What Krystal Biotech, Inc. told the SEC could break it.

A single U.S. customer generated ~75% of Krystal's net product revenue in 2025 (87% in 2024, 100% in 2023), with no other customer above 10% — an extreme customer concentration.

“For the years ended December 31, 2025, 2024, and 2023, approximately 75 %, 87 % and 100 %, respectively, of the Company's product revenue, net was generated from a single customer in the U.S. No other customer exceeded 10% of the Company's product revenue, net.”

Krystal's revenue, growth and ability to fund its pipeline are substantially dependent on the commercial success of a single product, VYJUVEK (for dystrophic epidermolysis bullosa).

“our ability to develop our product candidates and generate revenue, and our future growth are substantially dependent on the commercial success of VYJUVEK.”

Krystal's European VYJUVEK economics depend on protracted country-by-country pricing/reimbursement negotiations — ongoing in Germany (through 2H 2026) and France (through 2027), with Italy and other markets pending.

“Pricing negotiations are underway in both Germany and France and are expected to continue until at least the second half of 2026 in Germany and until 2027 in France.”

Krystal relies on a small number of third parties to distribute VYJUVEK in the U.S. — a third-party packaging company, a third-party logistics provider, and a limited number of specialty pharmacies — plus third-party manufacturers and key suppliers for biologic raw materials.

“We rely on a small number of third parties to commercially distribute VYJUVEK to patients in the United States. We have contracted with a third-party packaging company to package VYJUVEK, a third-party logistics company to warehouse, process, and ship VYJUVEK to a limited number of specialty pharmacies”