Nyxoah Sa · EURONEXT:NYXH
Nyxoah Sa — Investor Presentation (September 2026)
32 slides from Nyxoah Sa's investor presentation, September 2026
Slide 1: Nyxoah Investor Presentation
Nyxoah Investor Presentation September 2026
Slide 2: Disclaimers
Disclaimers Please read the following before continuing. This presentation has been prepared by the management of Nyxoah SA (“we,” “us” or the "Company"). It does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or othe
Slide 3: Our Vision Is To Make Sleep Simple
Our Vision Is To Make Sleep Simple Nyxoah is a MedTech company with a unique neuromodulation solution for Obstructive Sleep Apnea, putting the patient first.
Slide 4: Nyxoah's Framework For Sustainable Value Creation
Nyxoah’s Framework For Sustainable Value Creation Obstructive Sleep Apnea is a $10B U.S. annual blockbuster market opportunity *, largely underpenetrated and fast-growing, with Nyxoah actively launching as the second market player Differentiated patient-first technology with unique bilateral mode of
Slide 5: Obstructive Sleep Apnea Patients Need Treatment
Obstructive Sleep Apnea Patients Need Treatment Obstructive Sleep Apnea (OSA) is a common, chronic disorder where the upper airway repeatedly collapses during sleep, interrupting breathing. Beyond significant quality of life impacts, poorly treated OSA can lead to severe health complications. Associ
Slide 6: Existing OSA Treatment Options
Existing OSA Treatment Options Mandibular Advancement Devices Standard-of-Care First-Line Therapy: • Mostly suitable for mild-to-moderate OSA Continuous Positive Airway Pressure (CPAP) • Non-predictive therapy efficacy • High out-of-pocket cost to patient Unilateral Hypoglossal Nerve Stimulation (Un
Slide 7: Make Sleep Simple
Make Sleep Simple A Differentiated Patient-First Technology
Slide 8: Differentiated Patient-First Technology
Differentiated Patient-First Technology 1.5T & 3T Full-body MRI compatible No implanted battery Bilateral nerve stimulation
Slide 9: Smart Sleep Wearable
Differentiated Patient-First Technology Smart Sleep Wearable Intelligent control of the implant Externally powers the passive implant 9
Slide 10: Empowers the Patient to Help Drive Compliance
Differentiated Patient-First Technology Intuitive App • Monitor sleep • Personalize stimulation • Capture data Empowers the Patient to Help Drive Compliance 10
Slide 11: DREAM Clinical Study
DREAM Clinical Study Woodson BT et al. Bilateral hypoglossal nerve stimulation for obstructive sleep apnea: a nonrandomized clinical trial. Journal of Clinical Sleep Medicine. 1550-9398. DOI: 10.5664/jcsm.11822.
Slide 12: Compelling Clinical Evidence
Compelling Clinical Evidence U.S. Pivotal DREAM Study Achieved Safety and Efficacy Endpoints Achieved Co-Primary Endpoints Serious Adverse Events – 8.7% SAE Rate Unrelated to Related to Related to Serious Adverse Events Device and/or Device Implant 75% Implant 71.3% Asthenia and Hypoesthesia 2 Atria
Slide 13: Compelling Clinical Evidence
Compelling Clinical Evidence U.S. Pivotal DREAM Study Achieved Safety and Efficacy Endpoints Overall 70.8% Median AHI 66.6% Median AHI Reduction 82% of Patients with Reduction at 12 Months in Supine at 12 Months AHI Below 15 at 12 Months Change in AHI (4%)* Change in SUPINE AHI (4%)* (mean ± Standar
Slide 14: U.S. Launch Momentum
U.S. Launch Momentum o~ , a
Slide 15: U.S. Commercialization
U.S. Commercialization Focused launch strategy on high-volume implant sites 01 02 03 Smart Follower Strategy U.S. Commercial Team Reimbursement Focused commercial coverage of the top 60+ people across sales, market access 100% approval rate on reviewed prior accounts and marketing authorization subm
Slide 16: Q2 2026 Results
Q2 2026 Results GLOBAL NET REVENUE · Q2 2026 €5.2M €7.7M U.S. net revenue +22% Q2 vs Q1 2026 +475% Year over Year €2.5M +87% +21% International net revenue Year over Year Quarter over Quarter 16
Slide 17: H1 2026 Results
H1 2026 Results GLOBAL NET REVENUE · H1 2026 €9.5M €14.0M U.S. net revenue +484% Year over Year €4.6M +92% €2.4M International net revenue Year over Year H1 2025 net revenue 17
Slide 18: Genio Market Share in Inspire Medical (INSP) Top Accounts
Genio Market Share in Inspire Medical (INSP) Top Accounts Bottom-up across 108 accounts with reliable HGNS volume data* Methodology Share distribution across 108 accounts Nyxoah share of HGNS in active accounts 1 108 >25% share Deep penetration accounts 42 accounts Active Genio customers with reliab
Slide 19: U.S. Launch Leading Indicators – Q2 2026
U.S. Launch Leading Indicators – Q2 2026 262 Surgeons trained on Genio 180 U.S. active accounts Since August 2025 U.S. launch +27% of 200 covered target accounts +98% 55 newly trained in Q2 2026 Quarter over Quarter 89 activated in Q2 2026 Quarter over Quarter 427 Patients actively in prior 40 Sales
Slide 20: U.S. Reimbursement Landscape
U.S. Reimbursement Landscape
Slide 21: U.S. Reimbursement: Clarity Across All Fronts
U.S. Reimbursement: Clarity Across All Fronts Dedicated Medicare C-code, stable commercial coverage and a strengthening 2027 outlook 01 02 03 Commercial Payers Medicare Mid- and Long-Term ~85% of U.S. revenue — coverage broad Full clarity with the dedicated Genio C- Durable coverage under every futu
Slide 22: Framework For Sustainable Value Creation
Framework For Sustainable Value Creation
Slide 23: U.S. HGNS Market: Structurally Growing
U.S. HGNS Market: Structurally Growing CPAP, GLP-1 and physician survey data confirm an expanding TAM Expanding OSA TAM GLP-1s as Net HST Reliability Wearables Adoption Diagnostic Catalyst 30M OSA Patients ~35% +10.8% HST 1st ~80% U.S. OSA prevalence Higher PAP initiation Diagnostic pathway Undiagno
Slide 24: Progress Toward U.S. CCC Indication & Eligible Market Expansion
Progress Toward U.S. CCC Indication & Eligible Market Expansion ACCCESS U.S. Pivotal Study Met Safety and Efficacy Endpoints in CCC Patients 1 The CCC Gap in the U.S. 2 ACCCESS 12-Month Results 3 Path to U.S. Indication Why ACCCESS matters Full Analysis Set, n=47 FDA Breakthrough Device Designation
Slide 25: Commercialization – International Markets
Commercialization – International Markets Germany – Commercial Proof of Concept Selective International Expansion Reimbursement National Coverage • Germany • DRG code established in 2021, dedicated to Hypoglossal Nerve Stimulation • Switzerland • Both Genio and Uni-HGNS use similar code – 5.059.C7 •
Slide 26: Nyxoah's Expected Growth Path Forward
Nyxoah’s Expected Growth Path Forward Clinical evidence U.S. Launch Geographic expansion • BLAST OSA - 2019 • FDA approval August • Additional international • BETTER SLEEP - 2021 2025 markets with • DREAM - 2024 • Coding and coverage reimbursement Commercial pilot Indication expansion Innovation lea
Slide 27: Q2 2026 Balance Sheet & Guidance
Q2 2026 Balance Sheet & Guidance CASH POSITION H2 2026 U.S. Sales Territories 40 → 55 €97.8M As of June 30, 2026 FY 2026 targets €36M €40M Total revenue 60% 62% Gross margin $110M Total operating expenses €99M €102M Aggregate financing Secured in Q2 2026 €88M €90M Non-GAAP cash operating expenses* *
Slide 28: Path to Profitability
Path to Profitability €150M 80% Annualized revenue needed Gross margin at scale to break-even Key Drivers ~15% U.S. HGNS Market Share • Genio 2.2 • CDMO Volume Discounts €105M €97.8M *Annualized Cash OpEx Disciplined OpEx Management **Cash Balance Q2’26 Focus on U.S. commercialization *Cash OpEx exc
Slide 29: Gross Margin Pathway To 80%
Gross Margin Pathway To 80% 79% 80% 71% 62% 58% H1 2026 H2 2026 H1 2027 H2 2027 FY 2028 Q3 2026 Q2 2027 Q4 2027 2028 ES device removed from U.S. kit Genio 2.2 DP: coil to activation IS 2954 5,000-unit tier All levers at run-rate chip, CU eliminated Q2 2027 IS 2954 molded pouch + 2,500-unit tier 29
Slide 30: Path to Profitability
Path to Profitability 2026 Guidance to Profitability Model (€M) €150M 2026 guidance At €150M revenue Revenue €200 From €36 - 40M in 2026 €150 €150 €120 80% €100 €88 – €90 €105 Gross Margin €36 – €40 From 60% - 62% in 2026 €50 €22 – €25 €15 €0 €15M -€50 Operating Profit -€65 From €65M loss in 2026 -€
Slide 31: Nyxoah's Framework For Sustainable Value Creation
Nyxoah’s Framework For Sustainable Value Creation Obstructive Sleep Apnea is a $10B U.S. annual blockbuster market opportunity *, largely underpenetrated and fast-growing, with Nyxoah actively launching as the second market player Differentiated patient-first technology with unique bilateral mode of
Slide 32: References
References Sources DREAM Study Design Details 1. Young T. et al: Sleep Disordered Breathing and Mortality: Eighteen-Year Follow-up of the Wisconsin Sleep Cohort, Sleep. 2008 Aug 1; 31(8): DESIGN 1071–1078. • n=115 2. Al Lawati NM, Patel SR, Ayas NT. Epidemiology, risk factors, and consequences of ob