Krystal Biotech


Achieving IPO readiness typically takes many months, even for mature companies with deep finance teams. Yet for Krystal Biotech (NASDAQ: KRYS), a two-year-old startup with limited resources, the process moved in double time.

With no CFO or internal finance staff, Krystal turned to Danforth Advisors for interim financial guidance and support. A Danforth consultant was enlisted for his SEC reporting expertise, with a three-month window to get the company’s financials in IPO shape. The company had outsourced bookkeeping and payroll, but there was little in terms of financial records with the details necessary to pass financial audit. Having been involved in four previous IPO filings, our consultant was able to hit the ground running.

Danforth Role

  • Designed financial policies and procedures
  • Prepared technical accounting papers
  • Reviewed outside accounting work and interfaced with auditors and attorneys
  • Managed company’s conversion from an LLC to a C-Corp


The company successfully closed a $45.5M IPO just three months after engaging with Danforth. As CEO Krish Krishnan said following the closing, “It got done in record time and could not have happened without Danforth’s help.”