Nyxoah Sa · EURONEXT:NYXH
Nyxoah Sa — H1 2026 Earnings Presentation
37 slides from Nyxoah Sa's earnings presentation, Aug 5, 2026
Slide 1: Interim Financial Report First Half 2026
INTERIM FINANCIAL REPORT FIRST HALF 2026 TABLE OF CONTENTS Interim financial report............................................................................................................................................................... 3 1. BUSINESS UPDATE ....................................
Slide 2: Table of contents (continued)
24. Results of operation .................................................................................................................................................. 28 25. Employee benefits .......................................................................................................
Slide 3: Business Update: Clinical Update
INTERIM FINANCIAL REPORT FIRST HALF 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. for b
Slide 4: Financial Highlights and 2026 Outlook
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: Risk Factors and Forward-Looking Statements
4. RISK FACTORS We refer to the description of risk factors in the Company's 2025 annual report, pp. 81-101. In summary, the principal risks and uncertainties faced by us relate to our financial situation and need for additional capital, clinical development of our product candidates, commercializat
Slide 6: Interim Consolidated Statement of Financial Position
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE SIX MONTHS ENDED JUNE 30, 2026 – INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (unaudited) (in thousands) As at June 30 December 31 Notes 2026 2025 ASSETS Non-current assets Property, plant and equipmen
Slide 7: Interim Consolidated Statements of Loss and Other Comprehensive Loss
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE SIX MONTHS ENDED JUNE 30, 2026 - INTERIM CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited) (in thousands) For the three months For the six months ended June 30 ended June 30 Notes 2026 2
Slide 8: Interim Consolidated Statements of Changes in Equity
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE SIX MONTHS ENDED, JUNE 30 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 Retai
Slide 9: Interim Consolidated Statements of Cash Flows
NYXOAH SA UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION AS AT AND FOR THE SIX MONTHS ENDED JUNE 30, 2026 – INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) For the six months ended June 30 Notes 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax f
Slide 10: Notes: General 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: Critical accounting estimates and going concern
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: Financial liabilities
Financial liabilities The loan facility agreement with the EIB, recorded in the consolidated statement of financial position under “Financial debt”, is measured at amortized cost with a fixed interest rate. Refer to note 18.2. The fair value is evaluated based on the interest rates and maturity date
Slide 13: Subsidiaries, Property, Plant and Equipment, Intangible assets
6. Subsidiaries For all periods that are mentioned in this report, the Company owns 100% of the shares of: • Nyxoah LTD, an Israeli company • Nyxoah PTY LTD, an Australian company • Nyxoah Inc, a US-based company • Nyxoah GmbH, a German company 7. Property, Plant and Equipment The total acquisitions
Slide 14: Right of use assets and lease liabilities
9. Right of use assets and lease liabilities For the six months ended June 30, 2026, the Company entered into new lease agreements for a total of €1.0 million (2025: €34,000). The main part of the addition is related to a new lease agreement for a building to set up a new manufacturing line and clea
Slide 15: Trade receivables, Contract assets and Other receivables
12. Trade receivables, Contract assets and Other receivables As at June 30, December 31, (in EUR 000) 2026 2025 Trade receivables 6 849 5 254 Contract assets 639 764 Allowance for expected credit loss (539) (503) Advance payments 664 307 R&D incentive receivable (Australia) 118 111 VAT receivable 61
Slide 16: Financial assets, Share Capital, Share Premium
15. Financial assets Current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months measured at amortized costs. As per June 30, 2026 the current financial assets consists of $24.6 million term accounts (€21.7 million) which could generate a fo
Slide 17: Evolution of the share capital and share premium
Evolution of the share capital and share premium over the six months ended June 30, 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 6 430 332 57
Slide 18: Reserves
On June 10, 2026, the Company issued 637,164 new shares for an aggregate capital increase of €0.9 million (including share premium). All shares were subscribed to in EUR at a share price of €1.49 per share. On June 30, 2026, pursuant to the exercise of RSU warrants, the Company issued 146,531 new sh
Slide 19: Warrants granted during 2025
The following warrants were granted during 2025: - On February 1, 2025, 329,431 warrants were granted from the 2024 plan (17,000 warrants were not accepted) - On February 1, 2025, 223,943 warrants were granted from the 2025 plan (10,000 warrants were not accepted) - On March 14, 2025, 45,000 warrant
Slide 20: Black-Scholes model for warrants granted
Plan 2021 Plan 2022 Plan 2022 Plan 2022 (grant March (grant Feb 01 (grant Apr 21 (grant Aug 2 24 2023 2024) 2024) 2024) Return Dividend 0% 0% 0% 0% Expected volatility 68.59% 68.59% 68.59% 68.59% Risk-free interest rate 2.71% 2.71% 2.71% 2.71% Expected life 2 2 2 2 Exercise price 1.53 1.53 1.53 1.53
Slide 21: Financial debt and RSUs
Equity-settled share-based payment transactions – Restricted Stock Units (“RSU”) In 2024, 2025 and 2026, each non-executive director was granted “restricted share units” or “RSUs”, whereby each RSU represents the obligation of the relevant non-executive director to subscribe for one new ordinary sha
Slide 22: Recoverable cash advances received
18.1. Financial debt related to recoverable cash advances Recoverable cash advances received As at June 30, 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* Sleep
Slide 23: 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 24: Change in synthetic warrants
Change in synthetic warrants for Tranche A can be summarized as follows: (in EUR 000) 2026 2025 As at January 1 1 601 3 204 Fair value adjustment 2 603 (508) As at June 30 4 204 2 696 Change in prepayment option for Tranche A can be summarized as follows: (in EUR 000) 2026 2025 As at January 1 (91)
Slide 25: Convertible Bond Instruments
closing for the first tranche of the Convertible Bond Instruments occurred on December 18, 2025 and will mature on November 18, 2028 (“First Tranche”). The First Tranche carry an interest rate of 6.5 per cent per annum, payable every quarter in arrears. The initial principal amount per Bond Instrume
Slide 26: Provisions
Per May 20, 2026, the Company has converted the second principal instalment of €1.9 million and accrued interest for €335,000 into shares at a conversion price which was 90% of the share price at instalment date. Refer to note 16. The fair value loss for the six months ended June 30, 2026 is mainly
Slide 27: Income taxes and deferred taxes
21. Income taxes and deferred taxes For the three months ended For the six months ended June 30 June 30 (in EUR 000) 2026 2025 2026 2025 Current tax expenses (476) (275) (856) (407) Deferred tax income/(expense) (1) (3) (12) 3 Total Income Tax Expense (477) (278) (868) (404) For the six months ended
Slide 28: 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 June 30, 2026 (in EUR 000) Level I Level II Level III Total Financial assets Foreign currency
Slide 29: Customers and cost of goods sold
For the six month period ended June 30, 2026, the Company had no customers with individual sales larger than 10% of the total revenue (2025: two customers). For the three month period ended June 30, 2026, the Company had no customers with individual sales larger than 10% of the total revenue (2025:
Slide 30: Research and development expenses
Operating expense for the (in EUR 000) Total cost Capitalized period Research and development 10 750 (691) 10 059 Selling, general and administrative expenses 10 672 - 10 672 Other income/(expense) (56) 25 (31) For the three months ended June 30, 2025 21 366 (666) 20 700 Research and Development exp
Slide 31: Selling, General and Administrative expenses
Selling, General and Administrative expenses For the three months ended For the six months ended June 30 June 30 (in EUR 000) 2026 2025 2026 2025 Staff costs 8 942 6 326 17 718 13 270 Consulting and contractors' fees 3 816 2 527 7 053 5 734 Legal fees 995 217 2 540 479 Rent 101 124 138 230 Depreciat
Slide 32: Employee benefits and financial income
25. Employee benefits For the three months ended For the six months ended June 30 June 30 (in EUR 000) 2026 2025 2026 2025 Salaries 9 120 8 073 18 889 16 418 Social charges 792 758 1 550 1 619 Pension charges 155 128 208 299 Share-based payment 1 561 887 2 442 2 862 Other 364 180 404 352 Total emplo
Slide 33: Financial income and expense
January 1 and June 30, 2026, has led to a unrealized FX gain upon translation of USD cash to the functional currency of the subsidiary which is EUR. For the six month period ended June 30, 2026, total interest income amounted to €250,000 (three month period ended June 30, 2026: €82,000). This intere
Slide 34: Earnings Per Share
For the three months ended For the six months ended June 30 June 30 2026 2025 2026 2025 As at June 30, after conversion and share split Outstanding common shares at period-end 100 072 815 37 435 640 100 072 815 37 435 640 Weighted average number of common shares outstanding 57 012 745 37 431 255 50
Slide 35: Related party transactions
30.2. Relationship and transactions with non-executive directors and holders of more than 3% of our share capital: For the six months For the six months ended ended June 30, 2026 June 30, 2025 Set up of Board Set up of Board Productio Remunera Productio Remunera (in EUR 000) n Line tion n line tion
Slide 36: Key management
Effective as of October 1, 2024, the Company entered into a collaboration agreement with Man & Science SA to develop a miniaturized injectable neuromodulation device. The Company retains exclusive rights for its use in treating obstructive sleep apnea. 30.3. Relationship and transactions with member
Slide 37: 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