<SEC-DOCUMENT>0001298709-24-000006.txt : 20240301
<SEC-HEADER>0001298709-24-000006.hdr.sgml : 20240301
<ACCEPTANCE-DATETIME>20240301200906
ACCESSION NUMBER:		0001298709-24-000006
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240228
FILED AS OF DATE:		20240301
DATE AS OF CHANGE:		20240301

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Krishnan Krish S
		CENTRAL INDEX KEY:			0001298709
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38210
		FILM NUMBER:		24712495

	MAIL ADDRESS:	
		STREET 1:		2100 WHARTON STREET
		STREET 2:		SUITE 701
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15203

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Krystal Biotech, Inc.
		CENTRAL INDEX KEY:			0001711279
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				821080209
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2100 WHARTON STREET
		STREET 2:		SUITE 701
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15203
		BUSINESS PHONE:		(412) 586-5830

	MAIL ADDRESS:	
		STREET 1:		2100 WHARTON STREET
		STREET 2:		SUITE 701
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15203
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1709341735.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <documentType>4</documentType>

    <periodOfReport>2024-02-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001711279</issuerCik>
        <issuerName>Krystal Biotech, Inc.</issuerName>
        <issuerTradingSymbol>KRYS</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001298709</rptOwnerCik>
            <rptOwnerName>Krishnan Krish S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KRYSTAL BIOTECH, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>2100 WHARTON STREET, SUITE 701</rptOwnerStreet2>
            <rptOwnerCity>PITTSBURGH</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>15203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>President and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

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                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                <transactionCode>M</transactionCode>
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                    <footnoteId id="F5"/>
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                <transactionPricePerShare>
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                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                    <footnoteId id="F6"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
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            </transactionDate>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <footnoteId id="F5"/>
                    <footnoteId id="F7"/>
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                <transactionPricePerShare>
                    <value>163.08</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1575882</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>90000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Krishnan Spousal Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>50000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Krishnan Family Trust</value>
                    <footnoteId id="F8"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Performance Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F9"/>
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            <transactionDate>
                <value>2024-02-28</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2024-02-28</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>12500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F10"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F10"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>12500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12500</value>
                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F11"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-02-29</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35000</value>
                    <footnoteId id="F12"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F13"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F13"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>35000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>35000</value>
                </sharesOwnedFollowingTransaction>
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                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Performance Stock Units</value>
            </securityTitle>
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                <footnoteId id="F14"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-02-29</value>
            </transactionDate>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>52500</value>
                    <footnoteId id="F15"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
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                </transactionAcquiredDisposedCode>
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            <exerciseDate>
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            <expirationDate>
                <footnoteId id="F17"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>52500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
                    <value>52500</value>
                </sharesOwnedFollowingTransaction>
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        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">25,000 performance stock units (&quot;PSUs&quot;) were granted on February 28, 2023. Each PSU represented a contingent right to receive one share of the Company's common stock, subject to the achievement of certain performance criteria during the year ended December 31, 2023, as approved by the Company's Compensation Committee, and the Reporting Person's continued service to the Company on each applicable vesting date following such achievement. All of the performance criteria were achieved and one-half of the PSUs granted, or 12,500 PSUs, vested on February 28, 2024.</footnote>
        <footnote id="F2">Represents number of shares of common stock surrendered to the Company for tax withholding upon the vesting of 12,500 PSUs on February 28, 2024.</footnote>
        <footnote id="F3">The closing price on February 28, 2024 of the Company's common stock on NASDAQ.</footnote>
        <footnote id="F4">15,000 PSUs were granted on February 28, 2023, to the Reporting Person's spouse, Suma M. Krishnan. Each PSU represented a contingent right to receive one share of the Company's common stock, subject to the achievement of certain performance criteria during the year ended December 31, 2023, as approved by the Company's Compensation Committee, and the Reporting Person's spouse continued service to the Company on each applicable vesting date following such achievement. All of the performance criteria were achieved and one-half of the PSUs granted, or 7,500 PSUs, vested on February 28, 2024.</footnote>
        <footnote id="F5">These same shares are also being reported on a Form 4 by the Reporting Person's spouse, Suma M. Krishnan.</footnote>
        <footnote id="F6">Directly beneficially owned by Suma M. Krishnan, the spouse of the Reporting Person.</footnote>
        <footnote id="F7">Represents the number of shares of common stock surrendered by the Reporting Person's spouse, Suma M. Krishnan, to the Company for tax withholding upon the vesting of 7,500 PSUs on February 28, 2024.</footnote>
        <footnote id="F8">Directly beneficially owned by the Krishnan Family Trust. The Reporting Person and his spouse are each joint beneficial owners of the trust with joint voting and investment control.</footnote>
        <footnote id="F9">Each PSU represented a contingent right to receive one share of the Company's common stock, subject to the achievement of certain performance criteria during the year ended December 31, 2023, as approved by the Company's Compensation Committee, and the Reporting Person's continued service to the Company on each applicable vesting date following such achievement. All of the performance criteria were achieved and one-half of the PSUs granted, or 12,500 PSUs, vested on February 28, 2024.</footnote>
        <footnote id="F10">The PSUs vest ratably over a two-year period with the first installment vesting on February 28, 2024.</footnote>
        <footnote id="F11">Each restricted stock unit (&quot;RSU&quot;) represents a contingent right to receive one share of the Company's common stock, subject to the Reporting Person's continued service to the Company on each applicable vesting date.</footnote>
        <footnote id="F12">The number of RSUs in this column represents the number of shares of common stock the Reporting Person will receive assuming the Reporting Person's continued service to the Company on all applicable vesting dates.</footnote>
        <footnote id="F13">The RSUs vest in four equal annual installments with the first installment vesting on February 28, 2025.</footnote>
        <footnote id="F14">Each PSU represents a contingent right to receive one share of the Company's common stock, subject to the achievement of certain performance criteria during the year ended December 31, 2024, as approved by the Company's Compensation Committee, and the Reporting Person's continued service to the Company on each applicable vesting date following such achievement.</footnote>
        <footnote id="F15">The number of PSUs in this column represents the number of shares of common stock the Reporting Person will receive assuming achievement of all of the performance criteria set by the Company's Compensation Committee for this PSU award and full vesting of this PSU award.</footnote>
        <footnote id="F16">If any applicable portion of the performance criteria have been achieved, the PSU award shall vest in two equal annual installments (February 28, 2025 and February 28, 2026).</footnote>
        <footnote id="F17">If some or all of the performance criteria are not achieved, the applicable portion of the PSU award will be forfeited.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Krish S. Krishnan</signatureName>
        <signatureDate>2024-02-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
