Nyxoah Doubles Its Revenue but Deepens Losses by 42%
Belgian biotech Nyxoah reported mixed results for 2025 on Thursday evening. While revenue more than doubled to 10.0 million euros due to the commercial launch in the United States since August 2025, operating loss widened by 42% to reach 83.5 million euros. The group is investing at an accelerated pace to conquer the American market for obstructive sleep apnea, at the expense of short-term profitability.
First Full Quarter of Genio® System Sales in the US
The fourth quarter of 2025 marked the first full quarter of Genio® system sales in the US, following FDA approval in August. Gross revenue for the quarter was 6.3 million euros (net: 5.6 million), surpassing management's expectations. For the full year, net revenue reached 10.0 million euros, up from 4.5 million in 2024, representing a growth of 122%. However, this commercial expansion comes with eroding margins. The annual gross margin fell to 63% in 2025, from 66% the previous year. Management attributes this compression to the initial ramp-up of operations ahead of the US launch, a typical phenomenon during the rollout of new activities.
Behind the Sales Momentum, Massive Investments Widen the Deficit
Behind the commercial momentum lie massive investments that deepen the deficit. The operating loss for 2025 was set at 83.5 million euros, up from 58.8 million in 2024, an increase of 42%. This deterioration results from three converging factors. Research and development expenses increased by 25% to 42.8 million euros, driven by clinical expansion initiatives and product development. Sales, general, and administrative expenses surged by 69% to 48.3 million euros, mainly due to the deployment of the American commercial structure, including sales, marketing, and market access functions. In comparison, these expenses were 28.5 million in 2024. The group is thus deliberately investing ahead of revenue, a classic model for medical technology companies in growth phases but raises questions about the trajectory towards profitability.
Financial Cushion Remains Comfortable Despite Accelerating Cash Burn
As of December 31, 2025, Nyxoah had 48.0 million euros in cash and cash equivalents. This financial cushion remains comfortable for a small biotech, but the 2025 figures reveal an accelerating cash burn. With an operating loss of 83.5 million euros for the year and net revenues of only 10.0 million, the gap of 73.5 million illustrates the capital intensity of the model. Management asserts that the American market offers significant growth prospects, citing positive feedback from surgeons, systematic coverage by private insurers and Medicare. However, converting this commercial visibility into profitability will crucially depend on the ability to grow sales much faster than structural costs over the coming quarters. The group's targeted strategy, focused on centers performing a high volume of implants and networks of sleep specialists, assumes a sales cycle that only future results can validate.
