Nyxoah Raises $95 Million Through Public Stock Offering in the United States

Structure and Terms of the Offering

Nyxoah announced the closing of its underwritten public offering in the United States, complemented by a private offering to qualified or institutional investors outside the country and within the European Union. A total of 55,232,558 ordinary shares were placed at a price of $1.72 (€1.48) per share, before commissions and subscription fees. The total gross proceeds from the operation amounted to approximately $95 million, equivalent to about €81.9 million.

BofA Securities served as the lead underwriter for the placement syndicate. Bank Degroof Petercam SA/NV and B. Riley also participated in the operation as additional co-lead and co-manager, respectively.

Use of Raised Funds

Nyxoah plans to allocate the net proceeds towards the commercial deployment of the Genio system in the United States, funding research and development for system enhancements, reducing manufacturing costs, and building a portfolio of new technologies. The company also aims to accelerate commercialization outside the United States and continue collecting clinical data and conducting physician-led studies in the treatment of obstructive sleep apnea.

Furthermore, the funds will be used for general corporate purposes, including working capital, debt repayment, capital expenditures, investments, potential acquisitions, and collaborations. In the second quarter of 2026, Nyxoah expects to draw €13.8 million from the second tranche of its loan granted by the European Investment Bank.

Regulatory Framework and Documentation

The offering in the United States was conducted under a Form F-3 registration statement, which became effective on April 1, 2025, with the Securities and Exchange Commission (SEC). Nyxoah also filed an information document with the Belgian Financial Services and Markets Authority (FSMA) regarding the admission of its securities to trading on the regulated market of Euronext Brussels, in compliance with the European Directive of 2017 on prospectuses.