NYXH Nyxoah SA
Price Chart
Executive Summary
Nyxoah is raising approximately $88.5 million net (€76.3 million) from a public offering of 55.2 million ordinary shares at $1.72 per share, representing a 126% increase in share count from the 43.7 million shares outstanding as of March 31, 2026. The offering price is a ~19% premium to the last closing price of $1.45. The company had only €25.9 million in cash and financial assets as of Q1 2026, with cash runway extending only into Q3 2026. Proceeds will fund US commercialization, R&D, and general corporate purposes. The massive dilution signals financial distress and overshadows any positive commentary about commercial traction or FDA approval.
Actionable Insight
The massive secondary offering at a premium to market might provide a temporary floor, but the magnitude of dilution (more than doubling shares) will pressure the stock post-offering. Monitor for the over-allotment exercise and any insider buying signals. The patent litigation with Inspire remains a binary risk. Consider short-term bearish bias on supply overhang.
Key Facts
- Offering of 55,232,558 ordinary shares at $1.72/share, raising $95.0M gross / $88.5M net
- Shares outstanding will increase from 43.7M to 98.9M (126% dilution); up to 107.2M if over-allotment exercised
- Stock last traded at $1.45 on June 5, 2026; offering price is ~19% premium
- Cash, cash equivalents, and financial assets were just €25.9M as of March 31, 2026, with accumulated deficit of €321.7M
- Cash runway expected only into Q3 2026 before this offering
- Company seeking to transition CEO to a US-based leader; ongoing patent litigation with Inspire Medical
- IPO-level dilution for a company with $63M market cap
Financial Impact
Immediate dilution of ~126% for existing shareholders; net proceeds of $88.5M extend runway but at extreme cost
Risk Factors
- Extreme dilution (126%+ increase in share count) will pressure EPS and ownership
- Company has no path to profitability; operating losses continue
- Patent litigation with Inspire Medical could disrupt US commercialization
- Leadership transition uncertainty with CEO search
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001104659-26-071189 |
| Document: 0001104659-26-071189-index-headers.html | 0001104659-26-071189 |
| Document: 0001104659-26-071189-index.html | 0001104659-26-071189 |
| Document: 0001104659-26-071189.txt | 0001104659-26-071189 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
3d ago
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6-K
| $1.49 awaiting T+5 | awaiting T+5 | — | $1.39 (+6.40%) |
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Jun 8, 2026
6d ago
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6-K
| $1.36 awaiting T+5 | awaiting T+5 | — | $1.39 (−2.21%) |
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Jun 8, 2026
6d ago
|
424B5
| $1.69 awaiting T+5 | awaiting T+5 | — | $1.39 (+17.75%) |
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Jun 5, 2026
9d ago
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Press Release
| $1.59 awaiting T+5 | awaiting T+5 | — | $1.39 (+12.58%) |
|
Jun 4, 2026
10d ago
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424B5
| $1.73 awaiting T+5 | awaiting T+5 | — | $1.39 (+19.65%) |
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May 20, 2026
25d ago
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Press Release
| $2.87 $2.99 | ▲ +4.18% | ▲ +2.58% | $1.39 (−51.57%) |
|
May 12, 2026
4w ago
|
Press Release
| $3.08 $2.81 | ▼ −8.77% | ▼ −7.61% | $1.39 (−54.87%) |
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Mar 19, 2026
12w ago
|
Press Release
| $3.08 $2.82 | ▼ −8.44% | ▼ −6.29% | $1.39 (−54.87%) |
|
Mar 5, 2026
14w ago
|
Press Release
| $3.74 $3.14 | ▼ −16.04% | ▼ −14.51% | $1.39 (−62.83%) |
US Market Status
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