NYXH

MKT CAP:$112M

Nyxoah S.A.

Market Cap

$112M

Healthcare·Medical - Instruments & Supplies·🇧🇪 Belgium·NASDAQ

Healthcare·Medical·🇧🇪·NASDAQ

Stock Price

$3.25-$1.25 (-27.89%)

Apr 21, 2026

Company Details

Nyxoah S.A., a medical technology company, focuses on the development and commercialization of solutions to treat sleep disordered breathing conditions. It offers Genio system, a CE-Marked, patient-centric, and hypoglossal neurostimulation ...

CEO

Olivier Taelman

IPO Date

Apr 28, 2021

Website

www.nyxoah.com

Key Metrics TTM

Revenue

$12M

+579.2% YoY

Net Income

-$105M

EPS (Diluted)

-$2.77

Free Cash Flow

-$81M

Revenue / Share

$0.29

Gross Margin

63.1%

Operating Margin

-844.4%

Net Margin

-899.1%

FCF Margin

-695.3%

P/S

9.6x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 26, 2026

$12MEPS -$2.77

Q4 2025

Mar 26, 2026

$7MEPS -$0.69

Q3 2025

Nov 13, 2025

$2MEPS -$0.74

Q2 2025

Aug 18, 2025

$2MEPS -$0.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$0	-$214.0K	-$2M
Q2 19	$0	-$214.0K	-$2M
Q4 19	$0	-$228.0K	-$3M
Q1 20	$0	$0	-$2M
Q2 20	$0	$0	-$2M
Q3 20	$40.3K	-$134.5K	-$4M
Q4 20	$40.3K	-$466.5K	-$4M
Q1 21	$216.3K	$155.5K	-$6M
Q1 24	$1M	$895.6K	-$14M
Q1 25	$1M	$769.3K	-$24M
Q2 25	$2M	$993.8K	-$23M
Q3 25	$2M	$1M	-$28M
Q4 25	$7M	$4M	-$23M

Valuation

Quarter	P/S	P/E
Q1 19	—	—
Q2 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	13148.5x	—
Q4 20	6574.3x	—
Q1 21	1785.9x	—
Q1 24	218.6x	—
Q1 25	89.2x	—
Q2 25	62.8x	—
Q3 25	25.4x	—
Q4 25	15.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	-$2M	-$2M
Q2 19	-$2M	-$2M
Q4 19	-$2M	-$2M
Q1 20	-$1M	-$3M
Q2 20	-$3M	-$5M
Q3 20	-$2M	-$2M
Q4 20	-$2M	-$2M
Q1 21	-$5M	-$7M
Q1 24	-$14M	-$17M
Q1 25	-$22M	-$22M
Q2 25	-$20M	-$20M
Q3 25	-$24M	-$24M
Q4 25	-$15M	-$15M

Capital Expenditures

Quarter	CapEx
Q1 19	$21.6K
Q2 19	$21.6K
Q4 19	$8.2K
Q1 20	$2M
Q2 20	$2M
Q3 20	$258.4K
Q4 20	$258.4K
Q1 21	$2M
Q1 24	$3M
Q1 25	$245.5K
Q2 25	$644.2K
Q3 25	$26.9K
Q4 25	$24.5K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	—	-2.5%
Q3 20	—	+130.5%
Q4 20	—	+62.4%
Q1 21	—	+168.7%
Q1 24	—	+763.9%
Q1 25	+2984.1%	+490.5%
Q2 25	+3784.1%	+476.5%
Q3 25	+965.9%	+378.2%
Q4 25	+362.1%	+88.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$3.5K	—
Q2 19	$3.5K	—
Q4 19	$900.3K	—
Q1 20	$230.3K	—
Q2 20	$688.6K	—
Q3 20	$2M	5453.6%
Q4 20	$2M	5453.6%
Q1 21	$0	0.0%
Q1 24	$1M	78.5%
Q1 25	$2M	185.6%
Q2 25	$1M	66.2%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 19	$494.6K	$648.3K	$119.3K	—
Q2 19	$494.6K	$648.3K	$119.3K	—
Q4 19	$401.0K	$2M	$119.8K	—
Q1 20	$416.2K	$1M	—	—
Q2 20	$539.0K	$970.4K	—	—
Q3 20	$888.6K	$3M	$147.3K	—
Q4 20	$887.4K	$3M	$2M	—
Q1 21	$4M	$2M	$463.0K	—
Q1 24	$8M	$7M	—	—
Q1 25	$11M	$14M	—	—
Q2 25	$12M	$12M	—	—
Q3 25	$15M	—	—	$15M
Q4 25	$13M	—	—	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$97M	$53M	$149M
Q2 22	$88M	$56M	$144M
Q3 22	$103M	$29M	$132M
Q4 22	$21M	$90M	$111M
Q1 23	$43M	$79M	$122M
Q2 23	$21M	$87M	$108M
Q3 23	$16M	$73M	$90M
Q4 23	$25M	$42M	$68M
Q1 24	$26M	$26M	$52M
Q2 24	$32M	$59M	$91M
Q3 24	$34M	$49M	$83M
Q4 24	$40M	$60M	$100M
Q1 25	$26M	$48M	$74M
Q2 25	$27M	$24M	$50M
Q3 25	$13M	$14M	$26M
Q4 25	$35M	$21M	$56M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	15M	—	—
Q2 19	15M	0.0%	—
Q4 19	15M	0.0%	—
Q1 20	21M	+40.4%	—
Q2 20	21M	0.0%	+40.4%
Q3 20	20M	-5.2%	+33.1%
Q4 20	20M	0.0%	+33.1%
Q1 21	22M	+11.8%	+6.0%
Q1 24	29M	+29.5%	+37.2%
Q1 25	37M	+30.5%	+88.9%
Q2 25	37M	+0.0%	+89.0%
Q3 25	37M	-0.0%	+69.0%
Q4 25	40M	+7.2%	+39.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	—	—
Q2 19	—	—
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q1 24	$9.7K	147
Q1 25	$8.5K	147
Q2 25	$10.7K	147
Q3 25	$15.7K	147
Q4 25	$131.9K	50

Revenue / Employee