NASDAQ : NYXH
Nyxoah SA — Financial statements
Healthcare · Medical Instruments & Supplies · Belgium
Last price 0.8715 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 88.27M
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Financial statements
Nyxoah SA (NYXH) reported revenue of 21.66M EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 21.66M | 10.02M | 4.52M | 4.35M | 3.08M | 852.00K |
| Cost of Revenue | 8.62M | 3.69M | 1.55M | 1.66M | 1.15M | 303.00K |
| Gross Profit | 13.04M | 6.33M | 2.97M | 2.69M | 1.93M | 549.00K |
| Selling, General & Admin | 56.42M | 48.26M | 28.46M | 21.69M | 18.86M | 14.71M |
| Research & Development | 41.89M | 42.82M | 34.33M | 26.65M | 15.86M | 12.34M |
| Other Operating Expenses | -1.23M | -1.32M | -1.01M | -544.00K | -283.00K | -265.00K |
| Operating Expenses | 97.08M | 89.77M | 61.78M | 47.79M | 34.43M | 26.79M |
| Operating Income | -84.04M | -83.44M | -58.81M | -45.10M | -32.50M | -26.24M |
| Interest Expense | -3.42M | -1.80M | -886.00K | -217.00K | -237.00K | -386.00K |
| Interest & Investment Income | 626.00K | 1.83M | 2.50M | 2.57M | 372.00K | 1.00K |
| Currency Exchange Gain (Loss) | 949.00K | -2.96M | 1.83M | -925.00K | 5.60M | 3.20M |
| Other Non Operating Income (Expenses) | -8.60M | -2.67M | -1.07M | -984.00K | -3.30M | -1.21M |
| EBT Excluding Unusual Items | -94.49M | -89.03M | -56.43M | -44.66M | -30.06M | -24.64M |
| Gain (Loss) on Sale of Assets | -162.00K | -162.00K | ||||
| Other Unusual Items | 119.00K | 119.00K | ||||
| Pretax Income | -94.53M | -89.08M | -56.43M | -44.66M | -30.06M | -24.64M |
| Income Tax Expense | 1.47M | 1.01M | 2.80M | -1.45M | 1.17M | 2.98M |
| Net Income | -96.00M | -90.08M | -59.24M | -43.21M | -31.23M | -27.62M |
| Net Income to Common | -96.00M | -90.08M | -59.24M | -43.21M | -31.23M | -27.62M |
| Shares Outstanding (Basic) | 44.46M | 38.11M | 32.74M | 27.97M | 25.82M | 23.79M |
| Shares Outstanding (Diluted) | 44.46M | 38.11M | 32.74M | 27.97M | 25.82M | 23.79M |
| EPS (Basic) | -2.16 | -2.36 | -1.81 | -1.55 | -1.21 | -1.16 |
| EPS (Diluted) | -2.16 | -2.36 | -1.81 | -1.55 | -1.21 | -1.16 |
| Free Cash Flow | -73.91M | -69.78M | -50.39M | -47.28M | -29.64M | -26.80M |
| Free Cash Flow Per Share | -1.66 | -1.83 | -1.54 | -1.69 | -1.15 | -1.13 |
| Gross Margin | 60.19% | 63.13% | 65.67% | 61.91% | 62.71% | 64.44% |
| Operating Margin | -387.96% | -832.75% | -1,300.80% | -1,037.30% | -1,053.79% | -3,080.05% |
| Profit Margin | -443.17% | -899.05% | -1,310.24% | -993.84% | -1,012.48% | -3,241.67% |
| Free Cash Flow Margin | -341.17% | -696.45% | -1,114.60% | -1,087.35% | -961.15% | -3,146.13% |
| EBITDA | -82.74M | -82.35M | -58.06M | -42.74M | -30.57M | -24.58M |
| D&A For EBITDA | 1.30M | 1.09M | 752.00K | 2.36M | 1.93M | 1.66M |
| EBIT | -84.04M | -83.44M | -58.81M | -45.10M | -32.50M | -26.24M |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 64.11M | 30.00M | 34.19M | 21.61M | 17.89M | 135.51M |
| Short-Term Investments | 33.67M | 18.00M | 51.37M | 36.14M | 76.97M | |
| Cash & Short-Term Investments | 97.78M | 48.00M | 85.56M | 57.75M | 94.86M | 135.51M |
| Accounts Receivable | 6.95M | 5.51M | 3.38M | 2.76M | 1.46M | 226.00K |
| Other Receivables | 3.00M | 2.06M | 2.78M | 2.87M | 1.77M | 2.29M |
| Receivables | 9.95M | 7.58M | 6.16M | 5.63M | 3.24M | 2.51M |
| Inventory | 3.71M | 4.66M | 4.72M | 3.31M | 882.00K | 346.00K |
| Other Current Assets | 1.23M | 974.00K | 1.65M | 1.66M | 1.28M | 1.69M |
| Total Current Assets | 112.67M | 61.21M | 98.08M | 68.35M | 100.26M | 140.06M |
| Property, Plant & Equipment | 5.93M | 5.34M | 8.25M | 7.98M | 5.62M | 5.24M |
| Other Intangible Assets | 359.00K | 380.00K | 423.00K | 465.00K | 507.00K | 549.00K |
| Long-Term Deferred Tax Assets | 10.00K | 87.00K | 76.00K | 56.00K | 47.00K | 46.00K |
| Long-Term Deferred Charges | 47.66M | 49.73M | 49.96M | 46.14M | 39.47M | 24.77M |
| Other Long-Term Assets | 1.83M | 1.72M | 1.62M | 1.17M | 173.00K | 164.00K |
| Total Assets | 168.47M | 118.47M | 158.41M | 124.16M | 146.07M | 170.83M |
| Accounts Payable | 12.64M | 13.73M | 9.51M | 8.11M | 4.99M | 4.00M |
| Accrued Expenses | 4.21M | 5.12M | 4.77M | 2.84M | 5.03M | 2.87M |
| Short-Term Debt | 22.33M | 22.66M | ||||
| Current Portion of Long-Term Debt | 807.00K | 333.00K | 248.00K | 364.00K | 388.00K | 554.00K |
| Current Portion of Leases | 551.00K | 779.00K | 1.12M | 851.00K | 719.00K | 582.00K |
| Current Income Taxes Payable | 4.02M | 3.94M | 4.32M | 1.99M | 3.65M | 2.81M |
| Current Unearned Revenue | 1.00M | 894.00K | 117.00K | |||
| Other Current Liabilities | 1.71M | 1.51M | 1.46M | 290.00K | 141.00K | 766.00K |
| Total Current Liabilities | 47.27M | 48.96M | 21.53M | 14.44M | 14.91M | 11.57M |
| Long-Term Debt | 34.98M | 17.67M | 18.73M | 8.37M | 8.19M | 7.80M |
| Long-Term Leases | 1.33M | 637.00K | 2.56M | 3.12M | 2.59M | 2.74M |
| Long-Term Unearned Revenue | 722.00K | 681.00K | 472.00K | |||
| Pension & Post-Retirement Benefits | 9.00K | 80.00K | ||||
| Long-Term Deferred Tax Liabilities | 45.00K | 19.00K | 9.00K | 5.00K | ||
| Other Long-Term Liabilities | 1.02M | 1.40M | 1.84M | 185.00K | 59.00K | 12.00K |
| Total Liabilities | 85.36M | 69.34M | 45.15M | 26.14M | 25.75M | 22.21M |
| Common Stock | 7.08M | 6.50M | 6.43M | 4.93M | 4.44M | 4.43M |
| Additional Paid-In Capital | 415.01M | 335.13M | 314.35M | 246.13M | 228.28M | 228.03M |
| Retained Earnings | -353.57M | -306.03M | -217.74M | -160.83M | -118.21M | -87.17M |
| Comprehensive Income & Other | 14.59M | 13.52M | 10.21M | 7.80M | 5.82M | 3.33M |
| Total Common Equity | 83.11M | 49.13M | 113.25M | 98.02M | 120.32M | 148.62M |
| Shareholders' Equity | 83.11M | 49.13M | 113.25M | 98.02M | 120.32M | 148.62M |
| Total Liabilities & Equity | 168.47M | 118.47M | 158.41M | 124.16M | 146.07M | 170.83M |
| Total Debt | 59.99M | 42.08M | 22.65M | 12.70M | 11.88M | 11.68M |
| Net Cash (Debt) | 37.80M | 5.92M | 62.90M | 45.04M | 82.97M | 123.83M |
| Net Cash Per Share | 0.85 | 0.16 | 1.92 | 1.61 | 3.21 | 5.20 |
| Filing Date Shares Outstanding | 100.07M | 43.66M | 37.43M | 28.68M | 25.85M | 25.80M |
| Total Common Shares Outstanding | 100.07M | 43.03M | 37.43M | 28.67M | 25.85M | 25.77M |
| Working Capital | 65.41M | 12.26M | 76.55M | 53.91M | 85.35M | 128.49M |
| Book Value Per Share | 0.83 | 1.14 | 3.03 | 3.42 | 4.66 | 5.77 |
| Tangible Book Value | 82.75M | 48.75M | 112.83M | 97.56M | 119.82M | 148.07M |
| Tangible Book Value Per Share | 0.83 | 1.13 | 3.01 | 3.40 | 4.64 | 5.75 |
| Machinery | 3.09M | 3.26M | 2.68M | 2.33M | 1.72M | |
| Construction In Progress | 30.00K | 2.26M | 2.06M | 718.00K | 691.00K | |
| Leasehold Improvements | 4.12M | 1.84M | 1.31M | 704.00K | 555.00K |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -96.00M | -90.08M | -59.24M | -43.21M | -31.23M | -27.62M |
| Depreciation & Amortization | 2.51M | 2.30M | 1.79M | 2.36M | 1.93M | 1.66M |
| Other Amortization | 4.06M | 2.29M | 924.00K | |||
| Loss (Gain) From Sale of Assets | 162.00K | 162.00K | ||||
| Asset Writedown & Restructuring Costs | 1.18M | 1.18M | ||||
| Stock-Based Compensation | 4.47M | 4.89M | 3.97M | 2.61M | 2.70M | 1.27M |
| Provision & Write-off of Bad Debts | 503.00K | 503.00K | ||||
| Other Operating Activities | 9.56M | 4.42M | 362.00K | -3.04M | -2.25M | 495.00K |
| Change in Accounts Receivable | -4.33M | -2.14M | -751.00K | -1.54M | 7.00K | -2.52M |
| Change in Inventory | 1.63M | 56.00K | -1.40M | -2.43M | -536.00K | -291.00K |
| Change in Accounts Payable | 4.41M | 7.46M | 5.11M | 479.00K | 615.00K | 1.67M |
| Operating Cash Flow | -71.86M | -68.98M | -49.23M | -44.78M | -28.76M | -25.34M |
| Capital Expenditures | -2.05M | -805.00K | -1.17M | -2.50M | -886.00K | -1.47M |
| Sale of Property, Plant & Equipment | 3.00K | 3.00K | 7.00K | |||
| Sale (Purchase) of Intangibles | -1.57M | -2.96M | -4.91M | -8.46M | -15.46M | -10.35M |
| Investment in Securities | -13.12M | 29.95M | -12.52M | 40.66M | -73.71M | |
| Other Investing Activities | 585.00K | 2.15M | 2.26M | 2.31M | 110.00K | |
| Investing Cash Flow | -16.15M | 28.33M | -16.32M | 32.01M | -89.95M | -11.82M |
| Long-Term Debt Issued | 22.50M | 10.00M | ||||
| Total Debt Issued | 36.25M | 22.50M | 10.00M | |||
| Long-Term Debt Repaid | -1.31M | -1.52M | -1.24M | -1.07M | -863.00K | |
| Lease Payments | -1.13M | -1.13M | -1.21M | -757.00K | -772.00K | -500.00K |
| Net Debt Issued (Repaid) | 34.89M | 21.19M | 8.47M | -1.24M | -1.07M | -863.00K |
| Issuance of Common Stock | 103.67M | 22.02M | 73.45M | 18.68M | 255.00K | 85.31M |
| Other Financing Activities | -10.28M | -5.10M | -4.49M | -583.00K | -167.00K | -7.98M |
| Financing Cash Flow | 128.29M | 38.11M | 77.44M | 16.86M | -983.00K | 76.47M |
| Foreign Exchange Rate Adjustments | 1.10M | -1.65M | 688.00K | -369.00K | 2.06M | 3.89M |
| Net Cash Flow | 41.39M | -4.18M | 12.58M | 3.72M | -117.62M | 43.21M |
| Free Cash Flow | -73.91M | -69.78M | -50.39M | -47.28M | -29.64M | -26.80M |
| Free Cash Flow Margin | -341.17% | -696.45% | -1,114.60% | -1,087.35% | -961.15% | -3,146.13% |
| Free Cash Flow Per Share | -1.66 | -1.83 | -1.54 | -1.69 | -1.15 | -1.13 |
| Levered Free Cash Flow | -46.06M | -43.23M | -31.69M | -40.09M | -29.66M | -21.25M |
| Unlevered Free Cash Flow | -44.03M | -42.21M | -31.13M | -39.96M | -29.51M | -21.01M |
| Free Cash Flow After Leases | -75.03M | -70.92M | -51.60M | -48.03M | -30.41M | -27.30M |
| Cash Interest Paid | 160.00K | 694.00K | 496.00K | 192.00K | 130.00K | 385.00K |
| Cash Income Tax Paid | 1.36M | 1.04M | 535.00K | 789.00K | 410.00K | 274.00K |
| Change in Working Capital | 1.71M | 5.37M | 2.96M | -3.49M | 86.00K | -1.14M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 89.67M | 206.37M | 320.06M | 135.02M | 141.98M | 545.17M |
| Enterprise Value | 47.34M | 204.82M | 270.73M | 69.21M | 31.75M | 468.59M |
| Last Close Price | 0.88 | 4.60 | 8.00 | 4.64 | 4.99 | 23.00 |
| PS Ratio | 3.62 | 17.54 | 68.38 | 28.09 | 43.08 | 562.64 |
| PB Ratio | 0.94 | 3.58 | 2.73 | 1.25 | 1.10 | 3.23 |
| P/TBV Ratio | 0.95 | 3.60 | 2.74 | 1.25 | 1.11 | 3.24 |
| EV/Sales Ratio | 1.91 | 17.41 | 57.84 | 14.40 | 9.63 | 483.61 |
| Debt / Equity Ratio | 0.72 | 0.86 | 0.20 | 0.13 | 0.10 | 0.08 |
| Net Debt / Equity Ratio | -0.46 | -0.12 | -0.56 | -0.46 | -0.69 | -0.83 |
| Net Debt / EBITDA Ratio | 0.46 | 0.07 | 1.08 | 1.05 | 2.71 | 5.04 |
| Net Debt / FCF Ratio | 0.51 | 0.09 | 1.25 | 0.95 | 2.80 | 4.62 |
| Asset Turnover | 0.15 | 0.07 | 0.03 | 0.03 | 0.02 | 0.01 |
| Inventory Turnover | 1.91 | 0.79 | 0.39 | 0.79 | 1.87 | 1.51 |
| Quick Ratio | 2.28 | 1.14 | 4.26 | 4.39 | 6.58 | 11.93 |
| Current Ratio | 2.38 | 1.25 | 4.56 | 4.73 | 6.72 | 12.10 |
| Return on Equity (ROE) | -122.68% | -110.95% | -56.07% | -39.58% | -23.22% | -22.47% |
| Return on Assets (ROA) | -36.87% | -37.67% | -26.02% | -20.86% | -12.82% | -11.51% |
| Return on Capital Employed (ROCE) | -69.30% | -120.00% | -43.00% | -41.10% | -24.80% | -16.50% |
| Earnings Yield | -274.63% | -51.25% | -19.16% | -35.38% | -23.50% | -5.76% |
| FCF Yield | -92.25% | -39.70% | -16.30% | -38.70% | -22.31% | -5.59% |
| Buyback Yield / Dilution | -21.45% | -16.38% | -17.08% | -8.32% | -8.52% | -31.47% |