Krystal Biotech at BofA Conference: Strategic Insights and Future Plans

On Wednesday, 14 May 2025, Krystal Biotech (NASDAQ:KRYS) presented at the BofA Securities 2025 Healthcare Conference, providing a comprehensive overview of its strategic positioning. The company highlighted its strong financial health and pipeline advancements, while acknowledging challenges in BIJUVAK sales. CEO Krish Krishnan expressed optimism about future launches in the EU and Japan, expected to bolster revenue later this year.

Key Takeaways

• Krystal Biotech remains financially stable, not seeking additional financing.
• BIJUVAK sales faced temporary challenges due to patient pauses and insurance changes.
• Upcoming EU and Japan launches are anticipated to positively impact revenue.
• The company is advancing its pipeline, focusing on lung and ophthalmology programs.
• The sales force is being strengthened to improve efficiency and prescription pull-through.

Financial Results

• BIJUVAK Revenue Impact (Q1): Revenue decline due to patient pauses, longer prescription times, and insurance changes.
• Cash Flow: Positive cash flow for seven consecutive quarters.
• Financial Outlook: No immediate need for financing; stable operational expenses and pipeline support this stance.
• EU Pricing Expectations: Targeting 70-75% of US prices, though conservatively accrued at 50%.

Operational Updates

• BIJUVAK Commercial: 17 sales representatives covering 52 states, with efforts underway to enhance sales force efficiency.
• EU Launch: Full approval with a broader label than the US; launch in Germany and France expected in Q3.
• Japan Launch: Approval anticipated in Q3, with a Q4 launch following pricing discussions.
• Manufacturing: US-based manufacturing mitigates tariff concerns.

Pipeline Updates

• Cystic Fibrosis (KB407): Upcoming data readouts; promising for patients with null mutations due to redosing capabilities.
• Alpha-1 Antitrypsin Deficiency: 30% transduction efficiency observed; preparing for further redosing.
• Lung Cancer (NSCLC): Upcoming data announcement at ASCO; cytokine delivery showing promise.
• Ophthalmology (KBM-803): Phase 3 study imminent; BLA filing planned post-study.
• Neurotropic Keratitis (KB801): Phase 1/2 data expected by year-end, targeting a 75,000-patient market in the US.

Future Outlook

• BIJUVAK Market Dynamics: Insurance changes impacted Q1, but recovery expected in Q2.
• Competition: New DEB drug approval unlikely to affect VYJUVEX due to convenience factors.
• Pipeline Potential: CF and Alpha-1 programs poised for significant advancements; lung programs dubbed "the year of the lung" by Krishnan.

Q&A Highlights

• BIJUVAK Challenges: Insurance changes and prescription delays noted; efforts to streamline sales processes ongoing.
• Strategic Focus: Continued emphasis on strengthening the sales team and maximizing pipeline potential.

For a detailed understanding of Krystal Biotech’s strategic direction, refer to the full conference call transcript below.

Full transcript - BofA Securities 2025 Healthcare Conference:

Alex Stranahan, Senior Biotech Analyst, Bank of America: Hello everyone. Thanks for joining this session with Crystal Biotech and welcome to day two of the twenty twenty five Bank of America Healthcare Conference. My name is Alex Stranahan. I’m senior biotech analyst covering Crystal at Bank of America. And I have the pleasure of being joined today by Krish Krishnan, Chief Executive Officer of Crystal.

Thanks for being here, Krish.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Oh, thanks for having me.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Yeah. Yeah, great. Well, we’ve got about thirty minutes to run through questions. I’ve got a bunch here. If you have any, just raise your hand and we’ll bring you a mic.

But Krish, maybe just to set the stage, provide an overview of where the company is today, your commercial stage company, but you do have a pipeline of pretty interesting assets too. So, what’s the focus points today?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yes, so Crystal Biotech, we develop and bring to market genetic medicines primarily for monogenic diseases. We’re based in Pittsburgh. We have two manufacturing facilities in Pittsburgh. The reason I mentioned that is all of our manufacturing is done in The US. All the IP is housed in The US.

Most of my employees now are in The US. And so from and some of the noise you hear about MFN or tariffs, we’re really insulated from all of that. And as Alex mentioned, we launched our drug, BIJUVAK, for the treatment of dystrophic EP about eighteen or so months ago in The US. We just got approved in Europe and we hope to launch in Europe and Japan later this year. So we have a commercial drug and a pretty healthy pipeline targeting the lung as a tissue, which is a big focus this year.

We’re trying to, we’re getting into the eye as a tissue for next year. We’re already trying to use an existing Bijouvec for the eye, so we’re positioning for the eye next year. And early entry in foray into oncology with a very similar kind of approach. So yeah, big pipeline, but we’ve been cash flow positive for the last seven quarters. Balance sheet is pretty strong.

We’re not looking to do any kind of financing over the next few years, given our OpEx and the pipeline. All in all, from a company perspective, we’re in a good place.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Great. Well, maybe we can first turn to Vaijuvac. Maybe walk us through the trends you were seeing in 1Q, new patient starts and sort of the efforts being made to better penetrate the market.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, so there were three drivers in 1Q. ’1, a lot of patients were getting completely healed, which is what as a sponsor you want when you develop a drug is for patients to heal. So a lot of patients took a break primarily because of complete wound healing. And because the skin cells don’t know, we’re expecting them back over the next sixty, ninety days, one hundred and twenty days back into the drug. Pauses are a really positive feature for Vigevac because it is a chronic medication.

And given the long tail on the drug, we want patients to be in a very comfortable place with respect to stops and starts as this continues for a long time. So, pausing is not something we try and do anything with. We just let patients pause and come back on drug at the right time. And that caused a little bit of a reduction in what otherwise would have been net revenue, but in the long term, it’s actually a big positive because a lot of these patients could come back and it’s tough to predict its impact on net revenue. The other big driver is it’s taking our reps a bit longer to pull through a prescription or a start form.

And, you know, we have about 17 reps covering 52 states. And as patients get more dispersed in the community, as physicians get more spread out in the community, the time to get a prescription multiple conversations is taking longer. And so, what we announced in 1Q was we’re trying to, we’ve already, Christine Wilson who runs our sales and marketing, has started to strengthen the sales force in the company. Meaning, try and figure out a way where the reps can be much more efficient with their time as opposed to keep commuting into the community multiple times. The third factor which happens to a lot of companies is Q1 is a cue where there are a lot of insurance changes.

And so a lot of people shift insurance and when you shift insurance, we’ve got to go get approval in a new insurance company and that always, but that’s a very temporary thing because all these patients catch up after a couple of weeks and the impact, that impact shows more in Q2 than in Q1 because they all come back. So that was the situation. And I wanna be clear that we are very confident about the total market opportunity of 1,200 or so identified patients and 3,000 in The US. So this revenue impact in 1Q is more a tactical thing for us, not something bigger than what it appears to be.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. So is it possible, given the insurance changes that maybe brought numbers down slightly in 1Q, could that reverse here in 2Q? I guess my question is how many of the impacts that you saw were isolated to the quarter? And do you get maybe a swing in the other direction as we enter the second quarter?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: With respect to insurance pausing, that definitely is a swing in the positive direction. With respect to pauses, it’s tough to predict because you could have a cue where a lot of people who pause come back on drug pretty quickly. You could also have incremental pauses, it depends on the durability and the type of patient. And definitely some of the efforts we’re putting in on the commercial side with respect to getting more prescriptions, getting prescription faster should definitely have an impact through Q2 and Q3.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Have there been obviously, it’s a new drug launch still. Have there been any patients that have benefited from the drug to the extent that they maybe haven’t hit their annual cap or is it just too early to say there?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: We’ll see how this year goes, but the way we think about accruing for CAP is on a quarterly basis. We really thought we did a phenomenal job last year. There was hardly any fluctuation in net revenue. And because we do it every queue, we’re able to come pretty close to the cap when compared to the accrual. But definitely as more people pause, the probability of hitting the cap starts to go the other way.

Okay.

Alex Stranahan, Senior Biotech Analyst, Bank of America: And I guess last question just on the print. It looks like maybe new reimbursement approvals slowed down a little bit. Since the percent of the access determinations appears to be stable, is this sort of a natural shrinking in the addressable population, or should we maybe expect some swings on this number as well? Doctor. No,

Krish Krishnan, Chief Executive Officer, Crystal Biotech: no. I would not go towards the addressable population is and continues to be what we’ve always said it has been. The reason is simply so reimbursement approvals are basically a proxy for prescription. You get a prescription, it translates to reimbursement approval. And as I mentioned, it’s taking us a bit longer to get the prescription.

And so that translated to it’s taking us a bit longer to get reimbursement approval. So hopefully with some of the efforts, we’re hoping this is transitory, and we get back to a normal pace shortly.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, okay, that’s encouraging. And then this year you also have the benefit of launching the EU and maybe Japan as well, guess. How are things going on those fronts and when could we start to see an impact to the top line?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, EU, we were very happy with the full approval we got as opposed to conditional. The label is a bit broader than what it is in The U. S. In terms of allowing patients based on their physician conversation to self administer either by a caregiver or self administer. Where the team in Germany and France is pretty well baked at the moment.

We’re hoping to launch in Q3. Germany and France will be the first two countries. And then we’re also working in the background to get the drug approved, launched in some of the other EU countries. Germany, France, which I already mentioned, Switzerland, some of the adjoining countries. We’re also working to put distributor agreements in place for MENA, which is The Middle East and Israel and some of the other countries.

So in terms of any impact, I wouldn’t expect a big impact in Q3, given we’re launching in Q3, but I do believe in the long run, given how well patients are identified in Europe and how they are genetically confirmed and the value proposition of the drug, I’ll repeat, I do believe the market underestimates by Zoequan in EU. And then Japan, we’re hoping to get approved in Q3. We got to go through pricing negotiations before we launch. So our expectation is to launch hopefully in Q4.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. And obviously good to see the broad label treating patients from birth, that’s than the language on The US label. How does the initial dose that patients receive differ between The US and The EU? Think maybe a healthcare provider needs to provide the first five gs Vic dose in EU, is that right? And how are you sort of managing that from a rollout perspective?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, so the first, so in The US, just to level set, a patient could start day one dosing in a home setting. Does not really have to visit the physician office, a lot of them do, but it’s not mandatory. So if they got a prescription, we could send a nurse to the patient’s home and they get going. In the EU, it is mandatory that the first time they get a prescription, it’s in the physician office. So one of the things we’re trying to manage is how to work with the centers of excellence in Germany and France to enable them to get more patient visits early on.

So we were aware of this issue even well before the label officially came out. So we’re working with centers of excellence to ensure that they’re able to manage a lot of patient appointments. So hopefully it plays out well. So that definitely is a time factor that someone has to account for in the launch. But once they have the first visit, then they can go back home and self administer or caregiver administration.

It gets real easy post the first visit.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, okay. Have you heard that patients maybe would prefer that initial high touch introduction to the medicine from their provider, like to give them more confidence to self administer?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, I think early on, and like what we saw in The US is early on when you’re talking about gene therapy and a viral vector based, people want to talk to the centers of excellence. But over time, with like in The US, the Facebook community, people understand how simple and easy, I mean, at the end of the day, it’s a job that’s put on

Alex Stranahan, Senior Biotech Analyst, Bank of America: the wall.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah. Right? And I think, I mean, look, think EU, we were even surprised we got home administration, let alone caregiver administration. And so we were very comfortable during negotiation, having the first visit be in a physician office. It just sets the right tone and

Alex Stranahan, Senior Biotech Analyst, Bank of America: for the rest of the launch. Yeah, that makes sense. And I guess when you think about pricing dynamics, what should we sort of be thinking about as we model out pricing in The EU and then Japan?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Obviously, depends on Yeah, varies by country. Usually companies do well in Germany, not so well in France. It all varies, but I will say this. It’s an unmet medical need. It’s a pretty debilitating disease.

There is no corrective therapy in Europe. We’ve been fortunate to have a few patients on, have access to the drug as of late last year, going into this year, and the feedback has been very positive. That all said, you know, our we would accrue thinking we’re gonna end up at 50% of The US price, but our expectation is to end at like $70.75 percent of The US price. So a conservative accrual, but a more optimistic view on where we would end up with pricing. Okay,

Alex Stranahan, Senior Biotech Analyst, Bank of America: and obviously that gradually changes over the first year, so it’s not like the starting price is the final price. It depends on the geography.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Right, we wouldn’t know, so we gotta accrue in anticipation of a final price. And most companies on the side of being conservative to avoid paying out of some kind of lump sum at the end of the twelve or eighteen month period.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, that makes sense. And Krish, you mentioned the relatively straightforward administration procedure. Mean, is something a patient can do by themselves at home. There has been another approval in DUB in The US, definitely less straightforward. How do you view this in the context of VYJUVEX growth or is it kind of a wait and see?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: I don’t see having any impact on VYJUVEX growth. It’s an autologous approach. Convenience is paramount to DEP patients. Ninety eight percent of our patients choose to be dosed at home don’t even want to do the three or four mile ride to the local physician office. And in the case of this recently approved drug, there are a couple of centers in this country and you have to go there to get the procedure.

It just, on the face of it, it feels burdensome. And I particularly don’t see any meaningful, any impact to the Visevac launch trajectory in The US or in the rest of

Alex Stranahan, Senior Biotech Analyst, Bank of America: the world. Has your conversation with payers in The US changed at all after that approval?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Mm-mm. It has been really good. It’s been consistent. As we mentioned in the queue, we have not had any denials. I mean, we’re

Alex Stranahan, Senior Biotech Analyst, Bank of America: able

Krish Krishnan, Chief Executive Officer, Crystal Biotech: to convince them to get back on drug. Access, honestly, Alex, has been very good for Crystal since the beginning.

Alex Stranahan, Senior Biotech Analyst, Bank of America: We

Krish Krishnan, Chief Executive Officer, Crystal Biotech: haven’t had, I think we spent a lot of time developing a value proposition that was attractive to both sides. Okay.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, that makes sense. Maybe shifting gears to the pipeline, you’ve got a number of readouts. You had a few first in human proof points end of last year and beginning of this year. Which pipeline assets are you most excited about? Obviously you love all your kids, but where would you sort of be focusing on for this year?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Doctor. Look, this, the immediate excitement is on CF and alpha-one antitrypsin because they’re upcoming over the next few months. In CF, for a couple reasons, I think we have a very strong value proposition in patients who have a null mutation, where there is no medication. And the second attractive value proposition for KB407 is the fact that it can be redosed. So if we can establish a pretty meaningful beachhead in the first administration, And assuming safety continues to stay the way it has been, it can only get better from that point.

So redosing with a simple nebulizer for less than ten minutes to treat CF maybe biweekly or monthly for null patients potentially at home is a huge, is big change in terms of convenience and benefit to the patient. On the heels of that is also alpha-one antitrypsin where we showed thirty percent or so transduction efficiency when we reported, which means we’re able and just to remind everyone, Alpha-one lungs also have mucus, maybe not to the extent of a CF lung, but it’s a mucus filled lung. So the fact we were able to deliver to the lung, express meaningful levels of alpha-one in the lung, have them go through the lobes into systemic circulation was a big positive for us. So we also look forward to getting more patients on the cohort two that we showed early data on, moving them onto a redosing paradigm. So this year, and with no regard, it’s for us the year of the lung, and we’re excited about both those announcements for the short term.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. And I think before we saw sort of those first inhuman evidence of activity, it wasn’t obviously clear that you could deliver your HSV vector to a pretty severely damaged lung, right? It’s definitely higher hanging fruit than dripping it on an open wound, technologically speaking. Guess, how did those readouts sort of increase your confidence in the pipeline? Doctor.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, a lot because just to say, I can’t say much about it, but we haven’t a lung cancer announcement NSCLC is the indication coming up at ASCO. And in that case, we’re delivering cytokines to the lung repeatedly, right? And patients have been on drug some for a year, nine months, you know, we have different stages. It’s not a big sample size, but that provides conviction that, yes, we can go to a lung over and over again safely and repeatedly. Then we showed Alpha-one, which is mucus filled lung, and we were able to consistently deliver a single dose to that.

And so the alpha-one data definitely reinforced our excitement about the upcoming CF data. CF, we did not do any wrongs till we got into cohort three. And especially if we’re able to show expression in a null mutation patient, it would be really good for the company and the pipeline in the long term.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. You know, looking forward to sort of the framing of the data from that study, should the editing piece or the expression piece be most important? Or is there maybe a molecular bar that you could point folks to that you’re hoping to clear to progress the trial?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: CF or in CF? Yeah. No, look, in CF the bar for null mutation tends to be lower than the bar for non null mutation. In the non null mutation, if your first gives you a mid to high teens type beachhead in terms of levels, then you can build upon it with redosing. And our belief, like if I remember listening to Vertex on the null mutation, the expectation is if you are in the mid single digit starting, that’s a big, nice big bar for the null mutation, and you can build upon it with redosing.

But it remains to be seen how it evolves, but that would be an early read into what a threshold could potentially be

Alex Stranahan, Senior Biotech Analyst, Bank of America: And I guess on the redosing piece, I guess we’ll get evidence of that at ASCO because it’s a similar administration through the nebulizer. In CF specifically, would you expect a deepening of molecular change in the lung upon repeat dosing? Doctor. Yeah, so

Krish Krishnan, Chief Executive Officer, Crystal Biotech: I mean, you can imagine each time, every time we dose the lung is in a better place than it was before, right? That’s the beauty of re dosing. And depending on the state, so our belief is that every repeat dose will have a bigger benefit than the early on dose that the lung clears. And so, I do believe what you just said.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, great. And then on alpha-one, is eleven micromolars sort of the bar that’s kind of the widely held one from physicians in the field. Is that the right way to be thinking about it? How would you sort of focus on functional versus total AT? No,

Krish Krishnan, Chief Executive Officer, Crystal Biotech: eleven micromolar is the bar for systemic administration. The bar for delivering in the lung is about five to 10% of that number. So, if you notice, when we did the single administration alpha-one, we were at point seven five micromolar. So, we’re well within the therapeutic range. And our objective is to with redosing, get that number up to a very meaningful level that would be beneficial.

So, wanna clarify, Levin is for the augmentation therapy, it’s for systemic. It’s not for levels in the lung.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, okay. Do you think there’s a way for you also to treat the liver implications of one, or are you really just solely focused on the lung?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: No, no, we’re focused on the lung. Believe there are RNAi and other editing approaches targeting the liver. If you look at the data announcement, there was a small percentage of alpha-one that permeated through the lung lobes and seeped into systemic circulation, but it wasn’t a meaningful number to say, hey, we’re going to have a big impact on the liver. So we’re hoping to be complementary with those targeting the liver.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, okay. And I guess maybe just to frame, you know, sort of the duration of, you know, patients on the therapy, you know, what should we sort of be expecting in the next update?

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Doctor. For CF or alpha-one?

Alex Stranahan, Senior Biotech Analyst, Bank of America: Doctor. For alpha-one. Doctor. Yeah, for alpha-one

Krish Krishnan, Chief Executive Officer, Crystal Biotech: we announced early data from Cohort two, which was the mid dose, which is a therapeutic dose. In our opinion, it was safe. We added more patients to that cohort just to get confirmation on the levels and the data. We’re also working to enroll in cohort three, which is a higher dose. That’s just as an alternative to see if it’s meaningfully better, but we’re already happy with cohort two, which is a therapeutic dose.

And as soon as we get done with the two patients, we’re moving all of them into a redosing paradigm later this year. So that’s the, so in terms of depending on when we choose to do the readout, you could either see single dose data on more patients or repeat dose data on all the patients depending on the timing of the data.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay. Okay. But you’ll obviously update the markets when you think you’ve got a Got it. And then you’ve got ophthalmology as well.

KBM eight zero three, this is for the ocular complications of DEB. Phase three study, right? This would be a separate, I guess, label and submission. So maybe a little bit different pricing dynamic from VYJUVEC. I guess walk us through the market opportunity here and how you’re sort of seeing the path forward to launch.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, about 50% of the RDEF population RDEB population identified in The U. I mean, 50% of the RDEB population and about ten to fifteen percent of the dominance have lesions in the eye. So we are going into a registrational study. We’re hoping to dose the first patient in the upcoming weeks. We’re pretty close.

We will provide full information on study design endpoints, but I will say we expect the registrational trial to be blinded and placebo controlled. It’s a six month study following which, as you were mentioning, we filed a BLA, which hopefully is a six month review process. I hesitate because of some of the changes going on in the administration today, but we’re hoping for it to be six months. And then it would follow, and that’s a great product for us because we have the sales team, we know the patients, they understand the drug. So it’s a quick drop in into an existing market and should launch really well early on because we have all the pieces in place.

The other eye program is a new indication called neurotropic keratitis. Most people, if you dig into the market, it’s supposed to be a blockbuster market. There’s one private company in it. We’re super excited. It’s not a 2025 drug for us.

I mean, we could complete phase onetwo before the end of the year, but we think about the eye as more like a 2026. Like if you think of this year as being the next year, the focus will be on 08/2001, ’8 zero ’3 and how that’s evolving. And so we’re super excited by the opportunity. The prevalence in The US is about seventy five thousand patients. There’s one drug on the market, which has got some inconvenience with respect to dosing and AEs.

So we believe KB801 affords a terrific value proposition for patients with NK.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, great. And maybe in the last minute or so, you mentioned that you’re in a great place cash wise, maybe not needing to raise for the next few years. I guess what’s sort of contemplated within that runway assumption in terms of powering through the VYJUVIC launch, getting some of these assets into mid stage or potentially later stage for ophthalmology? Is that kind of all wrapped up into your runway assumptions? Doctor.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Yeah, it is. Look, the one guiding principle when we are faced with a large indication, When I say large indication, a high prevalence, not a rare disease like BVAG, our objective at some point is to partner that drug with some strategic. So our niche is bringing Red Rugs to market and launching them in The US, and now we’re developing competencies in Europe and Japan with a lot. So yeah, when I say we’re fine from a cash perspective, I’m including pretty much everything we’re contemplating. And aesthetics, we already hired a couple individuals to find a way to get June aesthetics financed and spun out at the right time.

So, yeah.

Alex Stranahan, Senior Biotech Analyst, Bank of America: Okay, great. Well, looking forward to the updates that we outlined. And I think with that, we are out of time, so we’ll have to leave it there. But please join me in thanking Krish for the great conversation and for being here at the conference.

Krish Krishnan, Chief Executive Officer, Crystal Biotech: Thank you. Thanks for having me out.

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