First Quarter 2024
Financial Results and Business Update
May 6, 2024

© Copyright 2024 Krystal Biotech, Inc. All rights reserved.

Forward Looking Statements and Disclosures
This presentation, which includes the accompanying oral presentation, contains forward-looking statements that involve substantial risks and uncertainties. Any statements in thispresentation about future expectations, plans and prospects for Krystal Biotech, Inc. (together with its subsidiaries and affiliates, the “Company”), including but not limited tostatements about the Company’s U.S. commercial launch of VYJUVEK®; the Company’s efforts to bring B-VEC to market in Europe and Japan, including expected timing of marketing
approvals; the market opportunity for VYJUVEK; the Company’s technology platform; the development and commercialization of the Company’s pipeline product candidates, including
conduct and timelines of clinical trials; timing of data readouts; estimated financial measures, including the Company’s 2024 non-GAAP combined R&D and SG&A expense guidance;and other statements containing the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “target”, “potential”, “likely”, “will”, “would”, “could”,“should”, “continue” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties associated with regulatory review of manufacturing
processes and clinical trials and the content and timing of decisions made by regulatory authorities; the uncertainties inherent in the initiation and conduct of clinical trials; availabilityand timing of data from clinical trials; whether results of early clinical trials will be indicative of the results of ongoing or future trials; the availability or commercial potential of products;
the sufficiency of cash resources; and such other important factors as are set forth in the Company’s filings with the U.S. Securities and Exchange Commission. In addition, the forwardlooking statements included in this presentation represent the Company’s views as of the date of this presentation and should not be relied upon as representing the Company’s views
as of any subsequent date. While the Company may elect to update these forward-looking statements, it specifically disclaims any obligation to do so.
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 inaccordance with, U.S. GAAP and should not be considered as an alternative to R&D and SG&A expense or any other performance measure derived in accordance with GAAP. The
Company defines non-GAAP combined R&D and SG&A expense as GAAP combined R&D and SG&A expense excluding stock-based compensation. The Company cautions investors thatamounts presented in accordance with its definition of non-GAAP combined R&D and SG&A expense may not be comparable to similar measures disclosed by other companies
because not all companies calculate this non-GAAP financial measure in the same manner. The Company has not provided a quantitative reconciliation of forecasted non-GAAP
combined R&D and SG&A expense to forecasted GAAP combined R&D and SG&A expense because the Company is unable, without making unreasonable efforts, to calculate thereconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP combined R&D and SG&A
expense, is inherently uncertain and depends on various factors, some of which are outside of the Company’s control.

This presentation may contain estimates and statistical data made by independent parties or the Company relating to, among other things, market size and growth. These estimates
involve assumptions and limitations, and investors are cautioned not to give undue weight to such estimates. Neither the Company nor any other person makes any representation asto the accuracy or completeness of such estimates or data or undertakes any obligation to update such estimates or data. In addition, any projections, assumptions and estimates of
the Company’s future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk.
Other than VYJUVEK, all products described in this presentation are investigational therapies.
The Company is using the Aerogen Solo® Nebulizer System and Aerogen® Ultra in its clinical trials evaluating KB407, KB408, and inhaled KB707.

Krystal |2Breakthrough 2023 and Strong Start to 2024▪

Fundamentals of VYVUVEK US launch continue to be strong▪

Building approval and launch momentum in EU and Japan▪

6 active clinical trials with multiple readouts in 2H 2024▪

Strong Cash Position▪

–$622.3M in cash and investments–Non-GAAP R&D and SG&A 2024 expense guidance between $150 - $175M

2 CGMP facilities – ANCORIS and ASTRA

Krystal |3

Delivering Quarter Over Quarter Growth Despite Onetime Headwinds

VYJUVEK Net Revenue ($M)

▪ Gross margins of 95% in 1Q▪ Gross-to-net adjustments in 1Q were 14%
$42.1

$45.3

▪ Approximately 400 free vials dispensed in 1Q due toonetime events▪ Revenue includes accrual for subset of patients oncommercial insurance hitting payment caps in 2024

$8.6
3Q 2023

4Q 2023

1Q 2024

Krystal |4

Steady Growth in Reimbursement Approvals Underpins Strong U.S. LaunchOver 330 Reimbursement Approvals To
Date for VYJUVEK Patients

96%

11%

49%

Percentage of Covered Lives under
Commercial and Medicaid Plans
with Positive Access

40%

Medicare or OtherMedicaid
CommercialMetrics as of April 2024Krystal |5Reimbursement Approvals Across All Ages and for DDEB and RDEB Alike
Approvals Split By
DEB SubtypeDDEB
21%

RDEB
79%

Approvals Split By
Age Group

21 Years and Over44%

11 to 20 Years
24%

10 Years and Under
32%

Metrics as of April 2024

Krystal |6Strong Home Dosing Demand Continues and Supports High Compliance

VYJUVEK Site of Care (April 2024)
3%

Patient Compliance (Through Q1 2024)
Home Treatment
In Office Treatment

91%

97%
- VYJUVEK Patient Ambassador

Krystal |7

Deploying Proven Strategies to Drive Long-Term Growth

Claims Monitoring and Alerts▪
▪

Weekly alerts to find new patients and enable targeted field deployments
Future opportunities to expand to DEB adjacent claims codes

3,000
Estimated U.S. DEB Patients

Healthcare Professional Education▪
▪

Peer-to-peer education from key opinion leaders and early adopters
Open label extension data will be published in 2H 2024

Patient Outreach and Activation▪
▪

In-person and digital programs highlight real-world experience with VYJUVEKExpanding to multiple social media channels

1,200
Identified U.S. DEB Patients

Amplifying initial patient and physician experiences with VYJUVEK to drive adoption andbuild on a prescriber base already in the hundreds
Krystal |8

Sharing the Patient Experience on VYJUVEK

Krystal |9Key Trends Expected to Reinforce VYJUVEK Leadership in DEB✓

Patients seeing compounding benefits ofcorrective therapy as they treat more wounds✓

Establishing home administration as thestandard of care for patients with DEB✓

Growing familiarity with VYJUVEK enabling
broader utilization including dominant DEB

Krystal |10

Another Quarter of Steady Progress Towards Ex-U.S. Registrations and LaunchEurope▪ Marketing authorization
application validated inNovember 2023

▪ EMA manufacturing facility
inspections completed inFebruary 2024 and GMP
certification expected 2H 2024
▪ On track for 2H 2024 decision

2024Europe2025
JapanJapan▪ Received Orphan Drug Designationfrom PMDA in December 2023
▪ Bridging trial efficacy portion now
complete and filing expected in 2H2024▪ Decision expected in 2025

Krystal |11Five Active Trials Progressing Well With Readouts Starting Later This Year

Intratumoral KB707 for Injectable Solid Tumors

KB407 for Cystic Fibrosis

Cleared first two dose levels in Phase 1 OPAL-1 andfully enrolled third, no DLTs or Grade 3+ related AEs

Completed dosing in Phase 1 CORAL-1 Cohort 2,expecting to start third and final cohort in 1H 2024

Inhaled KB707 for Solid Tumors of the Lung

KB408 for AATD

Dosed first patient in Phase 1 KYANITE-1

Dosed first patient in Phase 1 SERPENTINE-1

B-VEC Eyedrops for Ocular Complications of DEB

KB301 for Aesthetic Indications

Aligned with FDA on single arm trial and in
preparation for 2H 2024 study start

Enrollment ongoing in KB301 Phase 1 Cohorts 3 and4 with readouts expected in mid-2024

AE, adverse event; DLT, dose limiting toxicity

Krystal |12First Quarter 2024 Financial Highlights
Cash and investments: $622.3 million as of March 31, 2024($ in millions)Three months ended Three months ended
March 31, 2024
March 31, 2023

Product revenue, net$45.3M-

Cost of goods sold

$2.4M

-

R&D expenses$11.0M$12.3M

SG&A expenses$26.1M$24.0M

Stock-based compensation expense$9.3M$10.4M

Non-GAAP R&D and SG&A Expense Guidance for Full Year 2024:*• $150M to $175M*• Excluding stock-based compensation
GAAP, generally accepted accounting principles; R&D, research and development; SG&A, selling, general, and administrative expenses*Non-GAAP combined R&D and SG&A Expense guidance does not include stock-based compensation as we are currently unable to confidently estimate Full Year 2024 stock-based compensation expense. As such, we have notprovided a reconciliation from forecasted non-GAAP to forecasted GAAP combined R&D and SG&A Expense in the above. This could materially affect the calculation of forward-looking GAAP combined R&D and SG&A Expenses, as
it is inherently uncertain.

Krystal |13Validating the Breadth of Krystal’s Redosable Gene Therapy Platform

Dermatology

Respiratory

Oncology

Ophthalmology

Indication

PayloadDystrophic epidermolysis bullosa (DEB)

COL7A1

KB105

Autosomal recessive congenital ichthyosis (ARCI)

TGM1

KB104

Netherton syndrome

SPINK5

Preclinical Phase 1/2

Phase 3

FDA Approved May 2023

Commercial
Marketedin the U.S.

Additional program(s) targeting dermatology indications
KB407

Cystic fibrosis

CFTRKB408

Alpha-1 antitrypsin deficiency (AATD)SERPINA1

Additional program(s) targeting respiratory indications
Injectable KB707

Solid tumors including cutaneous

IL2 + IL12

Inhaled KB707

Solid tumors of the lungIL2 + IL12

Ophthalmic B-VEC

Ocular complications of DEB

COL7A1Program(s) targeting ophthalmology indications

CFTR, cystic fibrosis transmembrane conductance regulator; COL7A1, collagen type VII alpha 1 chain; SERPINA1, serpin family A member 1; SPINK5, serine protease inhibitor Kazal-type 5; TGM1, transglutaminase-1

Krystal |14

Developing Genetic Medicines to Treat Diseases with High Unmet Medical Needs© Copyright 2024 Krystal Biotech, Inc.
All rights reserved.