Here are 1-2 brief analogies for Nyxoah (NYXH):

• Medtronic for sleep apnea.
• Invisalign for sleep apnea.

• Genio® System: A next-generation, minimally invasive hypoglossal nerve stimulation (HNS) therapy designed to treat moderate to severe Obstructive Sleep Apnea (OSA).

Nyxoah (NYXH) sells its Genio® system primarily to other companies, specifically healthcare providers and institutions, rather than directly to individuals. Due to the nature of the medical device industry and Nyxoah's current stage of commercialization, the company does not typically disclose specific publicly traded entities as "major customer companies" in its financial filings or public statements. Instead, its customer base consists of a broad network of healthcare facilities and professionals that purchase and utilize the Genio system for their patients.

The primary categories of customers that Nyxoah serves include:

• Hospitals and Hospital Systems: These institutions are key customers as they provide the infrastructure for surgical procedures, patient care, and often manage purchasing decisions for medical devices. Nyxoah's sales efforts target these facilities to adopt and offer the Genio system.
• Sleep Centers and Specialized Clinics: As the Genio system treats obstructive sleep apnea, specialized sleep disorder centers and clinics are crucial customers. These facilities diagnose patients and often recommend or perform treatments, including implantable devices.
• Ear, Nose, and Throat (ENT) Surgeons and other implanting physicians: While typically operating within hospitals or clinics, these medical professionals are critical decision-makers and direct users of the Genio system. Nyxoah's sales and training efforts are heavily focused on gaining adoption and proficiency among these specialists.

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Olivier Taelman, Chief Executive Officer

Olivier Taelman is an experienced MedTech leader who took the helm at Nyxoah in 2019. He brings over 20 years of neuromodulation experience, having held leadership roles at Medtronic, Stryker NeuroVascular, and Nevro. At Nevro, he was responsible for leading the European business from the clinical to the commercial stage, coinciding with the company's successful NASDAQ IPO. Before his time in MedTech, Olivier held commercial positions in healthcare at Eli Lilly and Sanofi Aventis. Furthermore, he co-founded and co-managed Octapharma, a human plasma protein company, and founded and managed Omrix Biopharmaceuticals, which completed a NASDAQ IPO before being acquired by Johnson & Johnson. He was also an early investor and chairman of Neuroderm, a Parkinson's disease pharmaceutical company that had an IPO on NASDAQ and was later sold to Mitsubishi-Tanabe.

John Landry, Chief Financial Officer

John Landry was appointed Chief Financial Officer, effective November 4, 2024. He brings over two decades of financial leadership experience within the healthcare and medtech sectors, with a proven track record of driving growth and operational efficiency in both public and private companies. Most recently, he served as CFO at Vapotherm Inc., where he was instrumental in executing financial strategies that supported significant revenue growth and market share expansion in the U.S. market.

Robert Taub, Co-Founder and Chairman

Robert Taub is a serial entrepreneur and investor in various pharmaceutical and medical device companies. He held general management, sales, and marketing positions with Monsanto, Baxter Travenol Laboratories, and the Revlon Health Care Group. Mr. Taub transitioned into entrepreneurship in the pharmaceutical and medical fields in the 1980s.

An Moonen, General Counsel

An Moonen joined Nyxoah in December 2020 as General Counsel, bringing over 20 years of experience. She spent 11 years at Linklaters (Corporate M&A) before joining the cell therapy company TiGenix in 2011. At TiGenix, she oversaw all legal and compliance matters as General Counsel and Company Secretary and was involved in various strategic licensing, financing, and M&A transactions, including TiGenix's Nasdaq IPO and its takeover by Takeda.

Jeyakumar Subbaroyan, Chief Clinical Officer

Jeyakumar Subbaroyan has 14 years of experience in clinical and pre-clinical neuromodulation research across fields such as urology, migraine, spinal cord injury, and various chronic pain conditions. He has successfully executed multiple clinical studies across the US, Europe, and Australia. Prior to Nyxoah, Jey held positions of increasing responsibility at medical device companies including Johnson & Johnson, Spinal Modulation Inc. (acquired by St. Jude Medical), Nevro Corp., and Onward Medical Inc.

The most clear emerging threat to Nyxoah (NYXH) is the potential market entry of novel oral drug therapies for Obstructive Sleep Apnea (OSA).

Specifically, Apnimed, a clinical-stage pharmaceutical company, is developing AD109, an investigational oral drug designed to activate upper airway dilator muscles during sleep to treat OSA. AD109 is currently in Phase 3 clinical trials.

Should Apnimed's AD109 or similar oral drug candidates from other companies successfully complete clinical trials, gain regulatory approval, and demonstrate efficacy and a favorable safety profile, they could represent a significant disruption to the OSA treatment landscape. An easily administered, non-invasive oral medication could potentially reduce the addressable market for implanted medical devices like Nyxoah's Genio system, especially for patients who are not suitable for or do not tolerate CPAP but might prefer a drug over surgery.

Nyxoah's main product is the Genio system, a hypoglossal nerve stimulation (HNS) therapy designed to treat moderate to severe Obstructive Sleep Apnea (OSA) for patients intolerant or non-compliant with CPAP therapy.

The addressable markets for the Genio system are significant:

• Europe: Nyxoah estimates the total addressable market in Europe for the Genio system to be at least 515,000 patients, representing an estimated annual market opportunity of approximately $10 billion.
• United States:
  • Nyxoah estimates a target market of approximately 510,000 patients, representing an estimated annual total addressable market of approximately $10 billion.
  • The Genio system is positioned to capture a significant share of the 1.2 million U.S. patients eligible for HNS.
  • The U.S. sleep apnea market, which the Genio system aims to access, is valued at $5.12 billion.
  • Analysts project that Genio could capture 10-20% market share by 2030 in the $6.5 billion overall Obstructive Sleep Apnea (OSA) market.
  • The broader U.S. hypoglossal nerve stimulation (HNS) market is projected for long-term growth towards $4 billion.
• Global (Sleep Apnea Implants Market, including HNS devices):
  • The global sleep apnea implants market, which includes devices like Genio, was valued at USD 931.6 million in 2024 and is expected to grow to USD 4.6 billion by 2034.
  • The hypoglossal neurostimulation devices segment, specifically relevant to Genio, accounted for approximately 86.7% of the market in 2024 and is expected to exceed USD 4.3 billion by 2034.

1. U.S. Commercial Launch of the Genio System: Nyxoah anticipates significant revenue growth from the potential FDA approval and subsequent commercial launch of its Genio system in the United States. The company expects FDA approval in the first or second quarter of 2025 and has already built a U.S. commercial organization, including sales, marketing, and market access teams, with plans to double its sales representatives by the end of 2025 to support this launch.
2. Expansion in Key European Markets: Continued commercialization efforts for the Genio system in existing European markets, particularly Germany, have been a driver of revenue growth. Additionally, the recent launch of Genio in the United Kingdom in December 2024, with coverage under the NHS Specialized Service Device program, positions the UK to become one of Nyxoah's largest international markets. Nyxoah aims for strategic geographic expansions in key European markets.
3. Increased Adoption and Market Share of the Genio System: The positive results from the DREAM trial and the differentiated features of the Genio system, such as its bilateral stimulation and battery-free design, are expected to drive market share capture in the expanding hypoglossal nerve stimulation sector. Nyxoah's strategy includes targeting high-volume hypoglossal nerve stimulation centers and developing networks with sleep physicians.
4. Product Innovation and Enhancements to the Genio System: Ongoing investment in research and development to improve the performance and comfort of the Genio system is identified as a key growth opportunity.

Share Issuance

• Nyxoah completed two successful Initial Public Offerings (IPOs), first on Euronext Brussels in September 2020 and subsequently on NASDAQ in July 2021.
• In August 2024, the company raised over €85 million in growth capital, which included a €48.5 million equity offering.
• In October 2024, Nyxoah raised $27 million by selling 3 million shares through an at-the-market (ATM) offering to a single U.S.-based healthcare investor, as part of its $50 million ATM program.
• In April 2025, Nyxoah announced a conditional issuance of up to 5 million ordinary shares through its existing at-the-market equity offering programs, bringing the total potential ATM shares to 5,662,694.

Inbound Investments

• Nyxoah has raised a total funding of $88.7 million over nine rounds, with its latest being a Post IPO round of $3 million on April 20, 2023.
• In August 2024, Nyxoah secured a €37.5 million loan facility agreement with the European Investment Bank (EIB) as part of its €85 million capital raise.
• Key institutional investors include Cochlear, Gilde Healthcare, and ResMed, with Cochlear Investments Pty Ltd holding approximately 15% of shares as of 2025.

Capital Expenditures

• Nyxoah reported Capital Expenditures of -$1.74 million.
• As of December 31, 2024, there were no commitments related to capital expenditures.