Nyxoah (NASDAQ: NYXH) posts Q2 2026 prelims, secures $110M and sees CMS propose higher Genio reimbursement
Rhea-AI Filing Summary
Nyxoah filed a Form 6-K combining shareholder transparency updates, capital structure data and strong preliminary second quarter 2026 results. U.S. launch momentum drove expected global net revenue of about €7.7 million, including €5.2 million from the U.S., both growing just over 20% sequentially. The company continued building its commercial footprint, training 55 new surgeons, activating 89 new high-volume accounts to reach 180, and entering Q3 with 427 patients submitted under prior authorization.
Nyxoah highlighted that CMS has proposed 2027 reimbursement increases for its Genio procedure, with hospital outpatient payment rising from $31,526 to $35,414 and ASC payment from $27,563 to $31,722. The company also secured $110 million in aggregate financing in Q2 and expects cash, cash equivalents and financial assets of about €97.8 million as of June 30, 2026. Separately, it reported new share count and potential dilution elements and disclosed updated ownership positions, including a 14.55% stake held by entities controlled by Orin Hirchman and a 1.95% stake for ResMed Inc.
Positive
- Strong preliminary revenue growth: Q2 2026 global net revenue is expected at about €7.7 million, with U.S. revenue of about €5.2 million, both showing a little over 20% sequential growth versus Q1 2026.
- Expanded commercial footprint: 55 new surgeons were trained and 89 new accounts activated in Q2, bringing totals to 262 surgeons and 180 active high-volume accounts, supporting broader Genio adoption.
- Supportive proposed reimbursement changes: CMS proposes increasing hospital outpatient payment for the Genio procedure from $31,526 to $35,414 and ASC payment from $27,563 to $31,722, potentially enhancing provider economics if approved.
- Strengthened liquidity: The company secured $110 million in aggregate financing in Q2 and expects about €97.8 million in cash, cash equivalents and financial assets as of June 30, 2026, improving its funding runway.
Negative
- None.
Insights
Nyxoah shows strong Q2 growth, improved reimbursement outlook and bolstered cash.
Nyxoah reports preliminary Q2 2026 global net revenue of about €7.7 million, with U.S. revenue of about €5.2 million. Both grew a little above 20% sequentially, signaling continued traction for the Genio system in early U.S. commercialization.
Commercial infrastructure expanded, with 55 new surgeons trained (262 total) and 89 new accounts activated, reaching 180 active high-volume accounts. This broadens the base for future procedure volumes, while 427 patients submitted under prior authorization entering Q3 may support near-term implant activity, subject to approvals and scheduling.
On reimbursement, CMS is proposing 2027 payment increases for the Genio procedure, lifting hospital outpatient rates from $31,526 to $35,414 and ASC rates from $27,563 to $31,722. These proposals, if finalized, could reinforce economic incentives for providers. With $110 million in aggregate Q2 financing and expected cash and financial assets of about €97.8 million as of June 30, 2026, the company appears better positioned to fund its U.S. ramp and ongoing operations.
Key Figures
Key Terms
transparency notification regulatory
passive crossing of a threshold regulatory
convertible bonds financial
hospital reimbursement regulatory
ambulatory surgical centers regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July 2026
Commission File Number: 001-40552
NYXOAH SA
(Translation of registrant’s name into English)
Rue Edouard Belin 12, 1435 Mont-Saint-Guibert, Belgium
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Nyxoah SA
On June 29, 2026, Nyxoah SA (the “Company”) issued a press release, a copy of which is attached hereto as Exhibit 99.1.
Additionally, on June 30, 2026, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.2.
Additionally, on July 7, 2026, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.3.
The information in the attached Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.
Exhibits
| 99.1 | Press Release, dated June 29, 2026 |
| 99.2 | Press Release, dated June 30, 2026 |
| 99.3 | Press Release, dated July 7, 2026 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| NYXOAH SA | ||
| Date: July 9, 2026 | By: | /s/ John Landry |
| Name: | John Landry | |
| Title: | Chief Financial Officer | |
Exhibit 99.1
Publication relating to transparency notifications
June 29, 2026
REGULATED INFORMATION
Publication relating to transparency notifications
Mont-Saint-Guibert (Belgium), June 29, 2026, 10:30 pm CET / 4:30 pm ET – In accordance with article 14 of the Law of May 2, 2007 on the disclosure of large shareholdings, Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) announces that it received transparency notifications as detailed below.
Orin Hirchman
On June 24, 2026, Nyxoah received a transparency notification from Orin Hirchman following an acquisition of voting securities by entities controlled by Orin Hirchman. Based on the notification, on June 10, 2026, the entities controlled by Orin Hirchman held 14,534,880 voting rights, representing 14.55% of the total number of shares issued by Nyxoah on June 10, 2026 (99,926,284).
The notification dated June 22, 2026 contains the following information:
| · | Reason for the notification: acquisition or disposal of voting securities or voting rights | |
| · | Notification by: a parent undertaking or a controlling person | |
| · | Persons subject to the notification requirement: |
| · | Orin Hirchman (with address at 6006 Berkeley Avenue, Baltimore MD 21209, USA) | |
| · | AIGH Capital Management LLC (with address at 6006 Berkeley Avenue, Baltimore MD 21209, USA) |
| · | Date on which the threshold was crossed: June 10, 2026 | |
| · | Threshold that is crossed: 10% | |
| · | Denominator: 99,926,284 |
| · | Notified details: |
| A) Voting rights | Previous | After the transaction | ||||||||||||||||||
| notification | ||||||||||||||||||||
| # of voting rights | # of voting rights | % of voting rights | ||||||||||||||||||
| Linked to | Not linked to the | Linked to | Not linked to | |||||||||||||||||
| Holders of voting rights | securities | securities | securities | the securities | ||||||||||||||||
| Orin Hirchman | 0 | 0.00 | % | |||||||||||||||||
| AIGH Capital Management LLC | 0 | 0.00 | % | |||||||||||||||||
| AIGH Investment Partners, LP | 10,555,230 | 10.56 | % | |||||||||||||||||
| WVP Emerging Manager Onshore Fund LLC - AIGH Series | 3,979,650 | 3.98 | % | |||||||||||||||||
| Subtotal | 14,534,880 | 14.55 | % | |||||||||||||||||
| TOTAL | 14,534,880 | 0 | 14.55 | % | 0.00 | % | ||||||||||||||
| · | Full chain of controlled undertakings through which the holding is effectively held: AIGH Investment Partners, LP and WVP Emerging Manager Onshore Fund LLC - AIGH Series are two affiliated funds. AIGH Capital Management LLC is the Investment Adviser that makes the investment and voting decisions for the two funds. Orin Hirchman is the Manager of AIGH Capital Management, LLC and therefore the ultimate Control Person for the shares held in the two funds. |
Resmed Inc.
On June 29, 2026, Nyxoah received a transparency notification from Resmed Inc. following the passive downward crossing of the lowest threshold. The notification dated June 25, 2026 contains the following information:
| · | Reasons for the notification: |
| · | Passive crossing of a threshold | |
| · | Downward crossing of the lowest threshold |
| · | Notification by: a person that notifies alone | |
| · | Persons subject to the notification requirement: |
| · | Resmed, Inc. (with address at 9001 Spectrum Center Boulevard, San Diego, CA 92123, USA) |
| · | Date on which the threshold was crossed: June 10, 2026 | |
| · | Threshold that is crossed: 3% | |
| · | Denominator: 99,926,284 |
| · | Notified details: |
| A) Voting rights | Previous | After the transaction | |||||||||||||||
| notification | |||||||||||||||||
| # of voting rights | # of voting rights | % of voting rights | |||||||||||||||
| Linked to | Not linked to the | Linked to | Not linked to | ||||||||||||||
| Holders of voting rights | securities | securities | securities | the securities | |||||||||||||
| Resmed, Inc. | 1,727,864 | 1,943,828 | 0 | 1.95 | % | 0.00 | % | ||||||||||
| TOTAL | 1,943,828 | 1.95 | % | ||||||||||||||
| · | Full chain of controlled undertakings through which the holding is effectively held: No indirect holding of voting securities. Resmed Inc. is not a controlled entity. |
*
* *
Contact:
Nyxoah
John Landry, CFO
IR@nyxoah.com
Attachment
| · | 2026 06 29 PR Transparency notification (AIGH Resmed) (ENG) |
Exhibit 99.2
Information on the total number of voting rights and shares
June 30, 2026
REGULATED INFORMATION
Information on the total number of voting rights and shares
Mont-Saint-Guibert (Belgium), June 30, 2026, 10:30 pm CET / 4:30 pm ET – In accordance with article 15 of the Law of May 2, 2007 on the disclosure of large shareholdings, Nyxoah SA (Euronext Brussels and Nasdaq: NYXH) publishes the below information following the issuance of 146,531 new shares on June 30, 2026 following the exercise of so-called “restricted share units”.
| · | Share capital: EUR 7,075,152.31 | |
| · | Total number of securities carrying voting rights: 100,072,815 (all ordinary shares) | |
| · | Total number of voting rights (= denominator): 100,072,815 (all relating to ordinary shares) | |
| · | Number of rights to subscribe to securities carrying voting rights not yet issued: 3,731,884 (all granted subscription rights; this number excludes 36,125 subscription rights that were issued but not yet granted) | |
| · | Total number of convertible bonds: 225 convertible bonds with a nominal value of EUR 83,000 per bond | |
| · | Total number of voting rights that can be obtained in case of conversion of all 225 convertible bonds at the current (revised) conversion price of EUR 1.48 per share: 12,618,243 (this number does not take into account the conversion of interest) |
*
* *
Contact:
Nyxoah
John Landry, CFO
IR@nyxoah.com
Attachment
| · | 2026 06 30 - Press release - Number of shares (ENG) |
Exhibit 99.3
Nyxoah Announces Preliminary Results for the Second Quarter of 2026
July 7, 2026
Nyxoah Announces Preliminary Results for the Second Quarter of 2026
Continued U.S. launch momentum drives second quarter global preliminary net revenue of €7.7 million
CMS proposes 2027 OPPS and ASC payment increase of 12% and 15% respectively
Mont-Saint-Guibert, Belgium – July 7, 2026, 10:05 pm CET / 4:05 pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company that develops breakthrough treatment alternatives for Obstructive Sleep Apnea (OSA) through neuromodulation, today reported certain preliminary unaudited second quarter 2026 financial and operating results.
Second Quarter 2026 – Preliminary Sales and Market Metrics
| · | Financials |
| o | Global net revenue is expected to be approximately €7.7 million in the second quarter of 2026, which reflects 21% sequential growth over the first quarter of 2026 | |
| o | U.S. net revenue is expected to be approximately €5.2 million in the second quarter of 2026, which reflects 22% sequential growth over the first quarter of 2026 |
| · | Leading U.S. commercial indicators |
| o | 55 new surgeons trained in Q2, bringing the total to 262 surgeons trained | |
| o | 89 new accounts activated in Q2, bringing the total to 180 active high-volume accounts | |
| o | 427 patients submitted under prior authorization entering Q3 |
| · | Reimbursement US |
| o | CMS is proposing to increase hospital reimbursement for the Genio procedure (C8011) from $31,526 to $35,414, representing an increase of $3,888 (12%) | |
| o | CMS is proposing to increase ASC reimbursement from $27,563 to $31,722, an increase of $4,159 (15%) |
| · | Liquidity |
| o | $110 million in aggregate financing secured in Q2 | |
| o | As of June 30, 2026, cash, cash equivalents and financial assets are expected to be approximately €97.8 million |
"We closed Q2 with clear U.S. momentum: the scaling of our U.S. sales force allowed us to double the number of active accounts to 180 high-volume HGNS accounts and deliver a second consecutive quarter of over 20% sequential U.S. revenue growth. Additionally, the recent CMS proposed reimbursement increases in both hospital outpatient and ambulatory surgical centers are among the strongest within APC 5465 (Level 5 Neuromodulation) and, if approved, support continued economic value for the Genio procedure,” commented Olivier Taelman, Nyxoah's Chief Executive Officer. “With $110 million in new financing, the financial overhang is now behind us, and we are positioned to accelerate Genio's U.S commercial ramp and drive toward profitability."
Revenue Guidance for the Full Year 2026
| · | The Company continues to expect global net revenue for the full year 2026 to be in the range of €36 million to €40 million. |
The preliminary, unaudited revenue results and cash, cash equivalents and financial assets described in this press release are estimates only and are subject to revision until Nyxoah reports its full financial results for the second quarter of 2026, including in its Quarterly Report on Form 6-F.
Upcoming Investor and Analyst Day
The Company will be hosting an Investor and Analyst Day on Wednesday, July 8, 2026, in New York. The event will be held at the offices of Bank of America and will run from 10:00 AM to 12:30 PM ET (16:00 to 18:30 CET).
The event will be webcast live for those unable to attend in person, with a replay available shortly afterwards. Participants joining via the webcast will be able to ask questions during the event.
Event details
| · | Date: Wednesday, July 8, 2026 |
| · | Time: 10:00 AM to 12:30 PM ET (16:00 to 18:30 CET) |
| · | Location: Bank of America Tower at One Bryant Park, 1111 Avenue of the Americas, New York, NY |
| · | Registration and webcast access: |
https://www.netroadshow.com/events/login/1PeTHmohOsvcptHhJ0ULn0T429N8JKb3IuZtL
About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat OSA. Nyxoah’s lead solution is the Genio system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.
Following the successful completion of the BLAST OSA study, the Genio system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company announced positive outcomes from the DREAM IDE pivotal study and receipt of approval from the FDA for a subset of adult patients with moderate to severe OSA with an AHI of greater than or equal to 15 and less than or equal to 65.
For more information, please visit http://www.nyxoah.com/.
Caution – CE marked since 2019. FDA approved in August 2025 as prescription-only device.
Forward-looking statements
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or management’s current expectations regarding the Genio system; the potential advantages of the Genio system; Nyxoah’s goals with respect to the potential use of the Genio system; the Company's commercialization strategy and entrance to the U.S. market; the Company's results o operations, financial condition, liquidity, performance, prospects, growth, future revenue and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on March 26, 2026 and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward- looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
Contacts:
Nyxoah
John Landry, CFO
IR@nyxoah.com
Rémi Renard
Head of Investor Relations & Corporate Communication
IR@nyxoah.com
Attachment
| · | ENGLISH_Nyxoah Prelim Earnings PR Q2 |