Krystal Biotech (KRYS) R&D chief logs new awards, PSU vesting and tax trades

Rhea-AI Filing Summary

Krystal Biotech President of R&D Suma Krishnan reported multiple equity compensation events and related tax withholdings. On February 27, 2026, 22,500 performance stock units vested after meeting 2024 performance goals, and 4,000 restricted stock units vested from a 2025 grant. Shares were automatically surrendered to the company to cover taxes at a share price of $275.64.

New awards on the same date included 18,100 stock options vesting annually from February 27, 2027, 7,256 time‑based RSUs vesting over four years starting in 2027, and 43,536 performance stock units tied to multi‑year performance criteria through 2029. Additional vested RSUs and PSUs, related tax‑withholding dispositions, and resulting common stock were reported as indirectly owned through the spouse and through family trusts.

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).

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^*

Krishnan Suma

(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	X	10% Owner
X	Officer (give title below)		Other (specify below)
	President, R&D

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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	02/27/2026		M		22,500(1)	A	$0	1,436,211	D
Common Stock	02/27/2026		F		10,236(2)	D	$275.64(3)	1,425,975	D
Common Stock	02/27/2026		M		4,000(4)	A	$0	1,429,975	D
Common Stock	02/27/2026		F		1,820(5)	D	$275.64(3)	1,428,155	D
Common Stock	02/27/2026		M		8,750(6)(7)	A	$0	1,486,806	I	By Spouse(8)
Common Stock	02/27/2026		F		3,981(7)(9)	D	$275.64(3)	1,482,825	I	By Spouse(8)
Common Stock	02/27/2026		M		26,250(7)(10)	A	$0	1,509,075	I	By Spouse(8)
Common Stock	02/27/2026		F		11,942(7)(11)	D	$275.64(3)	1,497,133	I	By Spouse(8)
Common Stock	02/27/2026		M		5,725(7)(12)	A	$0	1,502,858	I	By Spouse(8)
Common Stock	02/27/2026		F		2,605(7)(13)	D	$275.64(3)	1,500,253	I	By Spouse(8)
Common Stock								90,000	I	By SMK Trust
Common Stock								50,000	I	By Krishnan Family Trust(14)

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
Performance Stock Units	(1)	02/27/2026		M			22,500	(1)	(1)	Common Stock	22,500	$0	0	D
Restricted Stock Units	(4)	02/27/2026		M			4,000	(4)	(4)	Common Stock	4,000	$0	12,000	D
Stock Option (Right to Buy)	$275.64	02/27/2026		A		18,100		(15)	02/26/2036	Common Stock	18,100	$0	18,100	D
Restricted Stock Units	(16)	02/27/2026		A		7,256		(17)	(17)	Common Stock	7,256	$0	7,256	D
Performance Stock Units	(18)	02/27/2026		A		43,536(19)		(20)	(21)	Common Stock	43,536	$0	43,536	D

Explanation of Responses:

1. 45,000 performance stock units ("PSUs") were granted on February 29, 2024. 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, 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. The PSUs vested ratably over a two-year period. All of the performance criteria were achieved and the remaining one-half of the PSUs granted, or 22,500 PSUs, vested on February 27, 2026.

2. Represents the number of shares of common stock surrendered to the Company for tax withholding upon the vesting of 22,500 PSUs on February 27, 2026.

3. The closing price on February 27, 2026 of the Company's common stock on the Nasdaq Global Select Market.

4. 16,000 restricted stock units ("RSUs") were granted on February 28, 2025. Each RSU 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. The RSUs vest ratably over a four-year period with the first installment, or 4,000 RSUs, vesting on February 27, 2026.

5. Represents the number of shares of common stock surrendered to the Company for tax withholding upon the vesting of 4,000 RSUs on February 27, 2026.

6. 35,000 restricted stock units ("RSUs") were granted on February 29, 2024, to the Reporting Person's spouse, Krish S. Krishnan. Each RSU represents a contingent right to receive one share of the Company's common stock, subject to the Reporting Person's spouse continued service to the Company on each applicable vesting date. The RSUs vest ratably over a four-year period with the second installment, or 8,750 RSUs, vesting on February 27, 2026.

7. These same shares are also being reported on a Form 4 by the Reporting Person's spouse, Krish S. Krishnan.

8. Directly beneficially owned by Krish S. Krishnan, the spouse of the Reporting Person.

9. Represents number of shares of common stock surrendered to the Company for tax withholding by the Reporting Person's spouse, Krish S. Krishnan, upon the vesting of 8,750 RSUs on February 27, 2026.

10. 52,500 PSUs were granted on February 29, 2024, to the Reporting Person's spouse, Krish S. 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, 2024, 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. The PSUs vested ratably over a two-year period. All of the performance criteria were achieved and the remaining one-half of the PSUs granted, or 26,250 PSUs, vested on February 27, 2026.

11. Represents number of shares of common stock surrendered to the Company for tax withholding by the Reporting Person's spouse, Krish S. Krishnan, upon the vesting of 26,250 PSUs on February 27, 2026.

12. 22,900 restricted stock units ("RSUs") were granted on February 28, 2025, to the Reporting Person's spouse, Krish S. Krishnan. Each RSU represents a contingent right to receive one share of the Company's common stock, subject to the Reporting Person's spouse continued service to the Company on each applicable vesting date. The RSUs vest ratably over a four-year period with the first installment, or 5,725 RSUs, vesting on February 27, 2026.

13. Represents number of shares of common stock surrendered to the Company for tax withholding by the Reporting Person's spouse, Krish S. Krishnan, upon the vesting of 5,725 RSUs on February 27, 2026.

14. Directly beneficially owned by the Krishnan Family Trust. The reporting person and her spouse are each joint beneficial owners of the trust with joint voting and investment control.

15. The stock options vest in four equal annual installments beginning on February 27, 2027.

16. Each RSU 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.

17. The RSUs vest in four equal annual installments with the first installment vesting on February 27, 2027.

18. 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 three year performance period, as approved by the Company's Compensation Committee, and the Reporting Person's continued service to the Company on the vesting date.

19. 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.

20. If any applicable portion of the performance criteria have been achieved, the PSU award shall cliff vest on February 27, 2029.

21. If some or all of the performance criteria are not achieved, the applicable portion of the PSU award will be forfeited.

Remarks:

	/s/ Suma M. Krishnan	03/03/2026
	** 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 transactions did KRYS executive Suma Krishnan report on this Form 4?

Suma Krishnan reported vesting of 22,500 performance stock units and 4,000 restricted stock units, related tax-withholding share dispositions at $275.64 per share, and new grants of stock options, time-based RSUs, and performance stock units on February 27, 2026.

How many Krystal Biotech performance stock units vested for KRYS executive Suma Krishnan?

22,500 performance stock units vested for Suma Krishnan on February 27, 2026. These units were part of a 45,000-unit grant from February 29, 2024, which vested over two years after all 2024 performance criteria were achieved and service conditions were met.

What new equity awards did Suma Krishnan receive from Krystal Biotech (KRYS)?

On February 27, 2026, Suma Krishnan received 18,100 stock options, 7,256 restricted stock units, and 43,536 performance stock units. The options and RSUs vest in four equal annual installments beginning in 2027, while the PSUs depend on performance through 2029 and cliff vest if criteria are met.

Why were KRYS shares surrendered for tax withholding on this Form 4?

Shares were surrendered to Krystal Biotech to satisfy tax withholding obligations triggered by vesting of equity awards. This included shares from 22,500 performance stock units and 4,000 restricted stock units for Suma Krishnan, and additional shares from her spouse’s RSU and PSU vesting on February 27, 2026.

How are Suma Krishnan’s spouse and family trusts involved in KRYS share ownership?

Some Krystal Biotech common shares are directly owned by Suma Krishnan’s spouse, who also files a Form 4, and additional shares are held indirectly through the Krishnan Family Trust with joint voting and investment control, and through the SMK Trust reported as indirect ownership.

What are the key vesting conditions for Suma Krishnan’s new KRYS PSU award?

Each performance stock unit represents a right to one share if performance criteria set by Krystal Biotech’s compensation committee are achieved over a three-year period. If applicable criteria are met, the award cliff vests on February 27, 2029; unachieved portions are forfeited.