of genetic medicines to treat diseases with high unmet medical needs. The Company’s chief operating decision maker (“CODM”), our chief executive officer, utilizes financial information presented on a consolidated basis to manage and allocate resources. The CODM uses consolidated gross margin, operating margin, net income and total research and development expenses by product candidate or program to assess performance, forecast future financial results and to allocate resources.

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026, and 2025:


	Three Months Ended
(in thousands)		March 31, 2026			March 31, 2025
Product revenue, net		$	116,357		$	88,183
Cost of goods sold		6,323			5,028

Gross margin		95		%	94		%
B-VEC		547			1,973

KB111		992			27

KB304		3			242
KB407		762			349
KB408		143			298
KB707		2,432			2,738
KB801		787			454
KB803		1,142			486





Other research programs		736			692

Other research and development costs (1)		7,787			6,997
Total research and development		15,331			14,256
Selling, general and administrative		41,014			32,647

Income from operations		$	53,689		$	36,252

Other income

Interest and other income, net		7,753			7,345
Income before income taxes		$	61,442		$	43,597
Income tax expense		(5,510)			(7,864)
Net income		$	55,932		$	35,733

(1)Includes stock-based compensation, other manufacturing expenses related to our product candidates and other unallocated expenses which largely relates to depreciation and other facilities and equipment related costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Stock-Based Compensation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2025 USD ($) $ / shares	Dec. 31, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period increase in shares authorized	0.04
Exercised	$ 32.1	$ 1.4
Inventories
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount capitalized	$ 0.8	$ 1.0
2017 IPO Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved (in shares) \| shares			900
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares remaining available for grant (in shares) \| shares	1,600
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value per share of options granted (in usd per share) \| $ / shares	$ 175.20	$ 116.88
Stock Options \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 92.8
Estimated weighted average period	3 years 2 months 12 days
Stock Options \| 2017 IPO Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved (in shares) \| shares			900
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 58.1
Estimated weighted average period	3 years 1 month 6 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 11.6
Estimated weighted average period	2 years 10 months 24 days

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded an income tax expense of $5.5 million for the three months ended March 31, 2026. The tax expense for interim periods is calculated using an estimate of the annual effective tax rate, adjusted for discrete items. If there are any changes to the estimated annual effective tax rate, the Company will make a cumulative adjustment to the income tax provision in the period the change becomes known. The Company recorded an income tax expense of $7.9 million for the three months ended March 31, 2025. We monitor the realizability of our deferred tax assets taking into consideration all relevant factors at each reporting period. As of March 31, 2026, except for certain state net operating loss carryforward and tax credit carryforward, we do not have valuation allowance against deferred tax assets. We continue to maintain a full valuation allowance against certain state attributes as of March 31, 2026, because we concluded they are not more likely than not to be realized as we expect certain state attribute generation in future years to exceed our ability to use these deferred tax assets. We are subject to income taxes in the U.S. and in many foreign jurisdictions. Significant judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets that are not more likely than not to be realized. The determination of the realizability of deferred tax assets requires significant judgment in assessing the likelihood of future tax consequences. The Company previously maintained a full valuation allowance against its U.S. federal and state deferred tax assets due to historical cumulative losses and uncertainty regarding the realization of such assets. The Company will continue to evaluate all available evidence each reporting period and may adjust the valuation allowance in future periods if estimates of future taxable income or other relevant factors change.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 29, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38210
Entity Registrant Name	Krystal Biotech, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1080209
Entity Address, Address Line One	2100 Wharton Street,
Entity Address, Address Line Two	Suite 701
Entity Address, City or Town	Pittsburgh,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15203
City Area Code	412
Local Phone Number	586-5830
Title of 12(b) Security	Common Stock
Trading Symbol	KRYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,479,756
Entity Central Index Key	0001711279
Amendment Flag	false
Document Fiscal year Focus	2026
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segment \| segment	1
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Product revenue, net	$ 116,357	$ 88,183
Cost of goods sold	6,323	5,028
Research and development	15,331	14,256
Selling, general and administrative	41,014	32,647
Income from operations	53,689	36,252
Interest and other income, net	7,753	7,345
Income before income taxes	61,442	43,597
Income tax expense	(5,510)	(7,864)
Net income	$ 55,932	$ 35,733
Reportable Segment
Segment Reporting Information [Line Items]
Gross margin	95.00%	94.00%
Research and development	$ 15,331	$ 14,256
Selling, general and administrative	41,014	32,647
Income from operations	53,689	36,252
Interest and other income, net	7,753	7,345
Income before income taxes	61,442	43,597
Income tax expense	(5,510)	(7,864)
Net income	55,932	35,733
B-VEC \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	547	1,973
KB111 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	992	27
KB304 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	3	242
KB407 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	762	349
KB408 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	143	298
KB707 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	2,432	2,738
KB801 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	787	454
KB803 \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	1,142	486
Other research programs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	736	692
Other research and development costs \| Reportable Segment
Segment Reporting Information [Line Items]
Research and development	$ 7,787	$ 6,997

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
John Thomas [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On February 3, 2026, John Thomas, our Executive Vice President, General Counsel, and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement (the “Trading Plan”) that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act for the sale of up to 1,903 shares of our common stock, subject to certain conditions. The end date of the Trading Plan is December 31, 2026, subject to early termination in accordance with the terms of the Trading Plan, including upon completion of the sale of all of the shares of our common stock subject to the Trading Plan.
Name	John Thomas
Title	Executive Vice President, General Counsel, and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	February 3, 2026,
Expiration Date	December 31, 2026
Arrangement Duration	331 days
Aggregate Available	1,903
Daniel Janney [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 9, 2026, Daniel Janney, one of our directors, terminated a Rule 10b5-1 trading arrangement that was originally adopted on November 25, 2025. The Rule 10b5-1 trading arrangement was terminated during the Company’s unrestricted trading window and at a time when Mr. Janney was not in possession of material, non-public information about the Company. 71,964 shares of our common stock were sold under the Rule 10b5-1 trading arrangement prior to termination of the arrangement.
Name	Daniel Janney
Title	directors
Adoption Date	November 25, 2025
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 9, 2026
Arrangement Duration	104 days
Aggregate Available	71,964

Fair Value Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Cash, Cash Equivalents and Available-for-Sale Securities

The following tables show the Company’s cash and cash equivalents and available-for-sale securities by significant investment category as of March 31, 2026 and December 31, 2025:


	March 31, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities(1)		Long-term Marketable Securities(2)
Level 1:
Cash and cash equivalents	$	501,313	$	—	$	—	$	501,313	$	501,313	$	—	$	—
Subtotal	501,313		—		—		501,313		501,313		—		—
Level 2:


Corporate bonds	229,575		125		(348)		229,352		—		147,369		81,983
U.S. government agency securities	286,398		165		(338)		286,225		—		174,723		111,502
Subtotal	515,973		290		(686)		515,577		—		322,092		193,485
Total	$	1,017,286	$	290	$	(686)	$	1,016,890	$	501,313	$	322,092	$	193,485


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities(1)		Long-term Marketable Securities(2)
Level 1:
Cash and cash equivalents	$	496,304	$	—	$	—	$	496,304	$	496,304	$	—	$	—
Subtotal	496,304		—		—		496,304		496,304		—		—
Level 2:
Commercial paper	12,887		2		(1)		12,888		—		12,888		—
Corporate bonds	211,268		535		(6)		211,797		—		142,801		68,996
U.S. government agency securities	234,216		653		(1)		234,868		—		175,798		59,070
Subtotal	458,371		1,190		(8)		459,553		—		331,487		128,066
Total	$	954,675	$	1,190	$	(8)	$	955,857	$	496,304	$	331,487	$	128,066

(1)The Company’s short-term marketable securities mature in one year or less.

(2)The Company’s long-term marketable securities mature between one and two years.

Leases - Narrative (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted average remaining lease term	10 years	10 years 1 month 6 days
Weighted average discount rate	9.70%	9.70%

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Stock Options Outstanding
Beginning balance (in shares)	2,030,417	2,049,063	2,049,063
Granted (in shares)	275,500	255,773
Exercised (in shares)	(145,130)	(17,123)
Cancelled or forfeited (in shares)	(53,605)	(25,240)
Ending balance (in shares)	2,107,182	2,262,473	2,030,417	2,049,063
Exercisable end of period (in shares)	1,268,779	1,168,812
Weighted-Average Exercise Price
Beginning balance (in usd per share)	$ 99.45	$ 82.69	$ 82.69
Granted (in usd per share)	275.37	176.00
Exercised (in usd per share)	44.79	85.39
Cancelled or forfeited (in usd per share)	156.67	107.01
Ending balance (in usd per share)	124.76	92.94	$ 99.45	$ 82.69
Exercisable end of period (in usd per share)	$ 82.98	$ 69.13
Weighted-Average Remaining Contractual Life (in years)
Weighted-average remaining contractual life (Years)	7 years	7 years 4 months 24 days	6 years 9 months 18 days	7 years 3 months 18 days
Weighted-average remaining contractual life (Years), exercisable	5 years 9 months 18 days	6 years 4 months 24 days
Aggregate Intrinsic Value
Aggregate intrinsic value, beginning balance, outstanding	$ 298,662	$ 156,404	$ 156,404
Aggregate intrinsic value, ending balance, outstanding	286,111	198,813	$ 298,662	$ 156,404
Exercisable, ending balance	$ 222,474	$ 130,018

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). In the opinion of management, all adjustments, which consist of all normal recurring adjustments necessary for a fair presentation of the Company’s financial position and results of operations for the interim periods presented, are reflected in the interim condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassified amounts have no impact on the Company’s previously reported financial position or results of operations. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”) on February 17, 2026.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors and applies significant judgment in developing the estimates and assumptions that are used in the preparation of these financial statements. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates in the period these variances become known. Estimates are used in the following areas, among others: variable consideration associated with revenue recognition, stock-based compensation expense, accrued expenses, and income taxes.
Recently Issued Accounting Pronouncements, Not Yet Adopted	Recently Issued Accounting Pronouncements, Not Yet Adopted There were no accounting pronouncements issued or adopted during the three months ended March 31, 2026 that had or are expected to have a material impact on the Company’s condensed consolidated financial statements. In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard calls for enhanced disclosures about components of expense captions on the face of the income statement. This standard will be effective for fiscal years beginning after December 15, 2026, with the option to apply it retrospectively. Early adoption is allowed. Currently, the Company is assessing the potential impact of this guidance on its consolidated financial statement disclosures. In December 2025, the FASB issued ASU 2025-11 Interim Reporting (Topic 270): Narrow-Scope Improvements. This standard clarifies current interim reporting requirements on Topic 270 and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard will be effective for fiscal years beginning after December 15, 2027, with the option to apply it retrospectively. Early adoption is allowed. Currently, the Company is assessing the potential impact of this guidance on its condensed consolidated financial statement disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Product Revenue, Accounts Receivable and Reserves for Product Sales - Schedules of Concentration of Risk, by Risk Factor (Details) - Accounts Receivable Net Benchmark - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Customer A
Concentration Risk [Line Items]
Percent of Accounts Receivable, Net	62.00%	66.00%
Customer B
Concentration Risk [Line Items]
Percent of Accounts Receivable, Net	13.00%	14.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Inventory

Inventory consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025
Raw materials	$	15,173	$	15,938
Work-in-process	15,115		15,224
Finished goods	12,358		9,313
Inventory	$	42,646	$	40,475

Property and Equipment, Net

Property and equipment, net consisted of the following:


(in thousands)	March 31, 2026		December 31, 2025

Building and building improvements	$	109,256	$	109,242
Manufacturing equipment	30,202		29,279
Leasehold improvements	27,227		27,227
Construction in progress	12,341		8,108
Laboratory equipment	3,521		3,490
Computer equipment and software	2,616		2,559
Furniture and fixtures	2,191		2,152
Total property and equipment	187,354		182,057
Accumulated depreciation	(33,772)		(31,281)
Property and equipment, net	$	153,582	$	150,776

Depreciation expense was $1.5 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively. Depreciation expense capitalized into inventory was $1.0 million for the three months ended March 31, 2026 and 2025.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Accrued taxes	$	13,110	$	10,919
Accrued payroll and benefits	4,938		11,457
Accrued professional fees	4,347		5,936
Accrued preclinical and clinical expenses	3,801		4,667
Other current liabilities	3,176		3,579
Accrued inventory	1,040		1,005
Accrued construction in progress	784		2,189


Accrued expenses and other current liabilities	$	31,196	$	39,752

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 501,313	$ 496,304
Short-term investments	322,092	331,487
Accounts receivable, net	127,022	127,425
Inventory	42,646	40,475
Prepaid taxes	10,642	14,006
Prepaid expenses and other current assets	16,026	14,905
Total current assets	1,019,741	1,024,602
Property and equipment, net	153,582	150,776
Long-term investments	193,485	128,066
Right-of-use assets	7,035	7,239
Deferred tax asset, net of valuation allowance	22,824	22,824
Other non-current assets	300	287
Total assets	1,396,967	1,333,794
Current liabilities
Accounts payable	4,089	3,238
Current portion of lease liability	1,800	1,771
Accrued rebates	70,717	58,181
Accrued expenses and other current liabilities	31,196	39,752
Total current liabilities	107,802	102,942
Lease liability	7,312	7,568
Other long-term liabilities	5,124	3,724
Total liabilities	120,238	114,234
Commitments and contingencies (see note 7)
Stockholders’ equity
Common stock; $0.00001 par value; 80,000 shares authorized as of March 31, 2026 and December 31, 2025; 29,437 and 29,192 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.	0	0
Additional paid-in capital	1,198,257	1,194,261
Accumulated other comprehensive (loss) gain	(1,623)	1,136
Retained earnings	80,095	24,163
Total stockholders’ equity	1,276,729	1,219,560
Total liabilities and stockholders’ equity	$ 1,396,967	$ 1,333,794

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Product revenue, net	$ 116,357	$ 88,183
Operating expenses
Cost of goods sold	6,323	5,028
Research and development	15,331	14,256
Selling, general and administrative	41,014	32,647
Total operating expenses	62,668	51,931
Income from operations	53,689	36,252
Other income
Interest and other income, net	7,753	7,345
Income before income taxes	61,442	43,597
Income tax expense	(5,510)	(7,864)
Net income	55,932	35,733
Unrealized (loss) gain on available-for-sale securities	(1,577)	344
Foreign currency translation	(1,182)	236
Comprehensive income	$ 53,173	$ 36,313
Net income per common share:
Basic (in usd per share)	$ 1.91	$ 1.24
Diluted (in usd per share)	$ 1.83	$ 1.20
Weighted-average common shares outstanding:
Basic (in shares)	29,288	28,815
Diluted (in shares)	30,507	29,871

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2017, the Company adopted the 2017 IPO Stock Incentive Plan (“Plan”), which governs the issuance of equity awards to employees, certain non-employee consultants, and directors. Initially, the Company reserved 900 thousand shares for issuance under the Plan with an initial sublimit for incentive stock options of 900 thousand shares. On an annual basis, the amount of shares available for issuance under the Plan increases by an amount equal to four percent of the total outstanding shares as of the last day of the preceding calendar year. The sublimit of incentive stock options is not subject to the increase. The Company has historically granted stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”) to certain employees.

Shares of common stock remaining available for grant under the Plan were approximately 1.6 million as of March 31, 2026.

Stock Options

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value(1) (in thousands)
Outstanding as of December 31, 2025	2,030,417	$	99.45	6.8	$	298,662
Granted	275,500	$	275.37
Exercised	(145,130)	$	44.79
Cancelled or forfeited	(53,605)	$	156.67

Outstanding as of March 31, 2026	2,107,182	$	124.76	7.0	$	286,111
Exercisable as of March 31, 2026	1,268,779	$	82.98	5.8	$	222,474

(1)Aggregate intrinsic value represents the difference between the closing stock price of our common stock on December 31, 2025 and March 31, 2026 and the exercise price of outstanding in-the-money options on the respective date.

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2025:


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value(1) (in thousands)
Outstanding as of December 31, 2024	2,049,063	$	82.69	7.3	$	156,404
Granted	255,773	$	176.00
Exercised	(17,123)	$	85.39
Cancelled or forfeited	(25,240)	$	107.01

Outstanding as of March 31, 2025	2,262,473	$	92.94	7.4	$	198,813
Exercisable as of March 31, 2025	1,168,812	$	69.13	6.4	$	130,018

(1)Aggregate intrinsic value represents the difference between the closing stock price of our Common Stock on December 31, 2024 and March 31, 2025 and the exercise price of outstanding in-the-money options on the respective date.

The total intrinsic value (the amount by which the fair market value exceeds the exercise price) of stock options exercised was $32.1 million and $1.4 million during the three months ended March 31, 2026 and 2025, respectively.

The weighted-average grant-date fair value per share of options granted to employees and directors was $175.20 and $116.88 during the three months ended March 31, 2026 and 2025, respectively.

There was $92.8 million of unrecognized stock-based compensation expense related to employees’ and directors’ options that is expected to be recognized over a weighted-average period of 3.2 years as of March 31, 2026.

Restricted Stock Units

The following table summarizes the Company’s RSU activity:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested RSUs, beginning of period	331,574	$	152.97	308,096	$	135.22
Granted	96,322	$	275.64	130,556	$	179.25
Vested	(105,767)	$	143.50	(84,097)	$	129.56
Forfeited	(11,945)	$	156.52	(5,798)	$	154.56
Non-vested RSUs, end of period	310,184	$	194.16	348,757	$	152.75

There was $58.1 million of unrecognized stock-based compensation expense related to employees’ RSU awards that is expected to be recognized over a weighted-average period of 3.1 years as of March 31, 2026.

Performance-Based Restricted Stock Units

The following table summarizes the Company’s PSU activity:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested PSUs, beginning of period	56,250	$	159.47	137,500	$	145.37
Granted	43,536	$	275.64	—	$	—
Vested	(56,250)	$	159.47	(81,250)	$	135.61

Forfeited	—	$	—	—	$	—
Non-vested PSUs, end of period	43,536	$	275.64	56,250	$	159.47

PSUs granted during the period are subject to regulatory performance-based vesting conditions, as determined by the Compensation Committee of the Company’s Board of Directors, and vest on a three year cliff basis upon satisfaction of such conditions.

There was $11.6 million of unrecognized stock-based compensation expense related to employees’ PSU awards that is expected to be recognized over a weighted-average period of 2.9 years as of March 31, 2026.

Stock-Based Compensation Expense, Net

The Company recorded stock-based compensation expense, net related to its stock options and restricted stock in the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2026 and 2025 as follows:


	Three Months Ended March 31,
(in thousands)		2026		2025
Research and development		2,177		2,469
Selling, general and administrative		11,432		11,009
Total stock-based compensation		$	13,609	$	13,478

The Company capitalized stock-based compensation associated with the allocation of labor costs related to work performed to manufacture VYJUVEK of $0.8 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively, into inventory.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Agreements with Contract Manufacturing Organizations and Contract Research Organizations The Company enters into various agreements in the normal course of business with Contract Manufacturing Organizations (“CMOs”), Contract Research Organizations (“CROs”) and other third parties for preclinical research studies, clinical trials and testing and manufacturing services. The agreements with CMOs primarily relate to the manufacturing of our sterile gel that is mixed with in-house produced vectors as part of the final drug product for VYJUVEK. Agreements with third parties may also include research and development consulting activities, clinical-trial agreements, testing of our clinical-stage, pre-commercial and commercial stage products and/or storage, packaging and labeling. The Company is obligated to make milestone payments under certain of these contracts. The Company incurred research and development expenses related to commitments under these agreements of $2.5 million for the three months ended March 31, 2026 and $2.2 million for the three months ended March 31, 2025. Legal Proceedings In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes, or claims. In accordance with FASB ASC Topic 450, Contingencies (“ASC 450”), the Company accrues a liability for legal contingencies when it is probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. If there is at least a reasonable possibility that a loss may be incurred, ASC 450 requires disclosure of a loss contingency. In the first quarter of 2025, the Company and certain of its employees received subpoenas from the U.S. Department of Justice requesting that the Company produce certain documents regarding its sponsored genetic testing program relating to VYJUVEK and commercial practices relating thereto. The Company is cooperating and providing information in response to the subpoenas. It is not possible to estimate the amount of any loss or range of possible loss that might result from this inquiry, and because the final outcome cannot be predicted with certainty, unfavorable or unexpected developments or outcomes could result in a material impact to the Company’s results of operations. On September 18, 2025, a stockholder filed a derivative complaint in the Court of Chancery of the state of Delaware naming the Company’s directors as defendants and the Company as a nominal defendant. The complaint alleged claims for breach of fiduciary duty, unjust enrichment, and waste of corporate assets based on allegedly excessive non-employee director compensation in each of 2021 through 2024. The parties have reached an agreement in principle on settlement terms but must still negotiate and execute a definitive settlement agreement, which will be filed with the Delaware Court of Chancery and is subject to court approval upon the conclusion of a settlement hearing concerning the fairness of the terms of the proposed settlement. If approved, the Company will adopt, implement, and maintain certain corporate governance reforms for a period of five (5) years. The Company has recorded a liability for an estimated amount of the settlement. The estimated amount of settlement is not material to the condensed consolidated financial statements.

Net Income Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Net Income Per Share Attributable to Common Stockholders


	Three Months Ended March 31,
(in thousands, except per share data)		2026		2025
Numerator:
Net income		$	55,932	$	35,733
Denominator:
Weighted-average basic common shares		29,288		28,815
Dilutive effect of stock options and unvested restricted stock		1,219		1,056
Weighted-average diluted common shares		30,507		29,871

Net income per common share—basic		$	1.91	$	1.24
Net income per common share—diluted		$	1.83	$	1.20

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Depreciation	$ 1,522	$ 1,410
Depreciation expense capitalized	$ 1,000	$ 1,000

Net Income Per Share Attributable to Common Stockholders - Schedule of Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income	$ 55,932	$ 35,733
Denominator:
Weighted-average basic common shares (in shares)	29,288	28,815
Dilutive effect of stock options and unvested restricted stock (in shares)	1,219	1,056
Weighted-average diluted common shares (in shares)	30,507	29,871
Net income per common share - basic (in usd per share)	$ 1.91	$ 1.24
Net income per common share - diluted (in usd per share)	$ 1.83	$ 1.20

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Fair Value Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Instruments

The following tables show the Company’s cash and cash equivalents and available-for-sale securities by significant investment category as of March 31, 2026 and December 31, 2025:


	March 31, 2026
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities(1)		Long-term Marketable Securities(2)
Level 1:
Cash and cash equivalents	$	501,313	$	—	$	—	$	501,313	$	501,313	$	—	$	—
Subtotal	501,313		—		—		501,313		501,313		—		—
Level 2:


Corporate bonds	229,575		125		(348)		229,352		—		147,369		81,983
U.S. government agency securities	286,398		165		(338)		286,225		—		174,723		111,502
Subtotal	515,973		290		(686)		515,577		—		322,092		193,485
Total	$	1,017,286	$	290	$	(686)	$	1,016,890	$	501,313	$	322,092	$	193,485


	December 31, 2025
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Aggregate Fair Value		Cash and Cash Equivalents		Short-term Marketable Securities(1)		Long-term Marketable Securities(2)
Level 1:
Cash and cash equivalents	$	496,304	$	—	$	—	$	496,304	$	496,304	$	—	$	—
Subtotal	496,304		—		—		496,304		496,304		—		—
Level 2:
Commercial paper	12,887		2		(1)		12,888		—		12,888		—
Corporate bonds	211,268		535		(6)		211,797		—		142,801		68,996
U.S. government agency securities	234,216		653		(1)		234,868		—		175,798		59,070
Subtotal	458,371		1,190		(8)		459,553		—		331,487		128,066
Total	$	954,675	$	1,190	$	(8)	$	955,857	$	496,304	$	331,487	$	128,066

(1)The Company’s short-term marketable securities mature in one year or less.

(2)The Company’s long-term marketable securities mature between one and two years.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Organization	3 Months Ended
Organization	Mar. 31, 2026
Accounting Policies [Abstract]
Organization	Organization Krystal Biotech, Inc. (together with its wholly-owned subsidiaries, the “Company,” or “we” or other similar pronouns), a Delaware C-corporation, is a fully integrated, global, commercial-stage biotechnology company. We are focused on the discovery, development, manufacturing, and commercialization of genetic medicines to treat diseases with high unmet medical needs. Using our patented gene therapy technology platform that is based on engineered herpes simplex virus-1 (“HSV-1”), we create vectors that efficiently deliver therapeutic transgenes to cells of interest in multiple organ systems. The cell’s own machinery then transcribes and translates the transgene to treat the disease. Our vectors are amenable to formulation for non-invasive or minimally invasive routes of administration at a healthcare professional’s office or in the patient’s home. Our innovative technology platform is supported by two in-house, commercial scale Current Good Manufacturing Practice (“CGMP”) manufacturing facilities. Liquidity As of March 31, 2026, the Company had a retained earnings balance of $80.1 million. Our operating profitability is dependent upon the continued successful commercialization of VYJUVEK, our U.S. Food and Drug Administration (“FDA”), European Commission (“EC”), and Japan’s Ministry of Health, Labour, and Welfare (“MHLW”) approved product, as well as successful development, approval and commercialization of our product candidates. Management intends to fund future operations through its on hand cash and cash equivalents and revenue generated from the sale of VYJUVEK, and may also seek additional capital through arrangements with strategic partners, the sale of equity, debt financings or other sources. The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, the failure of product candidates in clinical and preclinical studies, the development of competing product candidates or other technological innovations by competitors, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to commercialize product candidates. The Company expects to incur significant costs in connection with, among other things, advancing its product pipeline, expanding its commercialization capabilities, and complying with EU post-authorization regulatory requirements and EU member state-specific pricing, reimbursement, and market access activities. The Company believes that its cash and cash equivalents and short-term investments of approximately $823.4 million as of March 31, 2026 will be sufficient to allow the Company to fund its planned operations for at least the next 12 months from the date of this Quarterly Report on Form 10-Q.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net income	$ 55,932	$ 35,733
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	1,522	1,410
Accretion on marketable securities	(576)	(453)
Amortization of operating lease right-of-use assets	204	224
Stock-based compensation expense, net	13,609	13,478
Realized gain on investments	(529)	(1,502)
Other, net	136	614
Changes in operating assets and liabilities
Accounts receivable, net	58	1,486
Inventory	(243)	(1,395)
Prepaid taxes	3,365	457
Prepaid expenses and other current assets	(1,699)	(3,433)
Lease liability	(227)	(136)
Other long-term liabilities	1,435	534
Accounts payable	1,022	906
Accrued rebates	12,685	10,601
Accrued expenses and other current liabilities	(6,312)	3,695
Accrued legal settlement	0	(31,250)
Net cash provided by operating activities	80,382	30,969
Investing Activities
Proceeds from disposal of assets	0	435
Purchases of property and equipment	(7,148)	(6,204)
Purchases of investments	(160,033)	(137,806)
Maturities of investments	103,598	88,806
Net cash (used in) investing activities	(63,583)	(54,769)
Financing Activities
Proceeds from exercise of stock options	6,501	1,462
Net cash (used in) financing activities	(10,459)	(12,466)
Effect of exchange rate changes on cash and cash equivalents	(1,331)	171
Net increase (decrease) in cash and cash equivalents	5,009	(36,095)
Cash and cash equivalents at beginning of period	496,304	344,865
Cash and cash equivalents at end of period	501,313	308,770
Supplemental Disclosures of Non-Cash Activities
Unpaid purchases of property and equipment	1,218	1,397
Initial recognition of right-of-use assets	0	1,802
Supplemental Cash Flow Information
Income taxes paid	627	400
Restricted Stock Units (RSUs)
Financing Activities
Taxes paid for employee tax withholding related to restricted stock units and Taxes paid related to settlement of restricted stock awards	(16,960)	(12,116)
Restricted Stock
Financing Activities
Taxes paid for employee tax withholding related to restricted stock units and Taxes paid related to settlement of restricted stock awards	$ 0	$ (1,812)

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	29,437,000	29,192,000
Common stock, shares outstanding (in shares)	29,437,000	29,192,000

Organization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Retained earnings	$ 80,095	$ 24,163
Cash, cash equivalents and short-term investments	$ 823,400

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2026:


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value(1) (in thousands)
Outstanding as of December 31, 2025	2,030,417	$	99.45	6.8	$	298,662
Granted	275,500	$	275.37
Exercised	(145,130)	$	44.79
Cancelled or forfeited	(53,605)	$	156.67

Outstanding as of March 31, 2026	2,107,182	$	124.76	7.0	$	286,111
Exercisable as of March 31, 2026	1,268,779	$	82.98	5.8	$	222,474

The following table summarizes the Company’s stock option activity for the three months ended March 31, 2025:


	Stock Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value(1) (in thousands)
Outstanding as of December 31, 2024	2,049,063	$	82.69	7.3	$	156,404
Granted	255,773	$	176.00
Exercised	(17,123)	$	85.39
Cancelled or forfeited	(25,240)	$	107.01

Outstanding as of March 31, 2025	2,262,473	$	92.94	7.4	$	198,813
Exercisable as of March 31, 2025	1,168,812	$	69.13	6.4	$	130,018

Schedule of Restricted Stock Awards and Restricted Stock Units

The following table summarizes the Company’s RSU activity:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested RSUs, beginning of period	331,574	$	152.97	308,096	$	135.22
Granted	96,322	$	275.64	130,556	$	179.25
Vested	(105,767)	$	143.50	(84,097)	$	129.56
Forfeited	(11,945)	$	156.52	(5,798)	$	154.56
Non-vested RSUs, end of period	310,184	$	194.16	348,757	$	152.75

Schedule of PSU Activity

The following table summarizes the Company’s PSU activity:


	Three Months Ended March 31,
	2026			2025
	Number of Shares	Weighted-Average Grant Date Fair Value		Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested PSUs, beginning of period	56,250	$	159.47	137,500	$	145.37
Granted	43,536	$	275.64	—	$	—
Vested	(56,250)	$	159.47	(81,250)	$	135.61

Forfeited	—	$	—	—	$	—
Non-vested PSUs, end of period	43,536	$	275.64	56,250	$	159.47

Schedule of Stock-Based Compensation Expense, Net


	Three Months Ended March 31,
(in thousands)		2026		2025
Research and development		2,177		2,469
Selling, general and administrative		11,432		11,009
Total stock-based compensation		$	13,609	$	13,478

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe Company evaluates events or transactions that occur after the balance sheet date, but prior to the issuance of the financial statements, to identify matters that require recognition or disclosure. The Company concluded that no subsequent events have occurred, that would require recognition or disclosure in the condensed consolidated financial statements

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2026, and 2025:


	Three Months Ended
(in thousands)		March 31, 2026			March 31, 2025
Product revenue, net		$	116,357		$	88,183
Cost of goods sold		6,323			5,028

Gross margin		95		%	94		%
B-VEC		547			1,973

KB111		992			27

KB304		3			242
KB407		762			349
KB408		143			298
KB707		2,432			2,738
KB801		787			454
KB803		1,142			486





Other research programs		736			692

Other research and development costs (1)		7,787			6,997
Total research and development		15,331			14,256
Selling, general and administrative		41,014			32,647

Income from operations		$	53,689		$	36,252

Other income

Interest and other income, net		7,753			7,345
Income before income taxes		$	61,442		$	43,597
Income tax expense		(5,510)			(7,864)
Net income		$	55,932		$	35,733

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Deficit)
Beginning balance (in shares) at Dec. 31, 2024		28,794,000
Beginning balance at Dec. 31, 2024	$ 946,380	$ 0	$ 1,127,238	$ (190)	$ (180,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	17,123	17,000
Issuance of common stock upon exercise of stock options	$ 1,462		1,462
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		98,000
Vesting of restricted stock units, net of shares withheld for taxes	(12,116)		(12,116)
Shares of restricted stock awards surrendered for taxes (in shares)		(10,000)
Shares of restricted stock awards surrendered for taxes	(1,812)		(1,812)
Stock-based compensation	14,447		14,447
Unrealized (loss) gain on investments	344			344
Foreign currency translation	236			236
Net income	35,733				35,733
Ending balance (in shares) at Mar. 31, 2025		28,899,000
Ending balance at Mar. 31, 2025	984,674	$ 0	1,129,219	390	(144,935)
Beginning balance (in shares) at Dec. 31, 2025		29,192,000
Beginning balance at Dec. 31, 2025	$ 1,219,560	$ 0	1,194,261	1,136	24,163
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	145,130	145,000
Issuance of common stock upon exercise of stock options	$ 6,501		6,501
Vesting of restricted stock units, net of shares withheld for taxes (in shares)		100,000
Vesting of restricted stock units, net of shares withheld for taxes	(16,960)		(16,960)
Stock-based compensation	14,455		14,455
Unrealized (loss) gain on investments	(1,577)			(1,577)
Foreign currency translation	(1,182)			(1,182)
Net income	55,932				55,932
Ending balance (in shares) at Mar. 31, 2026		29,437,000
Ending balance at Mar. 31, 2026	$ 1,276,729	$ 0	$ 1,198,257	$ (1,623)	$ 80,095

Net Income Per Share Attributable to Common Stockholders - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common share equivalents outstanding, excluded from the calculation of diluted net loss per common share (in shares)	376	413
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common share equivalents outstanding, excluded from the calculation of diluted net loss per common share (in shares)	50	48

Product Revenue, Accounts Receivable and Reserves for Product Sales (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Product Revenue by Region

Product revenue by significant geographic region is as follows:


	Three Months Ended March 31,
		2026		2025
United States		$	87,489	$	88,183
Europe		20,677		—
Japan		8,191		—
Total product revenue, net		$	116,357	$	88,183

Schedules of Concentration of Risk, by Risk Factor

Accounts receivable, net from the Company’s customers who individually accounted for 10% or more of accounts receivable, net consisted of the following:


	Percent of Accounts Receivable, Net
	March 31, 2026		December 31, 2025
Customer A	62	%	66	%
Customer B	13	%	14	%

All other single customers represent less than 10% of outstanding accounts receivable, net in the applicable period.

Schedule of Changes in Allowances and Discounts

The following table summarizes changes in allowances and discounts for the three months ended March 31, 2026:


(in thousands)	Rebates		Prompt Pay		Other Accruals		Total
Balance as of December 31, 2025	$	61,905	$	5,834	$	378	$	68,117
Provisions	22,335		3,349		60		25,744
Payments/Credits	(8,399)		(3,845)		(278)		(12,522)
Balance as of March 31, 2026	$	75,841	$	5,338	$	160	$	81,339