olivLaw · European equity research
Nyxoah SA NYXH.BR
Belgium · Euronext Brussels · ISIN BE0974358906 · Vertical: Listed companies from Belgium
Nyxoah develops the Genio system, a battery-free and lead-free hypoglossal nerve stimulator for patients with moderate to severe obstructive sleep apnea who do not tolerate or refuse CPAP. The company is commercializing in Europe and preparing for US authorization, which keeps the market watching its progress.
At the close of 05 Nov 2026, Nyxoah SA (NYXH.BR) stock was 0.77 EUR (−2.30% on the day), with market capitalisation 21.4 m EUR, beta 0.83, 52-week range 0.73–5.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.1
- weak (30–45)
- Bollinger (20, 2)
- 0.60 – 1.21
- in the lower half of the band · %B 0.28 · band width 67.9%
- SMA 50 / 200
- 1.15 / 2.09
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −40.2% | +0.4% | −40.5 pp | — |
| 3 months | −33.5% | −3.3% | −30.2 pp | — |
| 6 months | −72.0% | +4.0% | −76.0 pp | — |
| Year to date | −81.2% | +8.1% | −89.3 pp | — |
| 1 year | −82.3% | +10.7% | −93.0 pp | +7.2% |
| 3 years | −85.7% | +50.1% | −135.7 pp | −5.5% |
| 5 years | −96.2% | +43.6% | −139.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | -31.2 m | -43.2 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.21 | -1.55 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | unavailable |
| Free cash flow | -29.6 m | -47.3 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 21.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 98.0 m EUR
- Total assets
- 124.2 m EUR
- Debt / equity
- unavailable
- Current ratio
- 4.73x
- ROE
- -39.6%
- ROA
- -32.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cost of revenue | 1.2 m | 1.7 m | esef· 21 Mar 2024verified |
| Gross profit | 1.9 m | 2.7 m | esef· 21 Mar 2024verified |
| Research & development | 15.9 m | 26.7 m | esef· 21 Mar 2024verified |
| Operating income | -32.5 m | -45.1 m | esef· 21 Mar 2024verified |
| Interest expense | 4.3 m | 3.7 m | esef· 21 Mar 2024verified |
| Pre-tax income | -30.1 m | -44.7 m | esef· 21 Mar 2024verified |
| Income tax | 1.2 m | -1.4 m | esef· 21 Mar 2024verified |
| Net income | -31.2 m | -43.2 m | esef· 21 Mar 2024verified |
| Diluted EPS | -1.21 | -1.55 | esef· 21 Mar 2024verified |
Balance sheet · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Cash | 17.9 m | 21.6 m | esef· 21 Mar 2024verified |
| Inventories | 882.0 k | 3.3 m | esef· 21 Mar 2024verified |
| Current assets | 100.3 m | 68.4 m | esef· 21 Mar 2024verified |
| Property, plant & equipment, net | 2.5 m | 4.2 m | esef· 21 Mar 2024verified |
| Intangibles (excl. goodwill) | 40.0 m | 46.6 m | esef· 21 Mar 2024verified |
| Total assets | 146.1 m | 124.2 m | esef· 21 Mar 2024verified |
| Current liabilities | 14.9 m | 14.4 m | esef· 21 Mar 2024verified |
| Total liabilities | 25.7 m | 26.1 m | esef· 21 Mar 2024verified |
| Equity | 120.3 m † | 98.0 m † | esef· 21 Mar 2024verified |
| Shares outstanding at year end | 25.8 m | 28.0 m | esef· 21 Mar 2024derived |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · EUR
| Line | 2022 | 2023 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -28.8 m | -44.8 m | esef· 21 Mar 2024verified |
| Capex | 886.0 k | 2.5 m | esef· 21 Mar 2024verified |
| Free cash flow | -29.6 m ≈ | -47.3 m ≈ | esef· 21 Mar 2024derived |
| Investing cash flow | -89.9 m | 32.0 m | esef· 21 Mar 2024verified |
| Financing cash flow | -983.0 k | 16.9 m | esef· 21 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 21.4 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -12.1x | 0 (on a fixed band) | 33% |
| Current ratio · Balance sheet | 4.7x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -220.7% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NYXOAH (NYXH.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE -39.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.7x
What contradicts it
- Interest coverage: -12.1x
- FCF yield: -220.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| MOUR.BRMoury Construct | 261.2 m | 10.7 | 21.3% | 13.1% | −4.0% | +11% / +76% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for NYXH.BR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Nyxoah develops the Genio system, a battery-free and lead-free hypoglossal nerve stimulator for patients with moderate to severe obstructive sleep apnea who do not tolerate or refuse CPAP. The company is commercializing in Europe and preparing for US authorization, which keeps the market watching its progress.1
SWOT
Strengths
- A device with no battery and no leads, implanted through a single incision, with clinical results reported in several studies.
- Software and firmware that can be updated externally without additional surgery.
- An MR conditional label for whole-body MRI scans, which sets it apart from other neurostimulators.
Weaknesses
- Revenue concentrated in a few European markets, dependent on national reimbursement.
- Dependence on completing clinical studies to expand indications.
- Need for a sizable commercial organization to grow adoption in each country.
Opportunities
- US authorization could open what would be the largest market for the product.
- Removing the need for DISE endoscopy could expand the eligible population.
- Next-generation technology could add sensors that monitor patient position.
Threats
- Competitors with products already on the market could limit market share.
- Changes in reimbursement policy could affect patient access.
- Rejection or delay of FDA authorization could postpone growth plans.
Risks
- FDA authorizationhigh
If the pivotal DREAM study does not support authorization, the US launch could be postponed.
- Reimbursementhigh
Without reimbursement codes, patients could remain without access to therapy.
- Competitionmedium
Established competing products could limit market penetration.
- Commercial executionmedium
Expanding sales teams across several countries could prove costly and slow.
- Long-term clinical datalow
Long-term results from post-market studies could influence physician acceptance.
Investment thesis
What would need to be true (bull case)
- If US authorization is achieved and adoption grows, the target market is very large.
- The battery-free, lead-free design could become a durable competitive advantage.
- Expanding indications for complete concentric collapse could increase the number of eligible patients.
What would break the thesis
- If the DREAM study does not confirm results, US authorization could be delayed considerably.
- The business depends on national reimbursement, which can vary or change.
- Established competitors could retain patients and physicians.
What to watch
- Final DREAM study results and the FDA authorization filing2024
- Results of the ACCCESS study2025
- Sales growth in Germany and Switzerland2025
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Nyxoah SA develops and commercializes the Genio system, a neurostimulation solution for moderate to severe obstructive sleep apnea. The device is implanted through a single incision under the chin, has no implantable battery or leads, and draws power from an external source.1 The company is expanding its indications through clinical studies and is pursuing US authorization, where the device received designation for patients with complete concentric collapse.1
Segments
Genio system
The core product is the Genio neurostimulator, which delivers bilateral hypoglossal nerve stimulation. The company says bilateral stimulation could produce stronger muscle contraction and better clinical results than unilateral systems.1 The device carries an MR conditional label for 1.5T and 3T whole-body MRI scans.1
Markets and reimbursement
Commercial launch began in Germany in July 2020, where the company obtained reimbursement under a dedicated DRG code. Switzerland, Spain, Finland and Austria followed, each with reimbursement strategies adapted to local rules.1
Market context
The target market is large: the company estimates that 425 million people have moderate to severe obstructive sleep apnea, diagnosed or not.1 Roughly 35% of patients with moderate to severe apnea have complete concentric collapse and cannot benefit from existing US therapies that require endoscopy under sedation.1
Trends
- Expanding indications for complete concentric collapsetailwind
European approvals and the aim of removing DISE endoscopy could widen the eligible patient population.
- Uneven national reimbursementheadwind
Access depends on reimbursement codes in each country, and a lack of coverage could slow adoption.
- Growing demand for MRI compatibilitytailwind
Rising MRI scan volumes could make the device's MR conditional label more valuable.
- Pending US authorizationmixed
DREAM study results are preliminary, and final success and the authorization timing depend on FDA review.
Competitive position
Competitors generally use neurostimulation systems with leads and a battery-powered pulse generator, requiring more incisions. The company argues that the absence of these components and bilateral stimulation give it an advantage.1
- Inspire Medical SystemsINSP
Competing hypoglossal nerve stimulation system with an implantable generator and leads, cited as a comparable technology.
- ResMedRMD
Supplier of conventional CPAP therapy, the first-line alternative the device aims to complement or replace.
- Other HGNS platforms
Various hypoglossal nerve stimulation systems in Europe, with unilateral designs or multiple implantable components.
- Surgical ENT therapies
Alternative surgical procedures for sleep apnea, used in selected cases.
News & filings
In the press
- Nyxoah (NYXH) Begins BREATHE Study. Can Real-World Evidence Drive Genio Adoption?Yahoo Finance — News · 10 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202321 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Nyxoah SA · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.