Nyxoah Issues €22.5 Million First Tranche of Convertible Bonds
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 19 2025
0mins
Should l Buy NYXH?
Source: Newsfilter
- Convertible Bond Issuance: On December 18, 2025, Nyxoah successfully issued the first tranche of convertible bonds totaling €22.5 million, enhancing the company's financial strength in the treatment of Obstructive Sleep Apnea (OSA).
- Financing Structure: The first tranche carries an interest rate of 6.5% per annum with a three-year maturity repayment plan, which is expected to provide stable cash flow to support the company's commercialization activities.
- Future Financing Potential: The company has the option to issue a second tranche of convertible bonds for up to €22.5 million between July and August 2026, which, if successful, will further extend the company's funding runway.
- Cash Flow Outlook: The issuance of the first tranche is projected to extend Nyxoah's cash runway into the third quarter of 2026, and if the second tranche is issued, it will extend to the first quarter of 2027.
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Analyst Views on NYXH
Wall Street analysts forecast NYXH stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NYXH is 10.41 USD with a low forecast of 5.82 USD and a high forecast of 13.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
5 Analyst Rating
4 Buy
1 Hold
0 Sell
Strong Buy
Current: 4.590
Low
5.82
Averages
10.41
High
13.00
Current: 4.590
Low
5.82
Averages
10.41
High
13.00
About NYXH
Nyxoah SA is a Belgium-based company that produces medical equipment. The company focuses on the development and commercialization of solutions and services to treat sleep-disordered breathing conditions. The system consists of a neurostimulator, which is implanted close to the nerve of the tongue, as well as an activation chip, which is connected to a disposable patch and is positioned every night by the patient under the chin.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Cash Position: As of December 31, 2025, Nyxoah expects cash, cash equivalents, and financial assets to total around €47.9 million, providing robust financial support for future investments and operations.
- Quarterly Revenue Guidance: The company projects a 25% increase in U.S. net revenue for Q1 2026 compared to Q4 2025, reflecting rising market acceptance and demand for its products, which could positively impact stock performance.
- Financing Plan: Nyxoah announced a multi-part financing plan totaling up to €84 million, which will provide essential funding for research and development as well as market expansion, further solidifying its competitive position in the industry.
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- Significant Annual Performance: The company expects full-year 2025 revenue to hit €10 million, up 122% from €4.5 million in 2024, reflecting successful product promotion and increased customer acceptance in the market.
- Strong Cash Position: As of December 31, 2025, Nyxoah expects to hold approximately €47.9 million in cash and cash equivalents, providing ample funding for future R&D and market expansion initiatives.
- FDA Approval and Market Expansion: Nyxoah's Genio system received FDA approval in August 2025, with 145 surgeons trained and 57 accounts activated in the U.S., marking a successful launch and significant growth potential in the American market.
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See More
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- Shareholding Notification: On January 8, 2026, Nyxoah received a transparency notification indicating that BNP Paribas Asset Management SA holds 1,409,791 voting rights, representing 3.28% of total voting rights as of December 31, 2025, indicating a significant stake in the company.
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- Voting Rights Exercise: BNP Paribas Asset Management Europe SAS, as an investment company, exercises voting rights at its discretion, indicating a potential increase in influence over Nyxoah's strategic decisions and future direction.
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See More
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- Technological Innovation: The Genio system, a leadless and battery-free neurostimulation therapy, aims to improve the quality of life for OSA patients, aligning with the global demand for novel medical solutions.
- Market Recognition: Since receiving CE marking in 2019, the Genio system has successfully expanded its indications, particularly for Complete Concentric Collapse (CCC) patients, which are contraindicated in competitors' therapies, showcasing its competitive edge.
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See More
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- Cash Position: As of December 31, 2025, Nyxoah expects cash, cash equivalents, and financial assets to total around €47.9 million, providing robust financial support for future investments and operations.
- Quarterly Revenue Guidance: The company projects a 25% increase in U.S. net revenue for Q1 2026 compared to Q4 2025, reflecting rising market acceptance and demand for its products, which could positively impact stock performance.
- Financing Plan: Nyxoah announced a multi-part financing plan totaling up to €84 million, which will provide essential funding for research and development as well as market expansion, further solidifying its competitive position in the industry.
See More
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- Significant Annual Performance: The company expects full-year 2025 revenue to hit €10 million, up 122% from €4.5 million in 2024, reflecting successful product promotion and increased customer acceptance in the market.
- Strong Cash Position: As of December 31, 2025, Nyxoah expects to hold approximately €47.9 million in cash and cash equivalents, providing ample funding for future R&D and market expansion initiatives.
- FDA Approval and Market Expansion: Nyxoah's Genio system received FDA approval in August 2025, with 145 surgeons trained and 57 accounts activated in the U.S., marking a successful launch and significant growth potential in the American market.
See More
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- FibroBiologics Outperformance: FibroBiologics, Inc. (FBLG) surged 7.68% in after-hours trading to close at $0.41, indicating speculative interest or technical momentum despite no specific news.
- Nyxoah Earnings Boost Confidence: Nyxoah SA (NYXH) advanced 3.94% to $5.28 after reporting preliminary Q4 and full-year 2025 results, with guidance for Q1 2026 enhancing investor confidence in its growth trajectory.
- Fortress Biotech's Continued Volatility: Fortress Biotech, Inc. (FBIO) climbed 6.90% to $4.49 in after-hours trading, continuing a trend of volatility without any fresh news impacting the stock.
- Revvity Collaboration Drives Growth: Revvity, Inc. (RVTY) posted a 4.92% gain to close at $109.00, as investors digest the January announcement of a collaboration with Eli Lilly to expand access to predictive models via the Revvity Signals platform.
See More
Nyxoah Receives 3.28% Shareholding Notification from BNP Paribas Asset Management
- Shareholding Notification: On January 8, 2026, Nyxoah received a transparency notification from BNP Paribas Asset Management indicating that it holds 1,409,791 voting rights, representing 3.28% of total voting rights, which signifies an increasing importance of this shareholder in the company's structure.
- Threshold Crossing: The notification reveals that BNP Paribas Asset Management crossed the 3% threshold on December 31, 2025, reflecting its confidence in Nyxoah and potentially influencing the company's future strategic decisions.
- Merger Impact: This shareholding change resulted from the merger between BNP Paribas Asset Management Europe SAS and AXA Investment Managers, with the combined entity's holdings crossing a critical ownership threshold, indicating a trend of market consolidation.
- Voting Rights Exercise: BNP Paribas Asset Management Europe SAS, as an investment company, exercises voting rights at its discretion in the absence of specific instructions, which may impact Nyxoah's governance structure and future decision-making processes.
See More
Nyxoah Receives 3.28% Shareholding Notification from BNP Paribas Asset Management
- Shareholding Notification: On January 8, 2026, Nyxoah received a transparency notification indicating that BNP Paribas Asset Management SA holds 1,409,791 voting rights, representing 3.28% of total voting rights as of December 31, 2025, indicating a significant stake in the company.
- Shareholder Structure Change: This change in shareholding follows the merger between BNP Paribas Asset Management Europe SAS and AXA Investment Managers SA on December 31, 2025, resulting in the crossing of the 3% threshold, which may impact the company's governance structure.
- Voting Rights Exercise: BNP Paribas Asset Management Europe SAS, as an investment company, exercises voting rights at its discretion, indicating a potential increase in influence over Nyxoah's strategic decisions and future direction.
- Transparency Compliance: This notification complies with the 2007 Law on the Disclosure of Large Shareholdings, demonstrating Nyxoah's commitment to transparency and regulatory compliance, which can enhance investor confidence.
See More
Nyxoah to Present Innovative OSA Treatment at 44th J.P. Morgan Healthcare Conference
- Conference Presentation: Nyxoah will showcase its innovative treatment for Obstructive Sleep Apnea (OSA) at the J.P. Morgan Healthcare Conference on January 15, 2026, which is expected to attract investor interest and enhance the company's visibility.
- Technological Innovation: The Genio system, a leadless and battery-free neurostimulation therapy, aims to improve the quality of life for OSA patients, aligning with the global demand for novel medical solutions.
- Market Recognition: Since receiving CE marking in 2019, the Genio system has successfully expanded its indications, particularly for Complete Concentric Collapse (CCC) patients, which are contraindicated in competitors' therapies, showcasing its competitive edge.
- Regulatory Approval: Following FDA approval in 2025, the Genio system is now a prescription-only device, further strengthening Nyxoah's legitimacy and market access opportunities in the U.S.
See More
