Nyxoah SA completed the issuance of its first tranche of convertible bonds on December 18 2025, raising €22.5 million in nominal value through 225 bonds with a €100,000 face amount each. The bonds carry a 6.5 % annual coupon, mature in three years, and begin quarterly amortization on February 18 2026. The initial conversion price of €5.00 per share represents 125 % of the placement price of shares issued in the company’s prior private placement and registered direct offering.
The proceeds are earmarked to accelerate the U.S. commercialization of the Genio hypoglossal nerve‑stimulator, fund ongoing clinical research, and finance product upgrades and manufacturing scale‑up. The company also plans to use the capital to strengthen its global pipeline and explore new collaborations in OSA diagnostics and monitoring. By issuing debt that can be converted into equity, Nyxoah balances immediate liquidity needs with a potential future dilution that aligns with its long‑term growth strategy.
Nyxoah’s cash position as of September 30 2025 stood at €22.5 million, down from €43.0 million at the end of June 2025, reflecting a high cash burn rate as the company ramps up U.S. sales. The new financing extends the cash runway into the third quarter of 2026, providing a buffer as the company navigates competitive pressures from Inspire Medical Systems and the ongoing patent dispute. The company’s operating loss in Q3 2025 was $0.74 EPS, missing analysts’ consensus of $0.61, underscoring the urgency of the capital infusion.
In addition to the financing, Nyxoah faces a legal headwind: Inspire has filed patent‑infringement lawsuits alleging that Genio infringes its patents, and Nyxoah has counter‑sued. The litigation adds uncertainty to the company’s U.S. market entry and could impact future revenue streams. The convertible bond proceeds will help Nyxoah maintain momentum while it navigates these legal challenges.
CEO Olivier Taelman said the financing “supports our sustained growth in the U.S. market. The momentum and enthusiasm couldn’t be greater.” He added that the first commercial patients have already received Genio implants, marking a significant milestone in bringing the therapy to OSA patients in the U.S. The company also noted that a second tranche of up to €22.5 million is contingent on meeting trading volume and market‑capitalization thresholds, which had not yet been met as of December 16 2025.
The convertible bond structure introduces a potential dilution risk if bonds are converted into equity, but the terms provide Nyxoah with flexibility to manage its balance sheet as it pursues profitability in the U.S. market. The financing is a key step in securing the capital needed to support the company’s aggressive growth plans while maintaining a manageable debt profile.
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