Nyxoah announced a $77 million financing package that will support the U.S. launch of its Genio hypoglossal nerve stimulation system. The deal consists of a €17 million private placement of 4,265,714 ordinary shares at €4.00 each, a $5.6 million registered direct offering of 1,215,964 shares at $4.6304 each, and a convertible bond facility of up to €45 million, with the first tranche of €22.5 million issued at 92 % of par and a 6.5 % annual coupon.
The company also reported its Q3 2025 financial results, which were released on the same day. Total revenue rose 56 % to €2.0 million (about $2.15 million) from €1.3 million in Q3 2024, driven by early U.S. implant activity and payer coverage. Gross margin slipped to 60.5 % from 62.0 % year‑over‑year, reflecting higher cost of goods sold as the commercial organization scales. Operating loss expanded to €24.4 million from €15 million, largely due to accelerated U.S. commercialization spend and increased R&D investment following FDA approval. Cash and cash equivalents fell to €22.5 million from €43.0 million at the end of June 2025, underscoring the need for the new capital.
Revenue beat expectations by roughly $0.15 million (18 % above the $1.95 million consensus) because the early U.S. market penetration generated stronger-than‑anticipated implant volumes. However, the margin compression and operating loss miss were driven by the company’s strategic decision to invest heavily in building a U.S. commercial team, marketing, and reimbursement infrastructure, which increased operating expenses and diluted gross margin. The company’s CEO, Olivier Taelman, noted that “the first weeks post‑FDA approval have been a huge success, with early implants and payer coverage, but the commercial investment required to sustain that momentum is reflected in the current loss figures.”
The market reacted negatively, with the stock falling 6.5 % in after‑hours trading. Analysts cited the revenue miss relative to some forecasts and the widening operating loss as key concerns, even as the financing signals confidence in long‑term growth. The company’s guidance for Q4 2025 projects global revenue between €3.4 million and €3.6 million, a modest increase from the prior quarter, and it maintains a focus on scaling U.S. commercial operations while managing cash burn.
Nyxoah’s CEO emphasized that the financing will provide the runway needed to sustain U.S. commercialization and support ongoing R&D, including the development of an AI‑integrated next‑generation device. He added that “the momentum and enthusiasm couldn’t be greater” and that the company remains committed to delivering a solution that improves sleep for OSA patients. The company’s strategy hinges on capturing market share in the U.S. obstructive sleep apnea market, where the Genio system offers a compelling alternative to CPAP devices.
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