Pre-planned trades by Krystal Biotech (KRYS) director trim direct holdings

Rhea-AI Filing Summary

Krystal Biotech director Daniel Janney reported option exercises and share sales in Krystal Biotech, Inc. common stock. On February 24, 2026, he exercised stock options covering 37,895 shares and received the same number of common shares, then sold those shares in multiple open-market transactions.

On February 24 and 26, 2026, additional open-market sales were reported in accounts indirectly holding shares for Alta Bioequities, L.P., which is managed by an affiliated general partner. The filing notes that Janney’s option exercise and sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 25, 2025. After these trades, 85,096 shares were held indirectly through Alta Bioequities, L.P., while no shares were held directly.

Insights

Equity analyst

Director reports pre-planned option exercise and net share sales.

Krystal Biotech, Inc. director Daniel Janney exercised stock options for 37,895 shares on February 24, 2026 and sold the resulting shares in open-market trades. Additional sales occurred in accounts holding shares for Alta Bioequities, L.P., an investment entity associated with him.

The disclosure shows a net sale of 60,161 shares across all reported transactions, based on the filing’s transaction summary. After these trades, 85,096 shares remained indirectly held via Alta Bioequities, L.P., while direct common stock holdings were reduced to zero.

The filing specifies that both the option exercise-related sales and other reported sales were executed under a Rule 10b5-1 trading plan adopted on November 25, 2025 and scheduled to terminate on November 5, 2026, unless ended earlier. Such plans are designed to pre-arrange trades, which can help separate personal trading decisions from later information about the company.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JANNEY DANIEL

(Last) (First) (Middle)

C/O KRYSTAL BIOTECH, INC.

2100 WHARTON STREET, SUITE 701

(Street)

PITTSBURGH PA 15203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Krystal Biotech, Inc. [ KRYS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/24/2026		M(1)		37,895	A	$2.46	37,895	D
Common Stock	02/24/2026		S		569	D	$262.907(2)	37,326	D
Common Stock	02/24/2026		S		1,733	D	$264.1246(3)	35,593	D
Common Stock	02/24/2026		S		3,557	D	$265.0768(4)	32,036	D
Common Stock	02/24/2026		S		8,986	D	$266.1791(5)	23,050	D
Common Stock	02/24/2026		S		11,673	D	$266.9674(6)	11,377	D
Common Stock	02/24/2026		S		6,671	D	$268.0377(7)	4,706	D
Common Stock	02/24/2026		S		3,963	D	$268.9689(8)	743	D
Common Stock	02/24/2026		S		370	D	$269.8282(9)	373	D
Common Stock	02/24/2026		S		373	D	$271.0938(10)	0	D
Common Stock	02/24/2026		S(11)		62	D	$263.0511(12)	107,300	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		900	D	$264.5956(14)	106,400	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		1,604	D	$265.5356(15)	104,796	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		4,339	D	$266.6234(16)	100,457	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		1,891	D	$267.37(17)	98,566	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		1,674	D	$268.666(18)	96,892	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		930	D	$269.5013(19)	95,962	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/24/2026		S(11)		2,425	D	$274.8977(20)	93,537	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/25/2026		S(11)		700	D	$275(21)	92,837	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/26/2026		S(11)		5,103	D	$275.2812(22)	87,734	I	Directly beneficially owned by Alta Bioequities, L.P.(13)
Common Stock	02/26/2026		S(11)		2,638	D	$276.3152(23)	85,096	I	Directly beneficially owned by Alta Bioequities, L.P.(13)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$2.46	02/24/2026		M(1)			37,895	(24)	11/09/2026	Common Stock	37,895	$0	0	D

Explanation of Responses:

1. The option exercise and sale reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. The Rule 10b5-1 trading plan was entered into on November 25, 2025, and will terminate on November 5, 2026, subject to early termination in accordance with the terms of the Rule 10b5-1 trading plan, including upon completion of the sale of all of the shares of the Company's common stock subject to the Rule 10b5-1 trading plan.

2. The transaction was executed in multiple trades ranging from $262.480 to $263.400. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

3. The transaction was executed in multiple trades ranging from $263.510 to $264.450. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

4. The transaction was executed in multiple trades ranging from $264.520 to $265.495. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

5. The transaction was executed in multiple trades ranging from $265.520 to $266.510. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

6. The transaction was executed in multiple trades ranging from $266.520 to $267.510. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

7. The transaction was executed in multiple trades ranging from $267.520 to $268.510. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

8. The transaction was executed in multiple trades ranging from $268.540 to $269.530. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

9. The transaction was executed in multiple trades ranging from $269.610 to $270.140. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

10. The transaction was executed in multiple trades ranging from $270.650 to $271.610. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

11. The sale of common stock reported on this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person. The Rule 10b5-1 trading plan was entered into on November 25, 2025, and will terminate on November 5, 2026, subject to early termination in accordance with the terms of the Rule 10b5-1 trading plan, including upon completion of the sale of all of the shares of the Company's common stock subject to the Rule 10b5-1 trading plan.

12. The transaction was executed in multiple trades ranging from $262.9496 to $263.1269. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

13. Alta Bioequities Management, LLC is the general partner of Alta Bioequities, L.P. and may be deemed to have sole voting and investment power over the shares beneficially owned by Alta Bioequities, L.P. The Reporting Person is the Managing Director of Alta Bioequities Management, LLC. The Reporting Person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

14. The transaction was executed in multiple trades ranging from $264.01 to $264.99. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

15. The transaction was executed in multiple trades ranging from $265.04 to $266. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

16. The transaction was executed in multiple trades ranging from $266.06 to $267.0511. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

17. The transaction was executed in multiple trades ranging from $267.0631 to $268.0275. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

18. The transaction was executed in multiple trades ranging from $268.0725 to $269.0705. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

19. The transaction was executed in multiple trades ranging from $269.1641 to $269.78. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

20. The transaction was executed in multiple trades ranging from $274.59 to $275. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

21. The transaction was executed in a single trade.

22. The transaction was executed in multiple trades ranging from $275 to $275.9782. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

23. The transaction was executed in multiple trades ranging from $276 to $276.99. The price reported above reflects the weighted average sale price. The Reporting Person hereby undertakes to provide upon request to the SEC staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each separate price within the range set forth herein.

24. The options vested ratably over a four-year period beginning on November 10, 2016.

Remarks:

	/s/ Krish Krishnan, as attorney-in-fact for Daniel Janney	02/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did Krystal Biotech (KRYS) report for Daniel Janney?

Krystal Biotech reported that director Daniel Janney exercised stock options for 37,895 common shares and sold them in open-market trades. He also reported additional open-market sales from accounts holding shares for Alta Bioequities, L.P., resulting in a net sale of 60,161 shares overall.

How many Krystal Biotech (KRYS) shares did Alta Bioequities, L.P. hold after the reported trades?

After the reported trades, 85,096 Krystal Biotech common shares were held indirectly through Alta Bioequities, L.P. This figure comes from the final indirect ownership balance disclosed in the Form 4 and reflects sales executed across February 24 and 26, 2026.

Were Daniel Janney’s Krystal Biotech (KRYS) trades made under a Rule 10b5-1 plan?

Yes. The Form 4 states that the option exercise and related common stock sales were effected under a Rule 10b5-1 trading plan. The plan was adopted on November 25, 2025, and is scheduled to terminate on November 5, 2026, subject to earlier completion or termination.

What types of securities did Daniel Janney transact in for Krystal Biotech (KRYS)?

The filing shows a derivative transaction in stock options and non-derivative transactions in common stock. Janney exercised stock options covering 37,895 shares, then sold the resulting common shares alongside additional common stock held indirectly through Alta Bioequities, L.P., in open-market sales.

How does the Form 4 describe Daniel Janney’s relationship to Alta Bioequities, L.P.?

The Form 4 explains that Alta Bioequities Management, LLC is general partner of Alta Bioequities, L.P. and may have sole voting and investment power over its shares. Daniel Janney is Managing Director of Alta Bioequities Management, LLC and disclaims beneficial ownership of those shares except for his pecuniary interest.

What is the net effect of these Krystal Biotech (KRYS) insider trades on Daniel Janney’s holdings?

According to the filing, the transactions produced a net sale of 60,161 shares. Following the reported option exercise and multiple open-market sales, Janney’s direct common stock holdings fell to zero, while 85,096 shares remained indirectly held through Alta Bioequities, L.P.