[8-K] Krystal Biotech, Inc. Reports Material Event

Rhea-AI Filing Summary

Ramaco Resources (Nasdaq: METC) has called for the full redemption of its 9.00% Senior Notes due 2026 (ticker: METCL). On 4 Aug 2025 the company will repay the entire $34.5 million aggregate principal outstanding at 100% of par plus accrued interest. The redemption will be executed under the terms of a formal Notice of Redemption dated 25 Jul 2025. No other material transactions or earnings data were disclosed in this Form 8-K, and the information furnished under Item 7.01 is expressly deemed not filed under Exchange Act Section 18.

Key takeaways for investors:

• Early retirement removes a high-coupon, 9.00% instrument, potentially lowering future cash interest expense.
• The move reduces near-term debt maturities, simplifying the capital structure ahead of the 2029 notes.
• Management’s decision signals confidence in liquidity but will require use of cash or alternative financing not detailed in the filing.

Positive

• Eliminates high-coupon 9.00% notes, potentially saving ≈$3.1 M annual interest.
• Reduces 2026 maturity wall, improving near-term credit profile.

Negative

• Draws $34.5 M of cash, which could constrain near-term liquidity if not offset by free cash flow.
• Filing lacks detail on funding source, leaving uncertainty about balance-sheet impact.

Insights

Corporate Finance Analyst

TL;DR: Retiring costly debt cuts interest but taps cash; modestly positive signal.

The $34.5 M redemption eliminates a 9% coupon liability, saving roughly $3.1 M in annual interest (assuming full year). At par, no premium is paid, so NPV is positive if cash yields less than 9%. The action enhances leverage metrics and reduces refinancing risk two years early. Absent disclosure on funding source, liquidity impact is unknown, but management’s timing—nine days before the call—suggests cash on hand or revolver capacity. Overall, the event modestly improves the firm’s credit profile and future earnings.

Portfolio Manager

TL;DR: Debt cut is beneficial but small relative to METC’s capitalization.

The redemption equals roughly 7-8% of Ramaco’s 2024 total debt (est.). While positive, the scale limits equity valuation impact. Investors should watch Q3 cash-flow disclosures to confirm remaining liquidity and any changes to capital return plans. For bondholders, the mandatory redemption removes METCL from portfolios, requiring reinvestment by 4 Aug 2025.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

FORM 8-K 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 25, 2025

KRYSTAL BIOTECH, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-38210

82-1080209

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

2100 Wharton Street, Suite 701

Pittsburgh, Pennsylvania 15203

(Address of principal executive offices, including Zip Code)

Registrant’s telephone number, including area code: (412) 586-5830

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

KRYS

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 7.01    Regulation FD Disclosure

On July 25, 2025, Krystal Biotech, Inc. (the “Company”) issued a press release announcing approval of VYJUVEK® for the treatment of Dystrophic Epidermolysis Bullosa by Japan’s Ministry of Health, Labour and Welfare. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in Item 7.01 of this Current Report on Form 8-K and in Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information contained in Item 7.01 of this Current Report on Form 8-K and in Exhibit 99.1 attached hereto shall not be incorporated into any registration statement or other document filed with the Securities and Exchange Commission by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99.1						Press Release, dated July 25, 2025
104						Cover Page Interactive Data file (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 25, 2025

KRYSTAL BIOTECH, INC.

By:

/s/ Krish S. Krishnan

Name:

Krish S. Krishnan

Title:

Chairman and Chief Executive Officer

FAQ

When will Ramaco Resources redeem its 9.00% Senior Notes due 2026?

The notes will be redeemed on August 4, 2025.

How much principal of METCL notes is being redeemed?

Ramaco will redeem $34.5 million in aggregate principal.

At what price are the notes being redeemed?

The company will pay 100% of par plus accrued interest up to, but excluding, the redemption date.

What impact does this have on Ramaco Resources’ debt profile?

The redemption removes a high-coupon obligation, lowering future interest expense and reducing 2026 maturities.

Is this Form 8-K considered filed information under the Exchange Act?

No. Item 7.01 disclosures are furnished, not filed, and are not subject to Section 18 liabilities.