Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN 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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(Print or Type Responses)

1. Name and Address of Reporting Person * JANNEY DANIEL 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) (Last) (First) (Middle) C/O KRYSTAL BIOTECH, INC., 2100 WHARTON STREET, SUITE 701 3. Date of Earliest Transaction (Month/Day/Year) 02/24/2026 (Street) PITTSBURGH, PA 15203 4. If Amendment, Date 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 (City) (State) (Zip) 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)

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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 Underlying Securities (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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
JANNEY DANIEL C/O KRYSTAL BIOTECH, INC. 2100 WHARTON STREET, SUITE 701 PITTSBURGH, PA 15203	X

Signatures

/s/ Krish Krishnan, as attorney-in-fact for Daniel Janney		02/26/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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.

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