Logo

NYXH

Nyxoah S.A.

NYXH

Nyxoah S.A. • NASDAQ
$4.80 ▲ 2.78% (+0.13)
Market Cap $179.25 M
52w High $11.87
52w Low $4.34
Dividend Yield 0%
P/E -1.85
Volume 78.35K
Outstanding Shares 37.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.972M ▲ $25.562M ▲ $-23.58M ▼ -1.196K% ▲ $-0.63 ▼ $-20.864M ▼
Q2-2025 $1.34M ▲ $20.7M ▼ $-20.607M ▲ -1.538K% ▲ $-0.55 ▲ $-19.296M ▲
Q1-2025 $1.064M ▼ $21.297M ▲ $-22.384M ▼ -2.104K% ▼ $-0.6 ▼ $-21.202M ▼
Q4-2024 $1.263M ▼ $19.239M ▲ $-17.149M ▼ -1.358K% ▼ $-0.46 ▲ $-14.814M ▲
Q3-2024 $1.266M $15.764M $-17.058M -1.347K% $-0.5 $-15.879M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.478M ▼ $93.599M ▼ $42.645M ▼ $50.954M ▼
Q2-2025 $42.986M ▼ $116.47M ▼ $43.073M ▲ $73.397M ▼
Q1-2025 $63.047M ▼ $135.903M ▼ $43.06M ▼ $92.843M ▼
Q4-2024 $85.555M ▲ $158.406M ▲ $45.152M ▲ $113.254M ▲
Q3-2024 $70.977M $142.764M $38.057M $104.707M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-23.58M ▼ $-20.485M ▼ $8.822M ▼ $-305K ▲ $-11.86M ▼ $-20.508M ▼
Q2-2025 $-20.607M ▲ $-16.73M ▲ $18.656M ▲ $-472K ▲ $335K ▲ $-17.281M ▲
Q1-2025 $-22.384M ▼ $-18.523M ▼ $8.13M ▲ $-730K ▼ $-11.792M ▼ $-18.733M ▼
Q4-2024 $-15.069M ▲ $-12.195M ▲ $-6.578M ▼ $23.375M ▲ $5.508M ▲ $-13.748M ▲
Q3-2024 $-16.884M $-13.438M $5.817M $9.083M $954K $-14.214M

Five-Year Company Overview

Income Statement

Income Statement Nyxoah’s income statement reflects an early-stage medtech company still in the investment phase rather than the commercial phase. Reported sales are essentially absent over the past several years, while operating losses have been steady to gradually increasing as the company builds out its clinical, regulatory, and commercial capabilities. Net losses have widened over time and per‑share losses have also deepened, which is typical of a business moving from R&D and trials toward market launch but not yet generating meaningful product revenue. The main takeaway: the story is still all cost and no revenue, so profitability is not in sight based on the historical data provided.

Balance Sheet

Balance Sheet The balance sheet is relatively light but still equity‑funded and only modestly levered. Total assets are small and have fluctuated but not collapsed, with cash being an important component that has, however, trended down as losses accumulate. Debt levels are low, which reduces financial risk from interest and repayments, but it also means the company relies mostly on equity capital to fund itself. Shareholders’ equity remains positive, though it has been eroded by ongoing losses. Overall, the balance sheet looks simple and not overburdened by borrowing, but the shrinking cash base is something to watch in the context of continued cash burn.

Cash Flow

Cash Flow Cash flows show a clear pattern of a company consuming cash to fund development and commercialization. Operating cash flow has been consistently negative, reflecting expenses that are not yet supported by revenue. Free cash flow is even more negative once modest capital spending is included, meaning the business is a net user of cash each year. Capital expenditures appear controlled and not excessive, so the primary driver of cash burn is operating costs. This pattern suggests that, if current trends continue, Nyxoah will periodically need new funding from investors or lenders unless revenues begin to ramp meaningfully.

Competitive Edge

Competitive Edge Competitively, Nyxoah is trying to carve out a differentiated niche in the sleep apnea treatment market, going up against a strong incumbent in Inspire Medical. Its Genio system has several clear technical advantages: a battery‑free, minimally invasive implant; an external, upgradable controller; and bilateral nerve stimulation, which could translate into better airway opening for some patients. A particularly important angle is the focus on patients with complete concentric collapse, a group that current leading devices largely cannot serve. Regulatory wins in that segment could materially expand its addressable market. On the other hand, Nyxoah is much smaller than its main rival, is still in the early stages of commercialization, and is involved in patent litigation, which adds cost and uncertainty. Reimbursement dynamics in the U.S. look increasingly favorable for the whole category, which helps the competitive backdrop but also may attract more competition over time.

Innovation and R&D

Innovation and R&D Innovation is clearly the heart of Nyxoah’s strategy. The Genio platform itself is a notable design shift from traditional implantable devices, emphasizing patient comfort, ease of use, MRI compatibility, and the ability to upgrade the external component without surgery. The company is pushing R&D on multiple fronts: expanding indications (particularly for patients with complete concentric collapse), enhancing the current system, and working toward a next‑generation, AI‑enabled platform later in the decade. It is also exploring adjacent areas such as monitoring and diagnostics, suggesting a broader ecosystem approach around sleep apnea rather than a single device. The upside of this approach is meaningful potential differentiation and long‑term product depth; the downside is continued high R&D spending, technical risk, and dependence on successful clinical and regulatory outcomes.

Summary

Nyxoah looks like a classic high‑innovation, high‑risk early‑stage medtech business. Financially, the company is still in “build mode”: no meaningful revenue, recurring operating losses, and ongoing cash burn funded primarily through equity rather than heavy borrowing. The balance sheet is not over‑levered, but the cash cushion has been shrinking, which keeps financing risk in focus unless commercial traction improves. Strategically, the company is targeting a large and growing sleep apnea market with a differentiated technology that offers practical patient benefits and the possibility of treating a currently underserved patient group. Its future will likely hinge on three things: successful completion of clinical trials and regulatory approvals (especially for the concentric collapse indication in the U.S.), the ability to turn its technical advantages into real-world adoption against an entrenched competitor, and careful management of cash and dilution while it scales. Outcomes could vary widely, so the story remains one of significant opportunity matched by substantial execution and financing risk.

NEWS

November 27, 2025 · 4:05 PM UTC

Nyxoah to Participate in the Piper Sandler 37th Annual Healthcare Conference

Read more

November 26, 2025 · 1:45 AM UTC

Nyxoah's Genio® Therapy Receives Significant 2026 Medicare Reimbursement Increases Under Final CMS Rule

Read more

November 20, 2025 · 4:30 PM UTC

Information on the total number of voting rights and shares

Read more

November 13, 2025 · 4:36 PM UTC

Nyxoah Secures Financing Commitments of up to U.S. $77 Million to Drive U.S. Commercialization of Genio

Read more

November 13, 2025 · 4:12 PM UTC

Nyxoah Reports Third Quarter 2025 Financial and Operating Results

Read more