Nyxoah SA

OSA neurostim device maker with a major FDA approval but an explicit going-concern doubt and roughly one quarter of cash.

Strengths

• FDA approval of Genio (Aug 2025) and early US commercialization de-risk the regulatory binary; revenue more than doubled to €10M
• Net loss growth percentile strong (83rd) as commercial ramp begins

Risks

• Explicit going-concern doubt with only ~1.7 quarters of cash runway and deeply negative FCF (~-$82M, 3rd pct)
• Material weakness in internal controls; ROE -1.83 and heavy continued cash burn

Notable findings

• No interest coverageInterest coverage -7.25 (cannot cover interest)
• Going concernMore specifically, there is substantial doubt about our ability to continue as a going concern for a period of at least twelve months from the date of this Annual Report and our ability to continue as
• Cash burnNegative free cash flow (-82.0M)
• Material weakness● In connection with our preparation and the audit of our consolidated financial statements as of and for the year ended December 31, 2025, we identified material weaknesses in our internal control ov