SEC FORM 3

SEC FORM 3 SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Thomas John Charles

(Last)

(First)

(Middle)

C/O KRYSTAL BIOTECH, INC.

2100 WHARTON STREET, SUITE 701

(Street)

PITTSBURGH

15203

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/01/2026

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

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, General Counsel

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	642	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (Right to Buy)	⁽¹⁾	02/26/2036	Common Stock	9,050	$275.64	D
Restricted Stock Units	⁽²⁾	⁽²⁾	Common Stock	3,628⁽³⁾	⁽⁴⁾	D
Stock Option (Right to Buy)	⁽⁵⁾	02/27/2035	Common Stock	7,500	$179.25	D
Restricted Stock Units	⁽⁶⁾	⁽⁶⁾	Common Stock	835⁽³⁾	⁽⁴⁾	D
Stock Option (Right to Buy)	⁽⁷⁾	02/27/2034	Common Stock	2,860	$159.47	D
Restricted Stock Units	⁽⁸⁾	⁽⁸⁾	Common Stock	1,250	⁽⁴⁾	D
Stock Option (Right to Buy)	⁽⁹⁾	02/27/2033	Common Stock	8,650	$81.91	D
Stock Option (Right to Buy)	⁽¹⁰⁾	02/27/2032	Common Stock	1,350	$63.55	D
Stock Option (Right to Buy)	⁽¹⁰⁾	09/29/2031	Common Stock	32,400	$52.21	D

Explanation of Responses:

1. The stock option was granted on February 27, 2026, and vests in four equal annual installments on each of the first, second, third, and fourth anniversaries of the grant date, subject to the Reporting Person's continued service through each applicable vesting date.

2. The restricted stock units ("RSUs") vest in four equal annual installments with the first installment vesting on February 27, 2027.

3. 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.

4. 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.

5. The stock option was granted on February 28, 2025, and vested or will vest in four equal annual installments on each of the first, second, third, and fourth anniversaries of the grant date, subject to the Reporting Person's continued service through each applicable vesting date.

6. The RSUs vested or will vest in four equal annual installments on each of the first, second, third, and fourth anniversaries of the grant date, February 28, 2025, subject to the Reporting Person's continued service through each applicable vesting date.

7. The stock option was granted on February 29, 2024, and vested or will vest in four equal annual installments on each of the first, second, third, and fourth anniversaries of the grant date, subject to the Reporting Person's continued service through each applicable vesting date.

8. The RSUs vested or will vest in four equal annual installments on each of the first, second, third, and fourth anniversaries of the grant date, February 29, 2024, subject to the Reporting Person's continued service through each applicable vesting date.

9. The stock option was granted on February 28, 2023, and vested or will vest in four equal annual installments on each of the first, second, third, and fourth anniversaries of the grant date, subject to the Reporting Person's continued service through each applicable vesting date.

10. The stock option is fully vested.

Remarks:

Exhibit 24.1 Power of Attorney

	/s/ John C. Thomas	03/06/2026
	** 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 5 (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.

New insider Thomas John Charles claimed ownership of 642 shares (SEC Form 3)