SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* ROMANO KATHRYN (Last) (First) (Middle) C/O KRYSTAL BIOTECH, INC. 2100 WHARTON STREET, SUITE 701 (Street) PITTSBURGH PA 15203 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Krystal Biotech, Inc. [ KRYS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Chief Accounting Officer
	3. Date of Earliest Transaction (Month/Day/Year) 02/26/2024
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person
	Rule 10b5-1(c) Transaction Indication X Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/26/2024		M(1)		5,000	A	$52.26	17,556	D
Common Stock	02/26/2024		S(1)		5,000	D	$135(2)	12,556	D
Common Stock	02/26/2024		M(3)		3,087	A	$52.26	15,643	D
Common Stock	02/26/2024		S(3)		3,087	D	$140(2)	12,556	D
Common Stock	02/26/2024		F		1,533(4)	D	$157(5)	11,023	D
Common Stock	02/27/2024		M(6)		1,913	A	$52.26	12,936	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$52.26	02/26/2024	02/26/2024	M(1)			5,000	(7)	01/30/2030	Common Stock	5,000	$0	5,000	D
Stock Option (Right to Buy)	$52.26	02/26/2024	02/26/2024	M(3)			3,087	(7)	01/30/2030	Common Stock	3,087	$0	1,913	D
Stock Option (Right to Buy)	$52.26	02/27/2024	02/27/2024	M(6)			1,913	(7)	01/30/2030	Common Stock	1,913	$0	0	D

Explanation of Responses:

1. The option exercise and sale reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. The Rule 10b5-1 trading plan started on August 29, 2023 and will terminate on June 28, 2024 and contemplates option exercises and sales of 5,000 shares with a limit price of $135.00 per share.

2. The transaction was executed in multiple trades at the same sale price.

3. The option exercise and sale reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. The Rule 10b5-1 trading plan started on August 29, 2023 and will terminate on June 28, 2024 and contemplates option exercises and sales of 3,087 shares with a limit price of $140.00 per share.

4. Represents the number of shares of common stock surrendered to the Company for tax withholding upon the vesting of 4,900 shares of restricted stock on February 26, 2024.

5. The closing price on February 26, 2024 of the Company's common stock on NASDAQ.

6. The option exercise reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. The Rule 10b5-1 trading plan started on August 29, 2023 and will terminate on June 28, 2024 and contemplates option exercises and holding 1,913 shares with a prior closing price from $135.00 per share.

7. 50,000 options were granted that vest in four equal annual installments beginning on January 20, 2021.

Remarks:

	/s/ Kathryn Romano	02/28/2024
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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