Nyxoah Sa · EURONEXT:NYXH
Nyxoah Sa — Q1 2026 Earnings Presentation
33 slides from Nyxoah Sa's earnings presentation, May 12, 2026
Slide 1: Interim Financial Report First Quarter 2026 - Table of Contents
INTERIM FINANCIAL REPORT FIRST QUARTER 2026 TABLE OF CONTENTS INTERIM FINANCIAL REPORT ......................................................................................................................................... 3 1. BUSINESS UPDATE ......................................................
Slide 2: Table of contents (continued)
20. Trade payables.......................................................................................................................................................... 23 21. Income taxes and deferred taxes ........................................................................................
Slide 3: Business Update: Clinical Update
INTERIM FINANCIAL REPORT FIRST QUARTER 2026 1. BUSINESS UPDATE A. CLINICAL UPDATE DREAM US: IDE PIVOTAL STUDY Nyxoah initiated its pivotal DREAM IDE trial in the United States in December 2020 to support an application seeking FDA marketing authorization and, ultimately, reimbursement in the U.S. fo
Slide 4: FDA PMA Approval and US Commercialization
The Company has also focused on entering new international markets: The Company secured DRG reimbursement in Switzerland in 2021 and generated regular revenue ever since. In Q4 2024, the Company entered the SSDP (Specialised Services Devices Program) with the NHS in the UK and generated its first re
Slide 5: 2026 Outlook, Risk Factors, Forward-Looking Statements
3. 2026 OUTLOOK The Company expects to continue ramping up sales primarily in the United States. In markets where we are already present such as Germany, Switzerland, the United Kingdom and the Middle East, and in other select international markets, we strive for further growth subject to the receip
Slide 6: Interim consolidated statement of financial position
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE THREE MONTHS ENDED MARCH 31, 2026 – INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited) (in thousands) As at March 31 December 31 Notes 2026 2025 ASSETS Non-current assets Property, plant and equi
Slide 7: Interim consolidated statements of loss and other comprehensive loss
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE THREE MONTHS ENDED MARCH 31, 2026 - INTERIM CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited) (in thousands) For the three months ended March 31 Notes 2026 2025 Revenue 24 € 6 372 € 1 06
Slide 8: Interim consolidated statements of changes in equity
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE THREE MONTHS ENDED, MARCH 31 2026 - INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (in thousands) Attributable to owners of the parent Share Other based comprehe Common Share payment nsive Re
Slide 9: Interim consolidated statements of cash flows
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE THREE MONTHS ENDED MARCH 31, 2026 – INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) For the three months ended March 31 Notes 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Loss before
Slide 10: Notes to the unaudited condensed interim consolidated financial information
NYXOAH SA NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION 1. General information Nyxoah SA (the “Company”) is a public listed company with limited liability (naamloze vennootschap/société anonyme) incorporated and operating under the laws of Belgium and is domiciled in Be
Slide 11: Going concern principle
the consolidated financial statements. The critical accounting estimates used in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements as of and for the year ended December 31,
Slide 12: Critical accounting estimates and segment reporting
3. Critical accounting estimates and assumptions The preparation of interim financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may significantly affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosu
Slide 13: Fair value
Carrying value Fair value As at As at As at March As at March (in EUR 000) December 31, December 31, 31, 2026 31, 2026 2025 2025 Financial Assets Other long-term receivables (level 3) 504 394 504 394 Prepayment option (level 3) 44 91 44 91 Trade and other receivables (level 3) 7 400 6 184 7 400 6 18
Slide 14: Intangible assets: development cost
8. Intangible assets Development Patents and (in EUR 000) cost licenses Total Cost Opening value at January 1, 2025 53 410 591 54 001 Additions 837 − 837 Other movements (4) − (4) Cost at March 31, 2025 54 243 591 54 834 Opening value at January 1, 2026 55 367 591 55 958 Additions 154 − 154 Cost at
Slide 15: Inventory
(2025: €1.2 million) related to certain development activities and clinical trials. The Company recognizes the research and development incentive as a long-term receivable and as a deduction from the carrying amount of the (in)tangible asset. For further details regarding the prepayment option, refe
Slide 16: Other current assets, cash and financial assets
13. Other current assets As at March 31, December 31, (in EUR 000) 2026 2025 Deferred charges 829 663 Accrued income 242 165 Total other current assets 1 071 828 14. Cash and cash equivalents As at March 31, December 31, (in EUR 000) 2026 2025 Short term deposit 4 884 22 131 Current accounts 8 050 7
Slide 17: Evolution of the share capital and share premium
Evolution of the share capital and share premium over the three months ended March 31, 2026 and 2025: Share Share Share premium Common Total of capital per capital (in (in EUR (Number of shares except otherwise stated) shares shares share EUR 000) 000) January 1, 2025 37 427 265−37 427 265 0.00 6 43
Slide 18: Currency translation reserve and share-based compensation
The movement in other comprehensive income for the three months ended March 31, 2026 and 2025 is detailed in the table below: Post- Currency employment translation benefit (in EUR 000) reserve obligations Total Opening value at January 1, 2025 820 94 914 Items that may be subsequently reclassified t
Slide 19: Share-based payments and financial debt
2025-2 Plan (grant Jan 18 2026) Return Dividend 0% Expected volatility 65.03% Risk-free interest rate 2.38% Expected life 3 Exercise price 4.35 Stock price 4.35 Fair value 2.01 Equity-settled share-based payment transactions – Restricted Stock Units (“RSU”) In 2024 and 2025, each non-executive direc
Slide 20: Recoverable cash advances received
18.1. Financial debt related to recoverable cash advances Recoverable cash advances received As at March 31, 2026, the details of recoverable cash advances received can be summarized as follows: Fixed Variable Contractual Advances reimbursemen reimbursemen (in EUR 000) advances received ts* ts* Slee
Slide 21: Sensitivity analysis of recoverable cash advances
A sensitivity analysis of the carrying amount of recoverable cash advances has been done to assess the impact of a change in assumptions. The Company tested reasonable sensitivity to changes in revenue projections of +/- 25% and in the discount rates of +/- 25%. The table hereunder details the sensi
Slide 22: Prepayment option and convertible bond instrument
Change in prepayment option can be summarized as follows: (in EUR 000) 2026 2025 As at January 1 (91) (112) Fair value adjustment 47 (59) As at March 31 (44) (171) 18.3. Financial debt related to Convertible Bond Instrument On November 13, 2025, the Company entered into a bond subscription agreement
Slide 23: Change in the convertible bond; provisions
Change in the convertible bond can be summarized as follows: (in EUR 000) 2026 As at January 1 31 243 Fair value adjustment (5 096) Conversion to shares (2 159) Total fair value as at March 31 23 988 As at January 1 (8 586) Amortization 734 Total day 1 loss as at March 31 (7 852) Total convertible b
Slide 24: Income taxes and deferred taxes
21. Income taxes and deferred taxes For the three months ended March 31 (in EUR 000) 2026 2025 Current tax expense (379) (131) Deferred tax income/(expense) (11) 6 Total Income Tax Income/(Expense) (390) (125) The current tax expense mainly relates to (i) an increase of income tax payable or taxes r
Slide 25: Fair value hierarchy
The following table shows the carrying amount of derivative financial instruments measured at fair value in the statement of the financial position including their levels in the fair value hierarchy: As at March 31, 2026 (in EUR 000) Level I Level II Level III Total Financial assets Foreign currency
Slide 26: Sales by country of customer
The sales based on country of customer for the three months ended March 31, 2026 and 2025: For the three months ended March 31 (in EUR 000) 2026 2025 Sales US 4 254 − Sales Germany 1 224 929 Sales UAE 345 32 Sales England 177 103 Sales Switzerland 333 − Sales Netherlands 39 − Total sales 6 372 1 064
Slide 27: Research and Development expenses
Research and Development expenses For the three months ended March 31 (in EUR 000) 2026 2025 Staff costs 2 724 4 580 Consulting and contractors' fees 1 432 1 026 Q&A regulatory 9 156 Depreciation and amortization expense 1 276 411 Travel 385 279 Manufacturing and outsourced development 1 110 1 130 C
Slide 28: Other operating income/(expense) and employee benefits
For the three months ended March 31 (in EUR 000) 2026 2025 Recoverable cash advances Initial measurement and re-measurement 18 18 R&D incentives 28 61 Capitalization of R&D incentive (6) (31) Other income/(expenses) − 36 Total Other Operating Income/(Expense) 40 84 The other operating income for the
Slide 29: Financial income and expense
For the three month period ended March 31, 2026, the exchange gains amount to €1.0 million which consist of €104,000 realized exchange gains and €0.9 million unrealized exchange gains. The unrealized exchange result is mainly relate to the revaluation of both the Company’s USD cash balance and USD f
Slide 30: Earnings/(Loss) Per Share (EPS)
28. Earnings/(Loss) Per Share (EPS) The Basic Earnings Per Share and the Diluted Earnings Per Share are calculated by dividing earnings for the year by the weighted average number of shares outstanding during the year. As the Company is incurring net losses, outstanding warrants and the convertible
Slide 31: Related party transactions
For the three months ended March 31 (in EUR 000) 2026 2025 Short-term remuneration & compensation (1) 505 674 Post-employment benefits 18 21 Share based payment (2) 217 187 Total 740 882 (1) Includes base remuneration, fringe benefits, short term (one-year) performance related bonus (i.e. variable r
Slide 32: Events after the Balance-Sheet Date
From August 19, 2024 until September 1, 2025, Olivier Taelman temporarily relocated to the U.S. Since then, he performs his function as CEO of the Company partially on a self-employed basis in accordance with a service agreement between Nyxoah SA and Olivier Taelman and partially as employee of Nyxo
Slide 33: Responsibility statement
RESPONSIBILITY STATEMENT We certify that, to the best of our knowledge, a) the condensed consolidated interim financial statement, prepared in accordance with the applicable standards for financial statements, give a true and fair view of the assets, liabilities, financial position and results of th