CUSIP No. 501147102
1
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NAMES OF REPORTING PERSONS
Baker Bros. Advisors LP
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
|
(a)
¨
(b)
¨
|
3
|
SEC
USE ONLY
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE
VOTING POWER
698,874
|
6
|
SHARED
VOTING POWER
-0-
|
7
|
SOLE
DISPOSITIVE POWER
698,874
|
8
|
SHARED
DISPOSITIVE POWER
-0-
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
698,874
|
10
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
|
¨
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5% (1)
|
12
|
TYPE
OF REPORTING PERSON (See Instructions)
IA, PN
|
|
(1)
|
Based on 19,707,620 shares of Common Stock of the Issuer outstanding as of October 30, 2020, as reported in the Issuer’s
Form 10-Q filed with the SEC on November 9, 2020.
|
CUSIP No. 501147102
1
|
NAMES OF REPORTING PERSONS
Baker Bros. Advisors (GP) LLC
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
|
(a)
¨
(b)
¨
|
3
|
SEC
USE ONLY
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
Delaware
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE
VOTING POWER
698,874
|
6
|
SHARED
VOTING POWER
-0-
|
7
|
SOLE
DISPOSITIVE POWER
698,874
|
8
|
SHARED
DISPOSITIVE POWER
-0-
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
698,874
|
10
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
|
¨
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5% (1)
|
12
|
TYPE
OF REPORTING PERSON (See Instructions)
HC,OO
|
|
(1)
|
Based on 19,707,620 shares of Common Stock of the Issuer outstanding as of October 30, 2020, as reported in the Issuer’s
Form 10-Q filed with the SEC on November 9, 2020.
|
CUSIP No. 501147102
1
|
NAMES OF REPORTING PERSONS
Felix J. Baker
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
|
(a)
¨
(b)
¨
|
3
|
SEC
USE ONLY
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United States
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE
VOTING POWER
698,874
|
6
|
SHARED
VOTING POWER
-0-
|
7
|
SOLE
DISPOSITIVE POWER
698,874
|
8
|
SHARED
DISPOSITIVE POWER
-0-
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
698,874
|
10
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
|
¨
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5% (1)
|
12
|
TYPE
OF REPORTING PERSON (See Instructions)
IN, HC
|
|
(1)
|
Based on 19,707,620 shares of Common Stock of the Issuer outstanding as of October 30, 2020, as reported in the Issuer’s
Form 10-Q filed with the SEC on November 9, 2020.
|
CUSIP No. 501147102
1
|
NAMES OF REPORTING PERSONS
Julian C. Baker
|
2
|
CHECK
THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
|
(a)
¨
(b)
¨
|
3
|
SEC
USE ONLY
|
4
|
CITIZENSHIP
OR PLACE OF ORGANIZATION
United States
|
NUMBER
OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
|
5
|
SOLE
VOTING POWER
698,874
|
6
|
SHARED
VOTING POWER
-0-
|
7
|
SOLE
DISPOSITIVE POWER
698,874
|
8
|
SHARED
DISPOSITIVE POWER
-0-
|
9
|
AGGREGATE
AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
698,874
|
10
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(See Instructions)
|
¨
|
11
|
PERCENT
OF CLASS REPRESENTED BY AMOUNT IN ROW 9
3.5% (1)
|
12
|
TYPE
OF REPORTING PERSON (See Instructions)
IN, HC
|
|
(1)
|
Based on 19,707,620 shares of Common Stock of the Issuer outstanding as of October 30, 2020, as reported in the Issuer’s
Form 10-Q filed with the SEC on November 9, 2020.
|
Amendment No. 2 to Schedule 13G
This Amendment No. 2 to Schedule 13G amends the previously filed
Schedule 13G filed by Baker Bros. Advisors LP (the “Adviser”), Baker Bros. Advisors (GP) LLC (the “Adviser GP”),
Julian C. Baker and Felix J. Baker (collectively, the “Reporting Persons”). Except as supplemented herein, such statements,
as heretofore amended and supplemented, remain in full force and effect.
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Item 1(a)
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Name of Issuer:
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Krystal Biotech, Inc.
(the “Issuer”)
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Item 1(b)
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Address of Issuer’s Principal Executive Offices:
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2100 Wharton Street, Suite 701
Pittsburgh, Pennsylvania 15203
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Item 2(a)
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Name of Person Filing:
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This Amendment No. 2 is being
filed jointly by the Reporting Persons.
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Item 2(b)
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Address of Principal Business Office or, if None, Residence:
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The business address of each of
the Reporting Persons is:
c/o Baker Bros. Advisors LP
860 Washington Street, 3rd
Floor
New York, NY 10014
(212) 339-5690
The Adviser is a limited partnership organized under
the laws of the State of Delaware. The Adviser GP is a limited liability company organized under the laws of the State of Delaware.
The citizenship of each of Julian C. Baker and Felix J. Baker is the United States of America.
Item 2(d) Title of Class of Securities
Common
Stock, $0.00001 par value per share (“Common Stock”)
Item 2(e) CUSIP Number
501147102
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Item 3.
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If this statement is filed pursuant to §§240.13d-1(b) or (c), check whether the person filing is a:
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(a) ¨
Broker or dealer registered under Section 15 of the Exchange Act.
(b) ¨
Bank as defined in section 3(a)(6) of the Exchange Act.
(c) ¨
Insurance company as defined in section 3(a)(19) of the Exchange Act.
(d) ¨
Investment company registered under section 8 of the Investment Company Act of 1940.
(e) x
An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).
(f) ¨
An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F).
(g) x
A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G).
(h) ¨
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act.
(i) ¨
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company
Act of 1940.
(j) ¨
Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
Items 5 through 9 and 11 of each of the cover pages to
this Amendment No. 2 are incorporated herein by reference. Set forth below is the aggregate number of shares of Common Stock
of the Issuer directly held by each of 667, L.P. (“667”) and Baker Brothers Life Sciences, L.P. (“Life
Sciences” and together with 667, the “Funds”), which may be deemed to be indirectly beneficially owned by
the Reporting Persons. The information set forth below is based upon 19,707,620 shares of Common Stock outstanding as of
October 30, 2020, as reported on the Issuer’s Form 10-Q filed with the Securities and Exchange Commission on November
9, 2020. Such percentage figures are calculated in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as
amended.
Name
|
|
Number of Shares of Common Stock we own or have the right to acquire within 60 days
|
|
|
Percent of Class Outstanding
|
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667, L.P.
|
|
|
66,903
|
|
|
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0.3
|
%
|
Baker Brothers Life Sciences, L.P.
|
|
|
631,971
|
|
|
|
3.2
|
%
|
Total
|
|
|
698,874
|
|
|
|
3.5
|
%
|
The Adviser GP, Felix J. Baker and Julian C. Baker as managing
members of the Adviser GP, and the Adviser may be deemed to be beneficial owners of securities of the Issuer directly held by the
Funds.
The Adviser GP is the sole general partner of the Adviser. Pursuant
to the management agreements, as amended, among the Adviser, Life Sciences and 667 and their respective general partners, the Funds’
respective general partners relinquished to the Adviser all discretion and authority with respect to the investment and voting
power of the securities held by the Funds, and thus the Adviser has complete and unlimited discretion and authority with respect
to the Funds’ investments and voting power over investments.
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Item 5.
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Ownership of Five Percent or Less of a Class.
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If this statement is being
filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following x.
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Item 6.
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Ownership of More than Five Percent on Behalf of Another
Person.
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N/A
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Item 7.
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Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding
Company or Control Person.
|
The information in Item
4 is incorporated herein by reference.
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Item 8.
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Identification and Classification of Members of the Group.
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N/A
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Item 9.
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Notice of Dissolution of Group.
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N/A
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true, complete and correct.
February 16,
2021
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BAKER BROS. ADVISORS LP
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|
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By: Baker Bros. Advisors (GP) LLC, its general partner
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By:
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/s/ Scott L. Lessing
|
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Name:
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Scott L. Lessing
|
|
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Title:
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President
|
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BAKER BROS. ADVISORS (GP) LLC
|
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By:
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/s/ Scott L. Lessing
|
|
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Name:
|
Scott L. Lessing
|
|
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Title:
|
President
|
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/s/ Julian C. Baker
|
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Julian C. Baker
|
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/s/ Felix J. Baker
|
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Felix J. Baker
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