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© Copyright 2026 Krystal Biotech, Inc. All rights reserved. Third Quarter 2026 Financial and Operating Results November 2, 2026
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Krystal | 2 Forward Looking Statements and Disclosures This presentation and the discussion contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve substantial risks and uncertaintie s. These include, without limitation, statements regarding: Krystal Biotech’s commercial launches of VYJUVEK, including the expected timing of pricing decisions and planned launches and regulatory submissions in ex-U.S. markets, and continued penetration of the DEB patient pool in the U.S.; the timing, conduct, initiation, enrollment, anticipated data readouts/clinical updates, regulatory interactions, and plans for clinical studies of KB803, KB801, KB407, KB408, KB111, KB113, and KB707, and the therapeutic potential of these product candidates; 2026 non -GAAP combined R&D and SG&A expense guidance; the amount, timing, and manner of repurchases under Krystal Biotech’s share repurchase program; and other statements about Krystal Biotech’s business, operatio ns, and financial results. Forward-looking statements can generally be identified by terms such as “may,” “will,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “estimate,” “potential,” “ continue,” or the negative of these terms or other comparable terminology. Actual results may differ materially from those indicated by such forward-looking statements due to various factors, including: uncertainties associated with regulatory reviews and the content and timing of regulatory authorities’ decisions; uncertainties in the initiation, enrollment, conduct, and outcome of clinical trials and the availability and timing of data from clinical trials; whether results of early clinical trials, including investigator-assessed results from the KB113 pilot study, will be indicative of the results of ongoing or future trials; commercial potential and market acceptance of VYJUVEK and Krystal Biotech’s product candidates; pricing, reimbursement, and coverage decisions in the U.S. and ex-U.S. markets, including the outcome of VYJUVEK pricing negotiations in Europe; factors affecting the amount and timing of share repurchases; and other important factors set forth in Krystal Biotech’s filings with the U.S. Securities and Exchange Commission, including under “Risk Factors” in its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. The forward-looking statements represent Krystal Biotech’s views as of the date of this presentation, and Krystal Biotech specifically disclaims any obligation to update the forward-looking statements, except as required by law. This presentation includes non-GAAP combined R&D and SG&A expense guidance, a supplemental measure of the company’s performance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to R&D and SG&A expense or any other performance measure derived in accordance with GAAP. Krystal Biotech defines non-GAAP combined R&D and SG&A expense as GAAP combined R&D and SG&A expense excluding stock -based compensation and cautions investors that amounts presented in accordance with its definition may not be comparable to similar measures disclosed by other companies because not all companies calculate this non-GAAP financial measure in the same manner. Krystal Biotech has not provided a quantitative reconciliation of forecasted non-GAAP combined R&D and SG&A expense to forecasted GAAP combined R&D and SG&A expense because it is unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expense, with confidence. This item, which could materially affect the computation of forward-looking GAAP combined R&D and SG&A expense is inherently uncertain and depends on various factors, some of which are outside of Krystal Bi otech’s control. This presentation may contain estimates and statistical data. Estimates involve assumptions and limitations and should not be given undue weight; no representation is made as to their accuracy or completeness. Other than VYJUVEK, all products described in this presentation are investigational therapies that have not been approved by the FDA or any other regulatory authority. This presentation is intended solely for investors and not for healthcare professionals or as the basis for any prescribing or treatment decision.
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Krystal | 3 $8.6 $42.1 $45.3 $70.3 $83.8 $91.1 $88.2 $96.0 $97.8 $107.1 $116.4 $119.2 $127.3 3Q 2023 4Q 2023 1Q 2024 2Q 2024 3Q 2024 4Q 2024 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 2Q 2026 3Q 2026 Third Quarter 2026 Earnings Call Topics EPS, earnings per share; US$, United States Dollars $1.1B Global VYJUVEK net revenue since launch US$ millions $2.05 3Q 2026 EPS fully diluted 13 Straight quarters of positive EPS $1.2B Cash and investments as of 3Q 2026 Global VYJUVEK launch execution driving profitability Advancing and expanding rare disease pipeline including new program KB113 for Gorlin syndrome Initiating $400M share repurchase program ✓ ✓ ✓
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Krystal | 4AP2, Accès Précoce 2 * Subject to early access conditions under AP2 program in France ▪ Expanding prescriber network and driving patient starts across initial launch markets ▪ Pricing negotiations completed in Germany and Italy, Spain expected later this year ▪ First home administration completed in France supporting broader treatment delivery* ▪ Advancing regulatory filings and access discussions across multiple additional markets $32.0M Europe and Japan Net Revenue Strong Execution Driving VYJUVEK Starts and Growth in Overseas Markets Over 20 Centers Have Initiated VYJUVEK Treatment + 12 Additional Centers Trained and Ready to Treat Germany Launch Snapshot
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Krystal | 5 Meeting Patient Demand and Extending our Reach in the U.S. U.S., United States Over 760 U.S. Reimbursement Approvals for VYJUVEK $95.3M U.S. Net Revenue ▪ Strong pace of reimbursement approvals nationwide driven by high demand and field force execution ▪ Steady growth in prescriber base including over 80 new prescribers in 3Q ▪ VYJUVEK label flexibility increasingly leveraged by patients with roughly 80% now opting for self administration ▪ Educating on benefits of VYJUVEK’s flexible label is a key area of focus in ongoing patient support initiatives
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Krystal | 6 Gorlin Syndrome is a Rare Skin Disease with No Approved Therapy Evans DG, et al. GeneReviews, Article Title ‘Nevoid Basal Cell Carcinoma Syndrome’, Updated 2022; Solis DC, et al JAMA Dermatol 2017;153:189-192 BCC, basal cell carcinoma; PTCH1, patched 1; PTCH2, patched 2; SUFU, suppressor of fused homolog; U.S., United States Over 10K Estimated Patients with Gorlin in the U.S. ▪ Gorlin syndrome is a rare genetic disorder caused by mutations in hedgehog signaling intermediates PTCH1, PTCH2, or SUFU ▪ Patients with Gorlin are at significantly increased risk for basal cell carcinoma (BCC) as well as other benign tumors ▪ U.S. patients in registry established at Stanford reported an average over 250 BCC in their lifetime ▪ Recurrent BCC requires frequent surgery, incurring medical costs as well as risk of disfigurement ▪ No specific therapy approved as long term chemotherapy, hedgehog inhibitors, and/or radiation not sustainable due to toxicities Safe and effective therapies to reduce BCC burden are urgently needed
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Krystal | 7 Pilot Study Conducted to Evaluate Potential of New Program KB113 in Gorlin BCC, basal cell carcinoma; mm, millimeter; PFU, plaque forming unit Pilot Study Objectives Evaluate safety and efficacy of KB113 in adults with Gorlin syndrome Dosing Patient received intratumoral injections of up to 2 mL of 108 PFU/mL KB113 at each dosing visit; lesion selection and volumes injected per lesions were at investigator’s discretion Preliminary Efficacy Assessment Investigator visual assessment of landmark BCC lesions ▪ Investigator identified landmark BCC lesions for analysis, defined as facial lesions ≥ 5 mm or non-facial lesions ≥ 9 mm ▪ Lesion change assessed by investigators on five-point scale classifying lesions as growing, no change, 0 to 50% smaller, 51 to 89% smaller, or 90 to 100% smaller ▪ Lesions receiving at least one dose of KB113 were classified as injected, all others as non-injected 30 Day Follow Up = lesion evaluation visit Schedule of Events Days 1-2 KB113 Day 1 KB113 Day 15 KB113 Day 36 KB113 Day 57 KB113 Day 78 KB113 Day 99 Two Week Interval Three Week Intervals Days 15-16 Day 36 Day 57 Day 78 Day 99 Screening 28 days Visits Dosing Schedule Low Dose Intratumoral KB707 KB113 Nomenclature Update Three patients enrolled in pilot study
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Krystal | 8 Dramatic BCC Regression in Gorlin Patients Treated with KB113 Clinical Regression Injected Non-Injected Overall Any regression in lesion size* 29/36 (80.6%) 40/47 (85.1%) 69/83 (83.1%) > 50% regression** 15/36 (41.7%) 27/47 (57.4%) 42/83 (50.6%) ≥ 90% regression 4/36 (11.1%) 4/47 (8.5%) 8/83 (9.6%) * Inclusive of lesions with > 50% clinical regression ** Inclusive of lesions with ≥ 90% clinical regression Combined Lesion Regression Results for All Three Gorlin Syndrome Patients Example of BCC Lesion Regression Broad antitumor responses detected in all three patients with over 80% of assessed BCC lesions reducing in size Substantial regression observed in lesions that were not directly injected with KB113 suggestive of abscopal effect Complete clearance of an injected lesion was also confirmed histologically in all three patients KB113 also well tolerated; all reported adverse events mild or moderate in severity, transient, and resolving on study ✓ ✓ ✓ ✓ BCC, basal cell carcinoma
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Krystal | 9 Building on Our Strengths in Rare Dermatology with KB113 and KB111 FDA, United States Food and Drug Administration KB113 for Gorlin syndrome ✓ Clinical proof of concept ✓ Discussing development pathways with the FDA Opportunity to rapidly advance both programs and build out a leading franchise in rare dermatology + KB111 for Hailey-Hailey disease ✓ Completed enrollment of five patients in open- label, single-arm repeat-dose study HALITE-1 ❑ Interim HALITE-1 results before year end ❑ FDA alignment and initiation of registrational study in 2027
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Krystal | 10 DEB, dystrophic epidermolysis bullosa Advancing Ophthalmology Pipeline Towards Key Readouts KB803 for corneal abrasions in DEB patients KB801 for neurotrophic keratitis ▪ Enrolled three additional patients in registrational IOLITE study ▪ Last patient visit in IOLITE now expected in February 2027 with top-line results soon after ▪ Expanding clinical trial network to support enrollment in registrational EMERALD-1 study ▪ Expecting to complete enrollment and report top-line results in 2027 Readouts for both registrational studies expected in 2027
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Krystal | 11 AAT, alpha-1 antitrypsin; AATD, alpha-1 antitrypsin deficiency; CF, cystic fibrosis; CFTR, cystic fibrosis transmembrane conductance regulator; DAPI, 4′,6-diamidino-2-phenylindole; FDA, United States Food and Drug Administration Progressing Steadily Towards Repeat Dose Data in CF and AATD KB407 ▪ Currently dosing three patients in repeat-dose study ▪ Expecting three more patients on repeat dosing before end of year and interim results in 1H 2027 ▪ Selected for Complex Innovative Design Meeting Program with the FDA in 3Q 2026 ▪ Intensive FDA engagement on study design and on track for registrational study start in 2027 for cystic fibrosis KB408 for alpha-1 antitrypsin deficiency lung disease ▪ Enrollment underway in repeat-dose study with interim results expected in 2027 Confirmed CFTR delivery to lungs of patients earlier this year DAPI CFTR 29% to 42% Conducting airway cells transduced with KB407 (n = 6 CF patients) DAPI AAT Baseline After KB408 Functional AAT expression already confirmed in lungs of KB408 treated AATD patients
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Krystal | 12 HSV-1, herpes simplex virus 1; IL-2, interleukin 2; IL-12, interleukin 12; NSCLC, non-small cell lung cancer; ORR objective response rate Building Evidence in Support of Inhaled KB707 for Treatment of NSCLC 36% KB707 Monotherapy ORR Efficacy Cohort n = 11 ASCO 2025 Presentation 31% KB707 Plus Pembrolizumab ORR Efficacy Cohort n = 16 ASCO 2026 Presentation ▪ Enrolling patients with advanced NSCLC in global expansion cohort of Phase 1/2 study KYANITE-1 to evaluate inhaled KB707 plus chemotherapy ▪ Completed dose-optimization in 10 patients to inform chemotherapy dose selection ▪ Expecting to enroll approximately 70 patients at selected regimen by mid-2027 ▪ Data expected to build on prior results from monotherapy and pembrolizumab combination cohorts in patients with advanced, late-line NSCLC KB707 Replication-incompetent HSV-1 vector encoding functional human IL-12 and IL-2
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Krystal | 13 Third Quarter 2026 Financial Highlights Non-GAAP R&D and SG&A Expense Guidance for Full Year 2026 updated to $155M to 165M2 EPS, earnings per share; GAAP, generally accepted accounting principles; R&D, research and development; SG&A, selling, general, and administrative expenses 1. Represents the amount of stock-based compensation expense included in R&D and SG&A expenses 2. Non-GAAP combined R&D and SG&A expense guidance does not include stock-based compensation, for more information refer to Forward Looking Statements and Disclosures on slide 2 Three Months Ended September 30 Nine Months Ended September 30 2026 2025 2026 2025 Product revenue, net $127.3M $97.8M $362.9M $282.0M Cost of goods sold $7.6M $4.3M $20.3M $16.5M Gross margin 94% 96% 94% 94% R&D expenses $14.9M $14.6M $44.7M $43.3M SG&A expenses $33.7M $37.6M $114.6M $105.3M Stock-based compensation expense1 $13.9M $13.2M $41.7M $40.8M Net income $63.1M $79.4M $173.8M $153.4M Net income per share (basic) $2.13 $2.74 $5.90 $5.31 Net income per share (diluted) $2.05 $2.66 $5.66 $5.14 Cash and investments: $1.2 billion as of September 30, 2026 Diluted EPS: $2.05
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Krystal | 14 Leveraging Our Financial Strength to Build Shareholder Value ▪ Broadening our commercial footprint to support global VYJUVEK launch ▪ R&D investments to expand and accelerate our pipeline ▪ Share repurchases reflecting our confidence in Krystal’s long-term growth outlook and commitment to disciplined capital allocation AATD, alpha-1 antitrypsin deficiency; DEB, dystrophic epidermolysis bullosa; R&D, research and development KB803 for corneal abrasions in DEB patients KB801 for neurotrophic keratitis KB407 for cystic fibrosis KB111 for Hailey-Hailey disease + oncology, aesthetics, AATD Krystal Rare Disease Pipeline KB113 for Gorlin syndrome +
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Developing Genetic Medicines to Treat Diseases with High Unmet Medical Needs © Copyright 2026 Krystal Biotech, Inc. All rights reserved.