UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2024
Commission File Number: 001-40552
NYXOAH SA
(Translation of registrant’s name into English)
Rue Edouard Belin 12, 1435 Mont-Saint-Guibert,
Belgium
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only
permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only
permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private
issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission
or other Commission filing on EDGAR.
Nyxoah SA
On May 14, 2024, Nyxoah SA (the “Company”)
issued a press release announcing its financial and operating results for the first quarter of 2024. A copy of the Company’s press
release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Additionally, on May 14, 2024, the Company
announced its unaudited first quarter results for 2024, which are further described in a First Quarter 2024 report attached hereto as
Exhibit 99.2.
The information in the attached Exhibit 99.1
is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated
by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise
set forth herein or as shall be expressly set forth by specific reference in such a filing.
The information in the attached Exhibit 99.2
shall be deemed to be incorporated by reference into the registration statements on Form S-8 (Registration Numbers 333-261233 and 333-269410)
and Form F-3 (Registration Number 333-268955) of the Company (including any prospectuses forming a part of such registration
statements) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports
subsequently filed or furnished.
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
NYXOAH SA |
|
|
|
Date: May 14, 2024 |
By: |
/s/ Loic Moreau |
|
Name: |
Loic Moreau |
|
Title: |
Chief Financial Officer |
Exhibit 99.1
REGULATED INFORMATION
Nyxoah
Reports First Quarter 2024 Financial and Operating Results
Announced DREAM
U.S. pivotal study achieved primary endpoints
On track for
FDA approval as early as end of 2024
Mont-Saint-Guibert,
Belgium – May 14, 2024 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah”
or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions
to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the first quarter of 2024.
Recent Financial
and Operating Highlights
| · | Reported
the DREAM U.S. pivotal study achieved co-primary endpoints on an intent-to-treat (ITT) basis
and demonstrated similar AHI reductions in supine and non-supine sleep positions. |
| · | The
DREAM study achieved a median AHI reduction of 70.8%, a 12-month AHI responder rate, per
the Sher criteria, of 63.5% (p=0.002) on an ITT basis and a 12-month ODI responder rate of
71.3% (p<0.001) on an ITT basis. |
| · | Preparing
the fourth and final PMA module for submission this quarter. |
| · | Appointed
Dr. Maurits S. Boon, MD as Chief Medical Officer. |
| · | Advanced
patient access strategy through partnership with the American Association of Otolaryngology
– Head & Neck Surgery Foundation (AAO-HNSF). |
| · | Achieved
quarterly sales of €1.2 million with 51 active German accounts. |
| · | Total
cash position of €44.3 million at the end of the quarter. |
“The
DREAM U.S. study achieving its primary endpoints is a pivotal milestone for Nyxoah and further differentiates Genio by demonstrating
similar efficacy in supine and non-supine OSA. With the DREAM data in hand, our U.S. launch preparations are focused on attracting commercial
talent to set us up for success when we introduce Genio,” commented Olivier Taelman, Nyxoah Chief Executive Officer. “With
continued European commercial traction, positive DREAM data and a highly differentiated, patient centric HGNS solution, I could
not be more excited for Nyxoah’s future.”
REGULATED INFORMATION
First
Quarter 2024 Results
CONSOLIDATED
STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS (unaudited)
(in
thousands)
| |
For the
three months ended
March 31, | |
| |
2024 | | |
2023 | |
Revenue | |
€ | 1,221 | | |
€ | 441 | |
Cost of goods sold | |
| (455 | ) | |
| (175 | ) |
Gross profit | |
€ | 766 | | |
€ | 266 | |
Research and Development Expense | |
| (7,199 | ) | |
| (6,157 | ) |
Selling, General and Administrative Expense | |
| (5,972 | ) | |
| (5,551 | ) |
Other income/(expense) | |
| 192 | | |
| 46 | |
Operating loss for the period | |
€ | (12,213 | ) | |
€ | (11,396 | ) |
Financial income | |
| 1
408 | | |
| 625 | |
Financial expense | |
| (991 | ) | |
| (958 | ) |
Loss for the period before taxes | |
€ | (11,796 | ) | |
€ | (11,729 | ) |
Income taxes | |
| (110 | ) | |
| (182 | ) |
Loss for the period | |
€ | (11,906 | ) | |
€ | (11,911 | ) |
| |
| | | |
| | |
Loss attributable to equity holders | |
€ | (11,906 | ) | |
€ | (11,911 | ) |
| |
| | | |
| | |
Other comprehensive income/(loss) | |
| | | |
| | |
Items that may not be subsequently reclassified to profit
or loss (net of tax) | |
| | | |
| | |
Currency translation differences | |
| 60 | | |
| (28 | ) |
Total comprehensive loss for the
year, net of tax | |
€ | (11,846 | ) | |
€ | (11,939 | ) |
Loss attributable to equity holders | |
€ | (11,846 | ) | |
€ | (11,939 | ) |
| |
| | | |
| | |
Basic loss per share (in EUR) | |
€ | (0.415 | ) | |
€ | (0.460 | ) |
Diluted loss per share (in EUR) | |
€ | (0.415 | ) | |
€ | (0.460 | ) |
REGULATED INFORMATION
CONSOLIDATED
STATEMENT OF FINANCIAL POSITION (unaudited)
(in
thousands)
| |
As at | |
| |
March 31
2024 | | |
December 31
2023 | |
ASSETS | |
| | | |
| | |
Non-current assets | |
| | | |
| | |
Property, plant and equipment | |
€ | 4,379 | | |
€ | 4,188 | |
Intangible assets | |
| 48,501 | | |
| 46,608 | |
Right of use assets | |
| 3,597 | | |
| 3,788 | |
Deferred tax asset | |
| 134 | | |
| 56 | |
Other long-term receivables | |
| 1
333 | | |
| 1,166 | |
| |
€ | 57,944 | | |
€ | 55,806 | |
Current assets | |
| | | |
| | |
Inventory | |
| 3,418 | | |
| 3,315 | |
Trade receivables | |
| 2,971 | | |
| 2,758 | |
Other receivables | |
| 3,149 | | |
| 3,212 | |
Other current assets | |
| 1,232 | | |
| 1,318 | |
Financial assets | |
| 22,225 | | |
| 36,138 | |
Cash and cash equivalents | |
| 22,077 | | |
| 21,610 | |
| |
€ | 55,072 | | |
€ | 68,351 | |
Total assets | |
€ | 113,016 | | |
€ | 124,157 | |
| |
| | | |
| | |
EQUITY AND LIABILITIES | |
| | | |
| | |
Capital and reserves | |
| | | |
| | |
Capital | |
| 4,927 | | |
| 4,926 | |
Share premium | |
| 246,188 | | |
| 246,127 | |
Share based payment reserve | |
| 8,440 | | |
| 7,661 | |
Other comprehensive income | |
| 197 | | |
| 137 | |
Retained loss | |
| (172,555 | ) | |
| (160,829 | ) |
Total equity attributable to shareholders | |
€ | 87,197 | | |
€ | 98,022 | |
| |
| | | |
| | |
LIABILITIES | |
| | | |
| | |
Non-current liabilities | |
| | | |
| | |
Financial debt | |
| 8,616 | | |
| 8,373 | |
Lease liability | |
| 2,933 | | |
| 3,116 | |
Pension liability | |
| 22 | | |
| 9 | |
Provisions | |
| 273 | | |
| 185 | |
Deferred tax liability | |
| - | | |
| 9 | |
| |
€ | 11,844 | | |
€ | 11,692 | |
Current liabilities | |
| | | |
| | |
Financial debt | |
| 346 | | |
| 364 | |
Lease liability | |
| 852 | | |
| 851 | |
Trade payables | |
| 7,316 | | |
| 8,108 | |
Current tax liability | |
| 2,091 | | |
| 1,988 | |
Other payables | |
| 3,370 | | |
| 3,132 | |
| |
€ | 13,975 | | |
€ | 14,443 | |
Total liabilities | |
€ | 25,819 | | |
€ | 26,135 | |
Total equity and liabilities | |
€ | 113,016 | | |
€ | 124,157 | |
REGULATED INFORMATION
Revenue
Revenue was €1.2
million for the first quarter ending March 31, 2024, compared to €441,000 for the first quarter ending March 31, 2023.
The increase in revenue was attributable to the Company’s commercialization of the Genio® system, primarily in Germany.
Cost of Goods
Sold
Cost of goods sold
was €455,000 for the three months ending March 31, 2024, representing a gross profit of €0.8 million, or gross margin
of 62.7%. This compares to total cost of goods sold of €175,000 in the first quarter of 2023, for a gross profit of €266,000,
or gross margin of 60.3%.
Research and Development
For the first quarter
ending March 31, 2024, research and development expenses were €7.2 million, versus €6.2 million for the first quarter
ending March 31, 2023.
Operating Loss
Total operating
loss for the first quarter ending March 31, 2024 was €12.2 million versus €11.4 million in the first quarter ending March 31,
2023. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.
Cash Position
As of March 31,
2024, cash and financial assets totaled €44.3 million, compared to €57.7 million on December 31, 2023. Total cash burn
was approximately €4.5 million per month during the first quarter 2024.
First Quarter
2024
Nyxoah’s
financial report for the first quarter 2024, including details of the consolidated results, are available on the investor page of
Nyxoah’s website (https://investors.nyxoah.com/financials).
Conference call
and webcast presentation
A webcast of the
call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah's Q1 2024 earnings
call webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.
REGULATED INFORMATION
If you plan to
ask a question, please use the following link: Nyxoah’s Q1 2024 earnings call. After registering, an email will be sent,
including dial-in details and a unique conference call access code required to join the live call. To ensure you are connected prior
to the beginning of the call, the Company suggests registering a minimum of 10 minutes before the start of the call.
About Nyxoah
Nyxoah is a medical
technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s
lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy
for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular
comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its
fullest.
Following the successful
completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs:
on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study,
Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently
contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA
and US commercialization approval.
For more information,
please visit http://www.nyxoah.com/.
Caution –
CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.
REGULATED INFORMATION
Forward-looking
statements
Certain statements,
beliefs and opinions in this press release are forward-looking, which reflect the Company's or, as appropriate, the Company directors'
or managements' current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio®
system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory
pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of
the Genio® system; and the Company's results of operations, financial condition, liquidity, performance, prospects, growth
and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that
could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks,
uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein.
Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk
Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the
Securities and Exchange Commission (“SEC”) on March 20, 2024, and subsequent reports that the Company files with the
SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance
or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding
past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities
will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained
in this press release, those results or developments may not be indicative of results or developments in future periods. No representations
and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims
any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result
of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements
are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor
any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking
statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained
in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking
statements, which speak only as of the date of this press release.
Contacts:
Nyxoah
David DeMartino,
Chief Strategy Officer
IR@nyxoah.com
Exhibit 99.2
Table
of contents
Table of contents |
1 |
Interim financial report |
2 |
First quarter 2024 |
2 |
1. |
Business
update |
2 |
2. |
FINANCIAL HIGHLIGHTS |
3 |
3. |
2024 OUTLOOK |
4 |
4. |
RISK FACTORS |
4 |
5. |
FORWARD-LOOKING STATEMENTS |
4 |
Unaudited condensed consolidated interim
financial information as at and for the three months ended March 31, 2024 – Interim consolidated statement of financial
position |
5 |
Unaudited condensed consolidated interim
financial information as at and for the three months ended March 31, 2024 - Interim consolidated statements of loss and other
comprehensive loss |
6 |
Unaudited condensed consolidated interim
financial information as at and for the three months ended, March 31 2024 - Interim consolidated statements of changes in equity |
7 |
Unaudited condensed consolidated interim
financial information as at and for the three months ended March 31, 2024 – Interim consolidated statements of cash flows |
8 |
Notes to the unaudited condensed interim
consolidated financial information |
9 |
1. |
General information |
9 |
2. |
Significant accounting policies |
9 |
3. |
Critical accounting estimates and assumptions |
11 |
4. |
Segment reporting |
11 |
5. |
Fair Value |
11 |
6. |
Subsidiaries |
11 |
7. |
Property, Plant and Equipment |
12 |
8. |
Intangible assets |
12 |
9. |
Right of use assets and lease liabilities |
12 |
10. |
Other long-term receivables |
13 |
11. |
Inventory |
13 |
12. |
Trade and Other receivables |
13 |
13. |
Cash and cash equivalents |
14 |
14. |
Financial assets |
14 |
15. |
Capital, Share Premium, Reserves |
14 |
16. |
Share-Based compensation |
16 |
17. |
Financial Debt |
18 |
18. |
Trade payables |
20 |
19. |
Income taxes and deferred taxes |
20 |
20. |
Other payables |
20 |
21. |
Derivatives |
21 |
22. |
Results of operation |
22 |
23. |
Financial income |
24 |
24. |
Financial expense |
24 |
25. |
Loss Per Share (EPS) |
25 |
26. |
Other commitments |
25 |
27. |
Related Party Transactions |
25 |
28. |
Events after the Balance-Sheet Date |
26 |
Responsibility statement |
27 |
Interim
financial report
First
quarter 2024
DREAM US: IDE PIVOTAL STUDY
Nyxoah initiated its pivotal DREAM IDE trial in
the United States in December 2020 to support an application seeking FDA marketing authorization and, ultimately, reimbursement in
the U.S. for bilateral hypoglossal nerve stimulation for the treatment of moderate-to-severe obstructive sleep apnea (“OSA”).
The DREAM trial is a multicenter, prospective, open-label trial in which patients who undergo implantation of the Genio®
system will be followed for five years post-implantation to assess the safety and efficacy of the Genio® system in patients
with moderate-to-severe OSA.
The trial was initially expected to enroll 134
patients who will undergo the implantation procedure with 12-month effectiveness and safety primary endpoints across 18 centers in the
United States and six international sites. In April 2022, the FDA approved the Company’s request to reduce the trial’s
sample size to 115 patients from 134 after reviewing data from the BETTER SLEEP trial (see below).
The primary safety endpoint is incidence of device-related
severe adverse events ("SAEs") at 12-months post implantation. The co-primary effectiveness endpoints are the percentage of
responders with at least a 50% reduction on the apnea-hypopnea index ("AHI") with hypopneas associated with a 4% oxyhemoglobin
desaturation and a remaining AHI with hypopneas associated with a 4% oxyhemoglobin desaturation less than 20, and a 25% reduction on the
oxygen desaturation index ("ODI") between baseline and 12-month visits. Patients with moderate to severe OSA (AHI score between
15 and 65) and aged between 22 and 75 years are eligible for enrolment if they failed, did not tolerate or refused positive airway pressure
("PAP") treatment. Patients with a body mass index above 32 kg/m2, a complete concentric collapse ("CCC") observed
during a drug induced sleep endoscopy and combined central and mixed AHI above 25% at baseline polysomnography are to be excluded.
On March 19th, 2024, the Company
reported the DREAM study met its primary endpoints on an intent-to-treat (ITT) basis, with an Apnea-Hypopnea Index (AHI) responder rate
of 63.5% (p=0.002) and an Oxygen Desaturation Index (ODI) responder rate of 71.3% (p<0.001). Additionally, the study demonstrated a
median 12-month AHI reduction of 70.8%. There were 11 serious adverse events, or SAEs, in ten subjects resulting in an SAE rate of 8.7%.
Out of the 11 SAEs, three were device related and there were three explants. The Company has submitted the first three modules in the
modular premarket approval (PMA) application and anticipates filing the fourth and final module during the second quarter of 2024.
BETTER SLEEP: ACHIEVED PRIMARY ENDPOINT IN
BOTH CCC AND NON-CCC PATIENT COHORTS
In March 2022, the Company attended the World
Sleep Congress in Rome, Italy, and presented data generated from its BETTER SLEEP trial, a multicenter, prospective, open-label,
two-group clinical trial, designed to assess the long-term safety and performance of the Genio® system for the treatment of adult
OSA patients with and without CCC of the soft palate over a period of 36 months post-implantation. The BETTER SLEEP trial included a subgroup
of CCC patients, which is a patient population that is contraindicated for unilateral hypoglossal nerve stimulation.
In the BETTER SLEEP trial, 42 patients were implanted
with the Genio® system, 18 of whom presented with CCC (or 42.9% of the total implanted population) at eight research centers
in Australia. The primary safety endpoint was the incidence of device-related SAEs six months post-implantation. The primary performance
endpoint was achieving at least a 4-point reduction in the apnea-hypopnea index (4% oxygen desaturation, or AHI4) from baseline at six
months for the entire patient cohort. Patients with moderate to severe AHI scores (15 < AHI < 65) and aged between 21 and 75 years
were eligible for enrollment if they failed, refused or did not tolerate PAP treatment. Patients with a body mass index above 32 kg/m2
were excluded.
Three patients in the non-CCC arm and three patients
in the CCC arm did not complete their six-month polysomnography, and as a result, the analysis was calculated based on 36 patients (21
non-CCC and 15 CCC). Of these 36 patients, there were 23 responders (64%), including nine of the 15 CCC patients (60%) and 14 of the 21
non-CCC patients (67%), at six months. The overall reduction was statistically significant with an 11-point reduction (p<0.001), with
statistically significant reductions of 10 points (p=0.001) in the CCC cohort and 11 points (p<0.001) in the non-CCC cohort. In addition,
mean AHI4 reduction exceeded 70% among responders in both CCC and non-CCC cohorts. These results are subject to final review and validation.
With respect to the primary safety endpoint, preliminary
unadjudicated safety data showed four SAEs in three patients during the six-month post-implantation period. Of those, two SAEs in one
patient were reported as device related, one SAE in one patient was reported as procedure and device related, and one SAE in one patient
was reported as unrelated to procedure or device. Final review and adjudication of SAEs and adverse events ("AEs") have not
yet been completed by an independent clinical events committee and as a result the characterization of SAEs or AEs could be subject to
change.
While additional data, including responder rates,
remains subject to ongoing review and continues to be analyzed, the Company observed in the per protocol group a 70% responder rate in
the non-CCC patient subgroup based on the Sher criteria. The per protocol group consisted of 35 patients and excluded five patients from
the mITT analysis population: two of these patients were lost to follow-up, one patient did not comply with the study protocol, and two
patients were removed from the study by the investigator, one for hostility towards staff and one having returned to continuous positive
airway pressure, therapy.
The Company expects to announce additional data
with respect to the trial as further analyses are conducted and seeks to publish the full data set from the trial in a peer-reviewed publication.
There will be no additional enrollment in the BETTER SLEEP trial. However, the Company will continue to monitor patients in the evaluable
patient population and plan to continue evaluating over the course of three years following implantation.
The data generated from this study were used
to expand the Company’s CE mark for the Genio® system to treat patients demonstrating CCC at the soft palate level,
and the first commercial Genio® implants occurred in CCC patients in Germany during the first quarter of 2022.
ACCCESS U.S. IDE STUDY SEEKING APPROVAL TO
TREAT CCC PATIENTS
In the United States, supported by the BETTER
SLEEP study data, the FDA in September 2021 granted Breakthrough Device Designation for the Genio® system in order
to shorten the approval path to treat CCC patients. Following a series of sprint discussions with the FDA regarding the design of a trial
called ACCCESS to assess the safety and efficacy of the Genio® system on CCC patients, the FDA approved the Company’s
IDE application in July 2022.
In this study, Nyxoah will implant up to 106 patients
across up to 40 implant sites with co-primary efficacy endpoints of AHI responder rate, per the Sher criteria, and ODI responder rate,
both assessed at 12 months post-implant. The clinical sites are being activated and the study is enrolling.
B. | EUROPEAN COMMERCIALIZATION |
During the first quarter of 2024, Nyxoah recognized
total revenue of €1.2 million, primarily in Germany. After securing DRG reimbursement in Germany during the first quarter of
2021, Nyxoah built and expanded its German commercial organization to a total of 14 full time employees.
Nyxoah’s commercial strategy is focused
on creating a Center of Excellence ecosystem, with a high level of clinical expertise between implanting ENT surgeons and sleep physicians
who are able to provide more treatment options to their large patient pools. As of 31 March 2024, the Company has activated 51 Tier
1 sites across Germany.
The Company has also focused on entering new European
markets. The Company has secured DRG reimbursement in Switzerland, state reimbursement in Austria, and is awaiting reimbursement decisions
in several other countries. Nyxoah has also generated revenue in Switzerland, Austria, Spain and Italy and the Company expects to expand
into other European countries.
Revenue was €1.2 million for the three
months ending March 31, 2024, compared to €441,000 for the three months ending March 31, 2023 with strong acceleration
in Q1 2024.
Cost of goods sold was €455,000 for the three
months ending March 31, 2024, compared to 175,000 cost for the three months ending March 31, 2023.
Selling, general and administrative expenses increased
by €421,000 or 7.6% from €5.6 million for the three months ended March 31, 2023 to €6.0 million for the
three months ended March 31, 2024, mainly due to an increase of costs to support the commercialization of Genio® system in Europe
and scale up of the Company.
Before capitalization of €2.2 million
of for the three months ended March 31, 2024 and €2.7 million for the three months ended March 31, 2023, research
and development expenses increased by €491,000 or 5.5 % , from €8.9 million for the three months ended March 31,
2023, to €9.4 million for the three months ended March 31, 2024, due to the combined effect of higher manufacturing and
R&D activities and clinical expenses. This increase is mainly in staff and consulting costs and in manufacturing and outsourced development
to support those activities, this increase was partly offset by a decrease in clinical study activities due to Dream Study.
Nyxoah realised a net positive financial result
of €417,000 for the three months ending March 31, 2024 primarily driven by the exchange rate appreciation of dollar versus euro.
This compares to a net negative financial result of €333,000 for the three months ended March 31, 2023.
Nyxoah realized a net loss of €11.9 million
for the three months ended March 31, 2024, compared to a net loss of €11.8 million for the three months ended March 31,
2023
Cash and cash equivalents
On March 31, 2024, cash and cash equivalents
and financial assets totalled €44.3 million, compared to €57.7 million on December 31, 2023. The decrease in financial
assets is due to the use of proceeds from sale of term deposits to support operating activities.
The Company expects to continue ramping up sales
in Germany as well as in other European countries where we are already present.
In the US, the Company plans to file the fourth
and final module in the modular PMA application during the second quarter of 2024, continue to enroll the ACCCESS IDE study for CCC patients
and prepare to enter the US market with regulatory, manufacturing, commercial, and market access readiness.
We refer to the description of risk factors in
the Company's 2023 annual report, pp. 65-86. In summary, the principal risks and uncertainties faced by us relate to our financial situation
and need for additional capital, clinical development of our product candidates, commercialization and reimbursement of our product candidates,
our dependence on third parties and on key personnel, the markets and countries in which we operate, the manufacturing of our product
candidates, legal and regulatory compliance matters, our intellectual property, our organization and operations.
5. | FORWARD-LOOKING STATEMENTS |
This interim management report contains forward-looking
statements. All statements other than present and historical facts and conditions contained in this report, including statements regarding
our future results of operations and financial position, business strategy, plans and our objectives for future operations, are forward-looking
statements. When used in this report, the words “anticipate,” “believe,” “can,” “could,”
“estimate,” “expect,” “intend,” “is designed to,” “may,” “might,”
“plan,” “potential,” “predict,” “objective,” “should,” or the negative of
these and similar expressions identify forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties,
and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Nyxoah’s actual results
may differ materially from those predicted by the forward-looking statements as a result of various important factors, including Nyxoah’s
expectations regarding the inherent uncertainties associated with competitive developments, clinical trial and product development activities
and regulatory approval requirements; Nyxoah’s reliance on collaborations with third parties; estimating the commercial potential
of Nyxoah’s product candidates; Nyxoah’s ability to obtain and maintain protection of intellectual property for its technologies;
Nyxoah’s limited operating history; and Nyxoah’s ability to obtain additional funding for operations and to complete the development
and commercialization of its product candidates. A further list and description of these risks, uncertainties and other risks can be found
in Nyxoah’s 2023 annual report. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking
statements. These forward-looking statements speak only as of the date of publication of this document. Nyxoah expressly disclaims any
obligation to update any such forward-looking statements in this document, to reflect any change in our expectations with regard thereto
or any change in events, conditions or circumstances on which any such statement is based or that may affect the likelihood that actual
results will differ from those set forth in the forward-looking statements, unless specifically required by applicable law or regulation.
Nyxoah
SA
Unaudited
condensed consolidated interim financial information as at and for the three months ended March 31, 2024 – Interim consolidated statement of financial position
(unaudited)
(in thousands)
| |
| | |
As at | |
| |
Notes | | |
March 31 2024 | | |
December 31
2023 | |
ASSETS | |
| | |
| | |
| |
Non-current assets | |
| | | |
| | | |
| | |
Property, plant and equipment | |
| 7 | | |
| 4 379 | | |
| 4 188 | |
Intangible assets | |
| 8 | | |
| 48 501 | | |
| 46 608 | |
Right of use assets | |
| 9 | | |
| 3 597 | | |
| 3 788 | |
Deferred tax asset | |
| | | |
| 134 | | |
| 56 | |
Other long-term receivables | |
| 10 | | |
| 1 333 | | |
| 1 166 | |
| |
| | | |
€ | 57 944 | | |
€ | 55 806 | |
Current assets | |
| | | |
| | | |
| | |
Inventory | |
| 11 | | |
| 3 418 | | |
| 3 315 | |
Trade receivables | |
| 12 | | |
| 2 971 | | |
| 2 758 | |
Other receivables | |
| 12 | | |
| 3 149 | | |
| 3 212 | |
Other current assets | |
| | | |
| 1 232 | | |
| 1 318 | |
Financial assets | |
| 14 | | |
| 22 225 | | |
| 36 138 | |
Cash and cash equivalents | |
| 13 | | |
| 22 077 | | |
| 21 610 | |
| |
| | | |
€ | 55
072 | | |
€ | 68
351 | |
Total assets | |
| | | |
€ | 113
016 | | |
€ | 124
157 | |
| |
| | | |
| | | |
| | |
EQUITY AND LIABILITIES | |
| | | |
| | | |
| | |
Capital and reserves | |
| | | |
| | | |
| | |
Capital | |
| 15 | | |
| 4 927 | | |
| 4 926 | |
Share premium | |
| 15 | | |
| 246 188 | | |
| 246 127 | |
Share based payment reserve | |
| 16 | | |
| 8 440 | | |
| 7 661 | |
Other comprehensive income | |
| 15 | | |
| 197 | | |
| 137 | |
Retained loss | |
| | | |
| (172 555 | ) | |
| (160 829 | ) |
Total equity attributable to shareholders | |
| | | |
€ | 87
197 | | |
€ | 98
022 | |
| |
| | | |
| | | |
| | |
LIABILITIES | |
| | | |
| | | |
| | |
Non-current liabilities | |
| | | |
| | | |
| | |
Financial debt | |
| 17 | | |
| 8 616 | | |
| 8 373 | |
Lease liability | |
| 9 | | |
| 2 933 | | |
| 3 116 | |
Pension liability | |
| | | |
| 22 | | |
| 9 | |
Provisions | |
| | | |
| 273 | | |
| 185 | |
Deferred tax liability | |
| | | |
| - | | |
| 9 | |
| |
| | | |
€ | 11
844 | | |
€ | 11
692 | |
Current liabilities | |
| | | |
| | | |
| | |
Financial debt | |
| 17 | | |
| 346 | | |
| 364 | |
Lease liability | |
| 9 | | |
| 852 | | |
| 851 | |
Trade payables | |
| 18 | | |
| 7 316 | | |
| 8 108 | |
Current tax liability | |
| 19 | | |
| 2 091 | | |
| 1 988 | |
Other payables | |
| 20 | | |
| 3 370 | | |
| 3 132 | |
| |
| | | |
€ | 13
975 | | |
€ | 14
443 | |
Total liabilities | |
| | | |
€ | 25
819 | | |
€ | 26
135 | |
Total equity and liabilities | |
| | | |
€ | 113
016 | | |
€ | 124
157 | |
The accompanying notes are an integral part
of these condensed consolidated interim financial statements.
NYXOAH
SA
Unaudited
condensed consolidated interim financial information as at and for the three months ended March 31, 2024 - Interim consolidated statements of loss and other comprehensive loss
(unaudited)
(in thousands)
| |
| | |
For the three months
ended March 31 | |
| |
Notes | | |
2024 | | |
2023 | |
Revenue | |
| 22 | | |
€ | 1 221 | | |
€ | 441 | |
Cost of goods sold | |
| 22 | | |
| (455 | ) | |
| (175 | ) |
Gross profit | |
| | | |
€ | 766 | | |
€ | 266 | |
Research and Development Expense | |
| 22 | | |
| (7 199 | ) | |
| (6 157 | ) |
Selling, General and Administrative Expense | |
| 22 | | |
| (5 972 | ) | |
| (5 551 | ) |
Other income/(expense) | |
| 22 | | |
| 192 | | |
| 46 | |
Operating loss for the period | |
| | | |
€ | (12 213 | ) | |
€ | (11 396 | ) |
Financial income | |
| 23 | | |
| 1 408 | | |
| 625 | |
Financial expense | |
| 24 | | |
| (991 | ) | |
| (958 | ) |
Loss for the period before taxes | |
| | | |
€ | (11 796 | ) | |
€ | (11 729 | ) |
Income taxes | |
| 19 | | |
| (110 | ) | |
| (182 | ) |
Loss for the period | |
| | | |
€ | (11 906) | | |
€ | (11 911 | ) |
| |
| | | |
| | | |
| | |
Loss attributable to equity holders | |
| | | |
€ | (11 906 | ) | |
€ | (11 911 | ) |
Other comprehensive loss | |
| | | |
| | | |
| | |
Items that may be subsequently reclassified to profit or loss (net of tax) | |
| | | |
| | | |
| | |
Currency translation differences | |
| | | |
| 60 | | |
| (28 | ) |
Total comprehensive loss for the year, net of tax | |
| | | |
€ | (11 846 | ) | |
€ | (11 939 | ) |
Loss attributable to equity holders | |
| | | |
€ | (11 846 | ) | |
€ | (11 939 | ) |
| |
| | | |
| | | |
| | |
Basic Loss Per Share (in EUR) | |
| 25 | | |
€ | (0.415 | ) | |
€ | (0.460 | ) |
Diluted Loss Per Share (in EUR) | |
| 25 | | |
€ | (0.415 | ) | |
€ | (0.460 | ) |
The accompanying notes are an integral part
of these condensed consolidated interim financial statements
NYXOAH
SA
Unaudited
condensed consolidated interim financial information as at and for the three months ended, March 31 2024 - Interim consolidated statements of changes in equity
(unaudited)
(in thousands)
| |
Attributable to owners of the parent | |
| |
Common
shares | | |
Share
premium | | |
Share
based
payment
reserve | | |
Other
comprehensive
income | | |
Retained
loss | | |
Total | |
Balance at January 1, 2024 | |
€ | 4 926 | | |
€ | 246 127 | | |
€ | 7 661 | | |
€ | 137 | | |
€ | (160 829 | ) | |
€ | 98 022 | |
Loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11 906 | ) | |
| (11 906 | ) |
Other comprehensive income for the period | |
| - | | |
| - | | |
| - | | |
| 60 | | |
| - | | |
| 60 | |
Total comprehensive loss for the period | |
| - | | |
| - | | |
| - | | |
€ | 60 | | |
€ | (11 906 | ) | |
€ | (11 846 | ) |
Equity-settled share-based payments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Granted during the period | |
| - | | |
| - | | |
| 959 | | |
| - | | |
| - | | |
| 959 | |
Expired during the period | |
| - | | |
| - | | |
| (126 | ) | |
| - | | |
| 126 | | |
| - | |
Exercised during the period | |
| 1 | | |
| 61 | | |
| (54 | ) | |
| - | | |
| 54 | | |
| 62 | |
Total transactions with owners of the company recognized directly in equity | |
€ | 1 | | |
€ | 61 | | |
€ | 779 | | |
| - | | |
€ | 180 | | |
€ | 1 021 | |
Balance at March 31, 2024 | |
€ | 4
927 | | |
€ | 246
188 | | |
€ | 8
440 | | |
€ | 197 | | |
€ | (172 555 | ) | |
€ | 87 197 | |
| |
Attributable to owners of the parent | |
| |
Common
shares | | |
Share
premium | | |
Share
based
payment
reserve | | |
Other
comprehensive
income | | |
Retained
loss | | |
Total | |
Balance at January 1, 2023 | |
€ | 4
440 | | |
€ | 228
275 | | |
€ | 5
645 | | |
€ | 176 | | |
€ | (118
212 | ) | |
€ | 120
324 | |
Loss for the period | |
| - | | |
| - | | |
| - | | |
| - | | |
| (11
911 | ) | |
| (11 911 | ) |
Other comprehensive loss for the period | |
| - | | |
| - | | |
| - | | |
| (28 | ) | |
| - | | |
| (28 | ) |
Total comprehensive loss for the period | |
| - | | |
| - | | |
| - | | |
€ | (28 | ) | |
€ | (11
911 | ) | |
€ | (11
939 | ) |
Equity-settled share-based payments | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Granted during the period | |
| - | | |
| - | | |
| 1 009 | | |
| - | | |
| - | | |
| 1 009 | |
Expired during the period | |
| - | | |
| - | | |
| (72 | ) | |
| - | | |
| 72 | | |
| - | |
Transaction cost | |
| - | | |
| (267 | ) | |
| - | | |
| - | | |
| - | | |
| (267 | ) |
Issuance of shares for cash | |
| 419 | | |
| 15 480 | | |
| - | | |
| - | | |
| - | | |
| 15 899 | |
Total transactions with owners of the company recognized directly in equity | |
€ | 419 | | |
€ | 15
213 | | |
€ | 937 | | |
| - | | |
€ | 72 | | |
€ | 16
641 | |
Balance at March 31, 2023 | |
€ | 4
859 | | |
€ | 243
488 | | |
€ | 6
582 | | |
€ | 148 | | |
€ | (130
051 | ) | |
€ | 125
026 | |
The accompanying notes are an integral part
of these condensed consolidated interim financial statements.
Nyxoah
SA
Unaudited
condensed consolidated interim financial information as at and for the three months ended March 31, 2024 – Interim
consolidated statements of cash flows
(unaudited)
(in thousands)
| |
| | |
For the three months ended
March 31 | |
| |
Notes | | |
2024 | | |
2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | | |
| | |
Loss before tax for the year | |
| | | |
€ | (11
796 | ) | |
€ | (11
729 | ) |
Adjustments for | |
| | | |
| | | |
| | |
Finance income | |
| | | |
| (1 408 | ) | |
| (625 | ) |
Finance expenses | |
| | | |
| 991 | | |
| 958 | |
Depreciation and impairment of property, plant and equipment and right-of-use assets | |
| 7, 9 | | |
| 370 | | |
| 318 | |
Amortization of intangible assets | |
| 8 | | |
| 240 | | |
| 237 | |
Share-based payment transaction expense | |
| 16 | | |
| 959 | | |
| 1 009 | |
Increase in provisions | |
| | | |
| 101 | | |
| 41 | |
Other non-cash items | |
| | | |
| (244 | ) | |
| (164 | ) |
Cash generated before changes in working capital | |
| | | |
€ | (10
787 | ) | |
€ | (9
955 | ) |
Changes in working capital | |
| | | |
| | | |
| | |
Increase in inventory | |
| 11 | | |
| (102 | ) | |
| (367 | ) |
(Increase)/Decrease in trade and other receivables | |
| 12 | | |
| (767 | ) | |
| 132 | |
Decrease in trade and other payables | |
| 18, 20 | | |
| (549 | ) | |
| (427 | ) |
Cash generated from changes in operations | |
| | | |
€ | (12
205 | ) | |
€ | (10
617 | ) |
Income tax paid | |
| | | |
| (74 | ) | |
| (51 | ) |
Net cash used in operating activities | |
| | | |
€ | (12
279 | ) | |
€ | (10
668 | ) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | | |
| | |
Purchases of property, plant and equipment | |
| 7 | | |
| (254 | ) | |
| (423 | ) |
Capitalization of intangible assets | |
| 8 | | |
| (2 159 | ) | |
| (2 713 | ) |
Purchase of financial assets - current | |
| 14 | | |
| (16 689 | ) | |
| (16 997 | ) |
Proceeds from sale of financial assets - current | |
| 14 | | |
| 30 987 | | |
| 31 383 | |
Interest income on financial assets | |
| | | |
| 753 | | |
| 116 | |
Net cash used in investing activities | |
| | | |
€ | 12
638 | | |
€ | 11
366 | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | | |
| | |
Payment of principal portion of lease liabilities | |
| 9 | | |
| (243 | ) | |
| (200 | ) |
Repayment of other loan | |
| | | |
| (21 | ) | |
| (21 | ) |
Interests paid | |
| | | |
| (8 | ) | |
| (7 | ) |
Proceeds from issuance of shares, net of transaction costs | |
| 15 | | |
| 62 | | |
| 15 632 | |
Other financial costs | |
| | | |
| (43 | ) | |
| (22 | ) |
Net cash used in financing activities | |
| | | |
€ | (253 | ) | |
€ | 15
382 | |
Movement in cash and cash equivalents | |
| | | |
€ | 106 | | |
€ | 16
080 | |
Effect of exchange rates on cash and cash equivalents | |
| | | |
| 361 | | |
| (304 | ) |
Cash and cash equivalents at January 1 | |
| 13 | | |
€ | 21
610 | | |
€ | 17
888 | |
Cash and cash equivalents at March 31 | |
| 13 | | |
€ | 22
077 | | |
€ | 33
664 | |
The accompanying
notes are an integral part of these condensed consolidated interim financial statements.
Nyxoah
SA
Notes
to the unaudited condensed interim consolidated financial information
Nyxoah SA (the “Company”) is a public
listed company with limited liability (naamloze vennootschap/société anonyme) incorporated and operating under the laws
of Belgium and is domiciled in Belgium. The Company is registered with the legal entities register (Brabant Walloon) under enterprise
number 0817.149.675. The Company’s registered office is in Rue Edouard Belin 12, 1435 Mont-Saint-Guibert, Belgium.
The Company is a medical technology company focused
on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea, or OSA. Our lead solution is the Genio®
system, a CE-Marked, patient-centric, minimally invasive, next generation hypoglossal neurostimulations therapy for OSA. OSA is the world’s
most common sleep disordered breathing condition and is associated with increased mortality risk and comorbidities including cardiovascular
diseases, depression and stroke.
The Genio® system is the first neurostimulation
system for the treatment of OSA to include a battery-free and leadless neurostimulator capable of delivering bilateral hypoglossal nerve
stimulation to keep the upper airway open. The product is intended to be used as a second-line therapy to treat moderate to severe OSA
patients who have either not tolerated, failed or refused conventional therapy, including Continuous Positive Airway Pressure, or CPAP,
which, despite its proven efficacy, is associated with many limitations, meaning compliance is a serious challenge. In addition, other
second-line treatments are more suitable to treat mild to moderate OSA (such as oral devices) or highly invasive. Compared to other hypoglossal
nerve stimulation technologies for the treatment of OSA, the Genio® system is a disruptive, differentiating technology
that targets a clear unmet medical need thanks to its minimally invasive and quick implantation technique, its external battery and its
ability to stimulate the two branches of the hypoglossal nerve.
Obstructive sleep apnea is the world’s most
common sleep disordered breathing condition. OSA occurs when the throat and tongue muscles and soft tissues relax and collapse. It makes
a person stop breathing during sleep, while the airway repeatedly becomes partially (hypopnea) or completely (apnea) blocked, limiting
the amount of air that reaches the lungs. During an episode of apnea or hypopnea, the patient’s oxygen level drops, which leads
to sleep interruptions.
Nyxoah SA has four wholly owned subsidiaries:
Nyxoah Ltd, a subsidiary of the Company since October 21, 2009 (located in Israel and incorporated on January 10, 2008 under
the name M.L.G. Madaf G. Ltd), Nyxoah Pty Ltd since February 1, 2017 (located in Australia) and Nyxoah Inc. since May 14,
2020 (located in the USA) and Nyxoah GmbH since July 26, 2023 (located in Germany).
The interim condensed consolidated financial statements
of Nyxoah SA and its subsidiaries (collectively, the Group) as of March 31, 2024 and for the three months ended March 31, 2024,
have been authorized for issue on May 14, 2024 by the Board of Directors of the Company.
| 2. | Significant accounting policies |
Basis of Preparation of the interim condensed consolidated financial
statements
The Company’s interim condensed consolidated
financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“IFRS”),
as issued by the International Accounting Standards Board (IASB) and as endorsed by the European Union. They do not include all the information
required for complete annual financial statements and should be read in conjunction with the Company’s last annual consolidated
financial statements as at and for the year ended December 31, 2023. In order to be consistent with the current period’s presentation,
an immaterial correction has been made to certain comparatives on the face of the consolidated statement of financial position. Accrued
expenses of € 1.9 million have been reclassified from Other payables to Trade payables since these balances are similar in nature
to Invoices to be received that are already presented as Trade payables. We refer to note 18 and 20.
Except for the application of standards, interpretations
and amendments being mandatory as of January 1, 2024, the accounting policies used for the preparation of the interim condensed consolidated
financial statements are consistent with those used for the preparation of the Company’s annual consolidated financial statements
as of and for the year ended December 31, 2023.
The consolidated financial statements are presented
in thousands of Euros (€) and all values are rounded to the nearest thousands, except when otherwise indicated (e.g. € million).
The preparation of the interim condensed consolidated
financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in
the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, are areas
where assumptions and estimates are significant to the consolidated financial statements. The critical accounting estimates used in the
preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Company’s
annual consolidated financial statements as of and for the year ended December 31, 2023.
Going concern principle
The Company has consistently operated with deficits
and sustained negative cash flows since its inception as a result of the significant research and development expenses incurred for the
development and regulatory approval of the Genio device. As of March 31, 2024, the Company’s statement of financial position
includes an accumulated loss of € 172.6 million and total assets of €113.0 million. Current assets as of March 31,
2024 total € 55.1 million, comprising €22.1 million in available cash and cash equivalents, and € 22.2 million
in marketable securities, primarily derived from previous public offerings.
The Company’s current operating plan indicates
that it will continue to incur losses from operations and generate negative cash flows from operating activities given ongoing expenditures
related to the completion of its clinical trials only partially offset by the Company’s revenue generating activities outside the
U.S., these were €1.2 million in the first quarter of 2024 in the EU. Substantial revenue generation is expected to start following
the launch of the Genio product in the U.S., which is dependent on obtaining marketing authorization in the United States for the Genio
product from the FDA.
The Company projects that its existing cash and
cash equivalents and marketable securities should be sufficient to fund operations until the beginning of the fourth quarter of 2024.
To meet the Company’s future working capital needs, management is actively exploring different financing avenues, including the
public or private issuance of equity and debt financing. Additional funds are pivotal for diverse activities, in particular to launch
the Genio product in the U.S. and the ongoing progression of research and development projects. This raises, however, a material uncertainty
in respect of going concern as the current funds are not sufficient to cover a period of 12 months as from the date these financials are
authorized for issuance.
Although the additional funds have not been raised
yet, given the positive outcome from the DREAM trial, the Company is confident that raising sufficient funding to continue its operations
for at least 12 months following the date these financials are authorized for issuance should not pose significant challenges.
The Unaudited Interim Condensed Consolidated Financial
Statements have therefore been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of
liabilities in the normal course of business.
New and amended standards and interpretations applicable
Effective for the annual
periods beginning on January 1, 2024
The Group has not early adopted any standard,
interpretation or amendment that has been issued but is not yet effective.
Several amendments and interpretations apply for
the first time in 2024, but do not have an impact on the interim condensed consolidated financial statements of the Company:
| - | Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures : Supplier Finance
Arrangements (applicable for annual periods beginning on or after January 1, 2024) |
| - | Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (applicable for annual periods beginning
on or after January 1, 2024) |
| - | Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or
Non-current and Non-current Liabilities with Covenants (applicable for annual periods beginning on or after January 1, 2024) |
| 3. | Critical accounting estimates and assumptions |
The preparation of interim financial statements
in accordance with IFRS requires management to make judgments, estimates and assumptions that may significantly affect the reported amounts
of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period.
Refer to the disclosure note 5 from the Group’s
2023 year-end consolidated financial statements for further details about the main critical accounting estimates and assumptions.
Based on the organizational structure, as well
as the nature of financial information available and reviewed by the Company’s chief operating decision makers to assess performance
and make decisions about resource allocations, the Company has concluded that its total operations represent one reportable segment. The
chief operating decision maker is the CEO.
The carrying amount of cash and cash equivalents,
trade receivables, other receivables, other current assets and financial assets approximate their value due to their short-term character.
The carrying value of current liabilities approximates
their fair value due to the short-term character of these instruments. The fair value of non-current liabilities (financial debt and other
non-current liabilities), excluding the derivative financial liabilities, is evaluated based on their interest rates and maturity date.
These instruments have fixed interest rates and their fair value measurements are subject to changes in interest rates. The fair value
measurement is classified as level 3.
The derivative financial liabilities and assets
which consist of foreign currency swaps are measured at fair value through profit and loss. Fair value is determined by the financial
institution and is based on foreign currency swap rates and the maturity of the instrument.
| |
Carrying value | | |
Fair value | |
(in EUR 000) | |
As at March
31, 2024 | | |
As at
December 31,
2023 | | |
As at March
31, 2024 | | |
As at
December 31,
2023 | |
Financial Assets | |
| | | |
| | | |
| | | |
| | |
Other long-term receivables (level 3) | |
| 1 333 | | |
| 1 166 | | |
| 1 333 | | |
| 1 166 | |
Trade and other receivables (level 3) | |
| 6 002 | | |
| 5 627 | | |
| 6 002 | | |
| 5 627 | |
Foreign currency swaps (level 2) | |
| 118 | | |
| 343 | | |
| 118 | | |
| 343 | |
Other current assets (level 3) | |
| 1 232 | | |
| 1 318 | | |
| 1 232 | | |
| 1 318 | |
Cash and cash equivalents (level 1) | |
| 22 077 | | |
| 21 610 | | |
| 22 077 | | |
| 21 610 | |
Financial assets (level 1) | |
| 22 225 | | |
| 36 138 | | |
| 22 225 | | |
| 36 138 | |
| |
Carrying value | | |
Fair value | |
(in EUR 000) | |
As at March
31, 2024 | | |
As at
December 31,
2023 | | |
As at March
31, 2024 | | |
As at
December 31,
2023 | |
Financial liabilities | |
| | | |
| | | |
| | | |
| | |
Financial debt (level 3) | |
| 41 | | |
| 63 | | |
| 40 | | |
| 60 | |
Foreign currency swaps (level 2) | |
| 177 | | |
| 90 | | |
| 177 | | |
| 90 | |
Recoverable cash advances (level 3) | |
| 8 921 | | |
| 8 674 | | |
| 8 921 | | |
| 8 674 | |
Trade and other payables (level 1 and 3) | |
| 10 509 | | |
| 11 150 | | |
| 10 509 | | |
| 11 150 | |
For all periods that are mentioned in this report,
the Company owns 100% of the shares of Nyxoah LTD, an Israeli company located in Tel-Aviv that was incorporated in 2009 and has a share
capital of NIS 1.00.
The Company also owns 100% of the shares of Nyxoah
PTY LTD, an Australian Company located in Collingwood that was incorporated in 2017 and has a share capital of AUD 100.
The Company also owns 100% of the shares of Nyxoah
Inc, an US-based company located in Delaware that was incorporated in May 2000 and has a share capital of USD 1.00.
The Company also owns 100% of the shares of Nyxoah
GmbH, a German company located in Eschborn that was acquired in July 2023 and has a share capital of EUR 25 000.
| 7. | Property, Plant and Equipment |
The total acquisitions for the three months ended
March 31, 2024 amount to €254,000 (2023: €423,000) and were mainly related to the US production line under construction
and laboratory equipment.
The cost of property, plant and equipment at March 31,
2024 includes a correction of the tax incentive in Belgium on the investments of 2023 for an amount of €91,000. We refer to note
22.
The depreciation charge amounts to €154,000
in 2024 and to €136,000 in 2023 for the three months ended March 31.
(in EUR 000) | |
Development
cost | | |
Patents and
licenses | | |
Total | |
Cost | |
| | | |
| | | |
| | |
Opening value at January 1, 2023 | |
| 41 073 | | |
| 591 | | |
| 41 664 | |
Additions | |
| 2 713 | | |
| - | | |
| 2 713 | |
Cost at March 31, 2023 | |
| 43 786 | | |
| 591 | | |
| 44 377 | |
Opening value at January 1, 2024 | |
| 48 671 | | |
| 591 | | |
| 49 262 | |
Additions | |
| 2 134 | | |
| - | | |
| 2 134 | |
Cost at March 31, 2024 | |
| 50 805 | | |
| 591 | | |
| 51 396 | |
Amortization | |
| | | |
| | | |
| | |
Opening amortization at January 1, 2023 | |
| (1 608 | ) | |
| (85 | ) | |
| (1 693 | ) |
Amortization | |
| (227 | ) | |
| (10 | ) | |
| (237 | ) |
Amortization at March 31, 2023 | |
| (1 835 | ) | |
| (95 | ) | |
| (1 930 | ) |
Opening amortization at January 1, 2024 | |
| (2 528 | ) | |
| (127 | ) | |
| (2 655 | ) |
Amortization | |
| (229 | ) | |
| (11 | ) | |
| (240 | ) |
Amortization at March 31, 2024 | |
| (2 757 | ) | |
| (138 | ) | |
| (2 895 | ) |
Net book value at March 31, 2023 | |
| 41 951 | | |
| 496 | | |
| 42 447 | |
Net book value at March 31, 2024 | |
| 48 048 | | |
| 453 | | |
| 48 501 | |
There is only one development project: The Genio®
system. The Company started amortizing the first-generation Genio® system in 2021. The amortization amounted to €240,000
for the three months ended March 31, 2024 (2023: €237,000) and is included in research and development expense.
The Company continues to incur in 2024 development
expenses with regard to the improved second-generation Genio® system and clinical trials to obtain additional regulatory
approvals in certain countries or to be able to sell the Genio® System in certain countries. The total capitalized development
expenses amounted to €2.1 million and €2.7 million for the three months ended March 31, 2024, and 2023, respectively.
The total amount of capitalization of intangible assets in the interim consolidated statements of cash flows is higher than the additions
due to the tax incentive relating to investments of 2024 amounting to €25,000. We refer to note 22 for more details.
| 9. | Right of use assets and lease liabilities |
For the three months ended March 31, 2024,
the Company did enter into new lease agreements for €34,000 (2023: €68,000). The repayments of lease liabilities amounted to
€206,000 (2023: €171,000). The depreciations on the right of use assets amounted to €215,000 and €182,000 for the
three months ended March 31, 2024, and 2023, respectively.
| 10. | Other long-term receivables |
The other long-term receivables mainly consist
of cash guarantees for an amount of €387,000 (2023: €167,000) and an R&D tax incentive in Belgium for an amount of €0.9
million (2023: €1,0 million) related to certain development activities and clinical trials. The Company recognizes the research and
development incentive as a long-term receivable and as a deduction from the carrying amount of the (in)tangible asset.
The R&D tax incentive recorded as at March 31,
2024 relates to 2022, 2023 and 2024 investments both on tangible and intangible assets. The incentives are expected to be received 5 years
after the investments are made. The long-term receivable as at March 31, 2024 also includes a correction of the R&D tax incentive
in Belgium on the investments of 2023. We refer to note 22.
| |
As at | |
(in EUR 000) | |
March 31, 2024 | | |
December 31, 2023 | |
Raw materials | |
| 1 449 | | |
| 1 329 | |
Work in progress | |
| 1 592 | | |
| 1 530 | |
Finished goods | |
| 377 | | |
| 456 | |
Total Inventory | |
| 3 418 | | |
| 3 315 | |
The increase in inventory is due to increasing
activities to prepare for the commercialization in US and further scale-up of the commercialization in EU in 2024.
| 12. | Trade and Other receivables |
| |
As at | |
(in EUR 000) | |
March 31, 2024 | | |
December 31, 2023 | |
Trade receivables | |
| 2 971 | | |
| 2 758 | |
R&D incentive receivable (Australia) | |
| 887 | | |
| 723 | |
VAT receivable | |
| 781 | | |
| 850 | |
Current tax receivable | |
| 840 | | |
| 808 | |
Foreign currency swaps | |
| 118 | | |
| 343 | |
Other | |
| 523 | | |
| 488 | |
Total trade and other receivables | |
| 6 120 | | |
| 5 970 | |
The increase of €150,000 in trade and other
receivables is mainly due to an increase in trade receivables by €213,000, an increase in R&D incentive receivable by €164,000
and an increase in other receivables by €35,000. The other receivables as of March 31, 2024 include the prepayment to the American
Academy of Otolaryngology (AAO). We refer to note 26. This increase was partly offset by a decrease in foreign currency swaps by €225,000.
The Company can include unbilled receivables in
its accounts receivable balance. Generally, these receivables represent earned revenue from products delivered to customers, which will
be billed in the next billing cycle. All amounts are considered collectible and billable. As at December 31, 2023 and March 31,
2024, there were no unbilled receivables included in the trade receivables.
R&D incentive receivables relates to incentives
received in Australia as support to the clinical trials and the development of the Genio® system.
The current tax receivable relates to excess payment
of corporate income tax in US and in Belgium.
We refer to note 21 for more details on the foreign
currency swaps.
| 13. | Cash and cash equivalents |
| |
| As at | |
(in EUR 000) | |
| March 31,
2024 | | |
| December 31,
2023 | |
Short term deposit | |
| 14 151 | | |
| 9 158 | |
Current accounts | |
| 7 926 | | |
| 12 452 | |
Total cash and cash equivalents | |
| 22 077 | | |
| 21 610 | |
Cash and cash equivalents increased to €22.1 million
as at March 31, 2024, compared to €21.6 million as at December 31, 2023 with an increase of short term deposits by
€5.0 million which is partially offset by a decrease of current accounts by €4.5 million. The short term deposits
relate to term accounts with an initial maturity of less than 3 months measured at amortized costs.
Current financial assets relate to term accounts
with an initial maturity longer than 3 months but less than 12 months measured at amortized costs.
In 2024, the Company entered into USD term deposits
and US Treasury bills for a total amount $US 11.0 million (€10.2 million) and €6.5 million. During the period ended as at March 31,
2024, $US 28.4 million (€26.0 million) and €5.0 million reached maturity and is subsequently held as cash.
As per March 31, 2024, the current financial
assets consists of $US 17.0 million (€15.7 million), which could generate a foreign currency exchange gain or loss in the financial
results in accordance with the fluctuations of the USD/EUR exchange rate as the Company’s functional currency is EUR, and €6.5
million. The total amount of term deposits as per March 31, 2024, amounts to €22.2 million.
| 15. | Capital, Share Premium, Reserves |
| 15.1. | Capital and share premium |
The number of shares and the par value in the
paragraph below take into account resolutions adopted by the shareholders’ meeting of February 21, 2020. All existing preferred
shares were converted into common shares, and then a share split of 500:1 was approved by the shareholders’ meeting. The tables
and comments below reflect the number of shares after the share split of 500:1 as of January 1, 2020.
As part of the IPO on September 21, 2020,
the Company incurred direct-attributable transaction costs of €6.5 million which have been deducted from the share premium.
As part of the IPO on July 7, 2021, the Company
incurred direct-attributable transaction costs of €7.6 million which have been deducted from the share premium.
As of March 31, 2024, the share capital of
the Company amounts to €4.9 million represented by 28,682,635 shares, and the share premium amounts to €260.7 million (before
deduction of the transaction costs).
Evolution of the share capital and share premium
over the three months ended March 31, 2024 and 2023:
(Number of shares except otherwise stated) | |
Common
shares | | |
Total of
shares | | |
Par value
(EUR) | | |
Share
capital (in
EUR 000) | | |
Share
premium
(in EUR
000) | |
January 1, 2023 | |
| 25 846 279 | | |
| 25 846 279 | | |
| 0.17 | | |
| 4 440 | | |
| 242 440 | |
March 29, 2023 - Capital increase in cash | |
| 393 162 | | |
| 393 162 | | |
| 0.17 | | |
| 68 | | |
| 2 481 | |
March 30, 2023 - Capital increase in cash | |
| 2047 544 | | |
| 2047 544 | | |
| 0.17 | | |
| 351 | | |
| 12 999 | |
March 31, 2023 | |
| 28 286 985 | | |
| 28 286 985 | | |
| 0.17 | | |
| 4 859 | | |
| 257 920 | |
April 17, 2023 - Capital increase in cash | |
| 375 000 | | |
| 375 000 | | |
| 0.17 | | |
| 65 | | |
| 2 651 | |
July 14, 2023 - Exercise warrants | |
| 2 000 | | |
| 2 000 | | |
| 0.17 | | |
| - | | |
| 10 | |
August 29, 2023 - Exercise warrants | |
| 10 000 | | |
| 10 000 | | |
| 0.17 | | |
| 2 | | |
| 50 | |
December 31, 2023 | |
| 28 673 985 | | |
| 28 673 985 | | |
| 0.17 | | |
| 4 926 | | |
| 260 631 | |
March 6, 2024 - Exercise warrants | |
| 8 650 | | |
| 8 650 | | |
| 0.17 | | |
| 1 | | |
| 61 | |
March 31, 2024 | |
| 28 682 635 | | |
| 28 682 635 | | |
| 0.17 | | |
| 4 927 | | |
| 260 692 | |
On March 29, 2023, the Company issued 393,162 new shares for an aggregate capital increase of €2.5 million (including share
premium). The Company raised $2.8 million in gross proceeds pursuant to the Company’s $50 million at-the-market ("ATM")
program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the
sale. The shares were purchased by historical Nyxoah shareholder Cochlear Limited, and the proceeds will be used for general corporate
purposes.
On March 30, 2023, the Company raised €13.35
million private placement financing from the sale of 2,047,544 new ordinary shares at a price per share of €6.52 (approximately U.S.
$7.10 at current exchange rates), the closing price on Euronext Brussels on March 23, 2023. Gross proceeds total €13.35 million
(approximately U.S. $15 million at current exchange rates) and will be used for general corporate purposes.
On April 17, 2023, the Company issued 375,000
new shares for an aggregate capital increase of €2.7 million (including share premium). The Company raised $3.0 million in gross
proceeds pursuant to the Company’s $50 million at-the-market ("ATM") program established on December 22, 2022 at
an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. The proceeds will be used for general corporate
purposes.
As part of above capital increases, the Company
incurred direct-attributable transaction costs of €340,000 which have been deducted from the share premium. The proceeds from the
capital increase net of transaction costs amounted to €18.3 million.
On July 14, 2023, pursuant to the exercise
of warrants, the Company issued 2,000 new shares for an aggregate capital increase of €10,000 (including share premium).
On August 29, 2023, pursuant to the exercise
of warrants, the Company issued 10,000 new shares for an aggregate capital increase of €52,000 (including share premium).
On March 6, 2024, pursuant to the exercise
of warrants, the Company issued 8,650 new shares for an aggregate capital increase of €62,000 (including share premium).
The reserves include the share-based payment reserve
(see note 16), other comprehensive income and the retained loss. Retained loss is comprised of primarily accumulated losses, other comprehensive
income is comprised of currency translation reserves and remeasurements of post-employment benefit obligations.
The movement in other comprehensive income for
the three months ended March 31, 2024 and 2023 is detailed in the table below:
(in EUR 000) | |
Currency translation reserve | | |
Post- employment benefit obligations | | |
Total | |
Opening value at January 1, 2023 | |
| 174 | | |
| 2 | | |
| 176 | |
Currency translation differences | |
| (28 | ) | |
| - | | |
| (28 | ) |
Total other comprehensive income at March 31, 2023 | |
| 146 | | |
| 2 | | |
| 148 | |
Opening value at January 1, 2024 | |
| 54 | | |
| 83 | | |
| 137 | |
Currency translation differences | |
| 60 | | |
| - | | |
| 60 | |
Total other comprehensive income at March 31, 2024 | |
| 114 | | |
| 83 | | |
| 197 | |
| 16. | Share-Based compensation |
Equity-settled share-based payment transactions
As of March 31, 2024, the Company has four
outstanding equity-settled share-based incentive plans, including (i) the 2018 warrants plan (the 2018 Plan), (ii) the 2020
warrants plan (the 2020 Plan), (iii) the 2021 warrants plan (the 2021 plan) and (iv) the 2022 warrants plan (the 2022 plan).
The Company had an extraordinary shareholders’ meeting on February 21, 2020 where it was decided to achieve a share split in
a ratio of 500:1. Per warrant issued before February 21, 2020, 500 common shares will be issuable. For presentation purposes the
tables and comments below reflect the number of shares the warrants give right to across all plans.
In accordance with the terms of the various plans,
all warrants that had not yet vested before, vested on September 7, 2020, i.e. ten business days prior to the closing of the IPO
on September 21, 2020.
Number of shares (after share split) warrants give right to across all plans | |
| 2024 | | |
| 2023 | |
Outstanding at January 1 | |
| 1 635 606 | | |
| 1 416 490 | |
Granted | |
| 300 250 | | |
| 200 862 | |
Forfeited | |
| (1 375 | ) | |
| (41 375 | ) |
Exercised | |
| (11
650 | ) | |
| - | |
Expired | |
| (34 850 | ) | |
| (21 250 | ) |
Outstanding as at March 31 | |
| 1 887 981 | | |
| 1 554 727 | |
Exercisable as at March 31 | |
| 1 183 113 | | |
| 875 663 | |
On February 1, 2024, 300,250 warrants were
granted from the 2022 plan. As of March 31, 2024, a total number of 11,650 warrants have been exercised. For 8,650 exercised warrants,
the related shared were issued in March 2024, for 3,000 warrants, the shared were issued in April 2024.
The following tables provide the input to the
Black-Scholes model for warrants granted in 2018, 2020, 2021, 2022, 2023 and 2024 related to the 2016 warrant plan, the 2018 warrant plan,
the 2020 warrant plan, the 2021 warrant plan and the 2022 warrant plan. The tables and notes uses as a basis, the number of shares the
warrants give right to across all plans.
| |
Plan 2016 (grant 2018) | | |
Plan 2018 (grant 2018) | | |
Plan 2018 (grant 2020) | | |
Plan 2020 (grant 2020) | | |
Plan 2021 (grant Sept 17 2021) | |
Return Dividend | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 66.92 | % | |
| 56.32 | % | |
| 56.32 | % | |
| 56.32 | % | |
| 51.30 | % |
Risk-free interest rate | |
| 0.35 | % | |
| -0.20 | % | |
| -0.20 | % | |
| -0.20 | % | |
| -0.36 | % |
Expected life | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | |
Exercise price | |
| 5.17 | | |
| 6.52 | | |
| 11.94 | | |
| 11.94 | | |
| 25.31 | |
Stock price | |
| 1.09 | | |
| 10.24 | | |
| 10.20 | | |
| 10.20 | | |
| 25.75 | |
Fair value | |
| 0.10 | | |
| 5.30 | | |
| 3.31 | | |
| 3.31 | | |
| 9.22 | |
| |
Plan 2021 (grant Oct 27 2021) | | |
Plan 2021 (grant Feb 21 2022) | | |
Plan 2021 (grant Feb 21 2022) | | |
Plan 2021 (grant Feb 21 2022) | | |
Plan 2021 (grant May 14 2022) | |
Return Dividend | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 51.50 | % | |
| 49.80 | % | |
| 49.80 | % | |
| 49.80 | % | |
| 49.80 | % |
Risk-free interest rate | |
| -0.18 | % | |
| 0.37 | % | |
| 0.37 | % | |
| 0.50 | % | |
| 1.06 | % |
Expected life | |
| 3 | | |
| 3 | | |
| 3 | | |
| 4 | | |
| 3 | |
Exercise price | |
| 25.31 | | |
| 17.76 | | |
| 25.31 | | |
| 17.76 | | |
| 13.82 | |
Stock price | |
| 20.50 | | |
| 17.50 | | |
| 17.50 | | |
| 17.50 | | |
| 13.82 | |
Fair value | |
| 5.94 | | |
| 6.05 | | |
| 4.15 | | |
| 6.90 | | |
| 4.94 | |
| |
Plan 2021 (grant June 8 2022) | | |
Plan 2021 (grant Aug 8 2022) | | |
Plan 2021 (grant Aug 8 2022) | | |
Plan 2021 (grant March 24 2023 | | |
Plan 2021 (grant April 12 2023) | |
Return Dividend | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 52.60 | % | |
| 53.71 | % | |
| 53.97 | % | |
| 52.00 | % | |
| 52.00 | % |
Risk-free interest rate | |
| 1.60 | % | |
| 1.39 | % | |
| 1.45 | % | |
| 3.20 | % | |
| 3.24 | % |
Expected life | |
| 3 | | |
| 3 | | |
| 4 | | |
| 3 | | |
| 3 | |
Exercise price | |
| 12.95 | | |
| 9.66 | | |
| 9.66 | | |
| 5.42 | | |
| 6.36 | |
Stock price | |
| 13.34 | | |
| 9.75 | | |
| 9.75 | | |
| 6.70 | | |
| 7.08 | |
Fair value | |
| 5.21 | | |
| 3.79 | | |
| 4.32 | | |
| 3.09 | | |
| 3.04 | |
| |
Plan 2021 (grant June 14 2023) | | |
Plan 2022 (grant June 14 2023) | | |
Plan 2022 (grant Oct 20 2023) | | |
Plan 2022 (grant Feb 01 2024) | |
Return Dividend | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 51.28 | % | |
| 51.28 | % | |
| 50.00 | % | |
| 62.20 | % |
Risk-free interest rate | |
| 3.36 | % | |
| 3.36 | % | |
| 3.55 | % | |
| 2.63 | % |
Expected life | |
| 3 | | |
| 3 | | |
| 3 | | |
| 3 | |
Exercise price | |
| 7.19 | | |
| 7.19 | | |
| 5.92 | | |
| 5.24 | |
Stock price | |
| 7.10 | | |
| 7.10 | | |
| 5.60 | | |
| 9.96 | |
Fair value | |
| 2.75 | | |
| 2.75 | | |
| 2.07 | | |
| 6.26 | |
On March 24, 2023, the Company reduced the
exercise price of 75% of the warrants previously granted to warrant holders under the 2021 Warrants Plan to 5.42 EUR to reflect the decrease
in the company’s share price. For the remaining 25% of the warrants previously granted under the 2021 Warrants Plan, the exercise
price will remain unchanged. All other terms and conditions of the re-priced warrants remain unchanged to the original option agreement.
The Company determined the fair value of the options at the date of the modification (March 24, 2023). The incremental fair value
of the re-priced warrants will be recognised as an expense over the period from the modification date to the end of the vesting period.
For the warrants already vested at the date of modification, the incremental fair value is fully recognised in P&L at date of modification.
The expense for the original option grant will continue to be recognised as if the terms had not been modified.
The fair value of the modified warrants was determined
using the same models and principles as described above, with the following model inputs:
| |
Plan 2021 (grant Sept 17 2021) | | |
Plan 2021 (grant Oct 27 2021) | | |
Plan 2021 (grant Feb 21 2022) | | |
Plan 2021 (grant Feb 21 2022) | |
Return Dividend | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 52.00 | % | |
| 52.00 | % | |
| 52.00 | % | |
| 52.00 | % |
Risk-free interest rate | |
| 3.25 | % | |
| 3.25 | % | |
| 3.17 | % | |
| 3.36 | % |
Expected life | |
| 2 | | |
| 2 | | |
| 2 | | |
| 2 | |
Exercise price | |
| 5.42 | | |
| 5.42 | | |
| 5.42 | | |
| 5.42 | |
Stock price | |
| 6.68 | | |
| 6.68 | | |
| 6.68 | | |
| 6.68 | |
Fair value | |
| 2.48 | | |
| 2.52 | | |
| 2.67 | | |
| 2.49 | |
Incremental Fair value | |
| 2.38 | | |
| 2.40 | | |
| 2.23 | | |
| 2.38 | |
| |
Plan 2021 (grant Feb 21 2022) | | |
Plan 2021 (grant May 14 2022) | | |
Plan 2021 (grant Aug 8 2022) | | |
Plan 2021 (grant Aug 8 2022) | |
Return Dividend | |
| 0 | % | |
| 0 | % | |
| 0 | % | |
| 0 | % |
Expected volatility | |
| 52.00 | % | |
| 52.00 | % | |
| 52.00 | % | |
| 52.00 | % |
Risk-free interest rate | |
| 3.03 | % | |
| 3.13 | % | |
| 3.13 | % | |
| 2.98 | % |
Expected life | |
| 3 | | |
| 2 | | |
| 3 | | |
| 4 | |
Exercise price | |
| 5.42 | | |
| 5.42 | | |
| 5.42 | | |
| 5.42 | |
Stock price | |
| 6.68 | | |
| 6.68 | | |
| 6.68 | | |
| 6.68 | |
Fair value | |
| 3.05 | | |
| 2.75 | | |
| 2.87 | | |
| 3.21 | |
Incremental Fair value | |
| 2.23 | | |
| 1.92 | | |
| 1.28 | | |
| 1.19 | |
The Company has recognized €1.0 million
share-based payment expense for the three months ended March 31, 2024 (2023: €1.0 million) of which €44,000 is related
to the incremental fair value of the re-priced warrants.
Financial debt consists of recoverable cash advances
and other loans. Related amounts can be summarized as follows:
| |
As at | |
(in EUR 000) | |
March 31,
2024 | | |
December 31,
2023 | |
Recoverable cash advances - Non-current | |
| 8 616 | | |
| 8 373 | |
Recoverable cash advances - Current | |
| 305 | | |
| 301 | |
Total Recoverable cash advances | |
| 8 921 | | |
| 8 674 | |
Other loan - Current | |
| 41 | | |
| 63 | |
Total Other loan | |
| 41 | | |
| 63 | |
Non-current | |
| 8 616 | | |
| 8 373 | |
Current | |
| 346 | | |
| 364 | |
Total Financial Debt | |
| 8 962 | | |
| 8 737 | |
Financial debt related to recoverable cash
advances
Recoverable cash advances received
As at March 31, 2024, the details of recoverable
cash advances received can be summarized as follows:
(in EUR 000) | |
Contractual
advances | | |
Advances
received | | |
Fixed
reimbursements* | | |
Variable
reimbursements* | |
Sleep apnea device (6472) | |
| 1 600 | | |
| 1 600 | | |
| 588 | | |
| 7 | |
First articles (6839) | |
| 2 160 | | |
| 2 160 | | |
| 561 | | |
| 11 | |
Clinical trial (6840) | |
| 2 400 | | |
| 2 400 | | |
| 360 | | |
| 13 | |
Activation chip improvements (7388) | |
| 1 467 | | |
| 1 467 | | |
| 66 | | |
| 18 | |
Total | |
| 7 627 | | |
| 7 627 | | |
| 1 575 | | |
| 49 | |
* Excluding interests
During the three months ended March 31, 2024,
the Company made no reimbursements and did not receive any new amounts.
Based on expected timing of sales and after discounting,
the financial debt related to the recoverable cash advances is as follows:
| |
As at | |
(in EUR 000) | |
March 31,
2024 | | |
December 31,
2023 | |
Contract 6472 | |
| 1 677 | | |
| 1 629 | |
Contract 6839 | |
| 2 355 | | |
| 2 290 | |
Contract 6840 | |
| 2 896 | | |
| 2 818 | |
Contract 7388 | |
| 1 993 | | |
| 1 937 | |
Total recoverable cash advances | |
| 8 921 | | |
| 8 674 | |
Non-current | |
| 8 616 | | |
| 8 373 | |
Current | |
| 305 | | |
| 301 | |
Total recoverable cash advances | |
| 8 921 | | |
| 8 674 | |
The amounts recorded under “Current”
caption correspond to the sales-independent amounts (fixed repayment) and sales-dependent reimbursements (variable repayment) estimated
to be repaid to the Walloon Region in the next 12-month period. The estimated sales-independent (fixed repayment) as well as sales-dependent
reimbursements (variable repayment) beyond 12 months are recorded under “Non-current” liabilities.
Changes in the recoverable cash advances can be
summarized as follows:
(in EUR 000) | |
2024 | | |
2023 | |
As at January 1 | |
| 8 674 | | |
| 8 431 | |
Initial measurement and re-measurement | |
| (12 | ) | |
| (33 | ) |
Discounting impact | |
| 259 | | |
| 248 | |
As at March 31 | |
| 8 921 | | |
| 8 646 | |
| |
| As at | |
(in EUR 000) | |
| March 31,
2024 | | |
| December 31,
2023 | |
Payables | |
| 3 182 | | |
| 4 102 | |
Invoices to be received | |
| 4 134 | | |
| 4 006 | |
Total Trade payables | |
| 7 316 | | |
| 8 108 | |
The decrease in total trade payables of €0.8 million
as at March 31, 2024 is due to a decrease in trade payables of €0.9 million which is partly compensated by an increase
in invoices to be received of €128,000.
In order to be consistent with the current period’s
presentation, an immaterial correction has been made to certain comparatives on the face of the consolidated statement of financial position.
Accrued expenses of € 1.9 million have been reclassified from Other payables to Trade payables as at December 31, 2023 since
these balances are similar in nature to Invoices to be received that are already presented as Trade payables. We refer to note 2 and 20.
| 19. | Income taxes and deferred taxes |
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Current tax income/(expense) | |
| (113 | ) | |
| (187 | ) |
Deferred tax income/(expense) | |
| 3 | | |
| 5 | |
Total Income Tax Income/(Expense) | |
| (110 | ) | |
| (182 | ) |
The current tax expense mainly relates to (i) an
increase of income tax payable or taxes reimbursed by certain of the Company’s subsidiaries for an amount of € 48,000 (2023:
€139,000), and (ii) an additional accrual of the liability for uncertain tax positions for an amount of €140,000 (2023:
€48,000) which is partly offset by (iii) an increase in deferred tax asset positions by €75,000 in certain of the Company’s
subsidiaries as a result of R&D tax credits. The uncertain tax position was recorded following certain public rulings and guidance
issued by tax authorities in one of the jurisdictions that the Company operates in. The current tax liability of €2.1 million
mainly relates to a liability for uncertain tax positions for an amount of €2.0 million.
| |
As at | |
(in EUR 000) | |
March 31,
2024 | | |
December 31,
2023 | |
Holiday pay accrual | |
| 866 | | |
| 791 | |
Salary | |
| 1 638 | | |
| 1 801 | |
Accrued expenses | |
| 437 | | |
| 250 | |
Foreign currency swap - current | |
| 177 | | |
| 90 | |
Other | |
| 252 | | |
| 200 | |
Total other payables | |
| 3 370 | | |
| 3 132 | |
The increase of €238,000 in other payables
as at March 31, 2024, is mainly due to an increase by €187,000 in accrued expenses and an increase by €87,000 in the fair
value of the foreign currency swaps. We refer to note 21. The increase is partly offset by a decrease of €163,000 in payroll related
liabilities.
In order to be consistent with the current period’s
presentation, an immaterial correction has been made to certain comparatives on the face of the consolidated statement of financial position.
Accrued expenses of € 1.9 million have been reclassified from Other payables to Trade payables as at December 31, 2023 since
these balances are similar in nature to Invoices to be received that are already presented as Trade payables. We refer to note 2 and 18.
The Company is exposed to currency risk primarily
due to the expected future USD, AUD and NIS expenses that will be incurred as part of the ongoing and planned marketing, clinical trials
and other related expenses. A financial risk management policy has been approved to i) generate yields on liquidity and ii) reduce the
exposure to currency fluctuations with a timeline up to 24 months and by means of foreign currency swaps.
The Company has entered into several foreign currency
swaps for which the notional amounts are detailed in the table below:
| |
As at | |
(in EUR 000) | |
March 31,
2024 | | |
December 31,
2023 | |
Foreign currency swaps EUR - NIS (in EUR) | |
| - | | |
| 847 | |
Foreign currency swaps EUR - NIS (in NIS) | |
| - | | |
| 3 500 | |
Foreign currency swaps NIS - EUR (in NIS) | |
| 11 000 | | |
| 14 000 | |
Foreign currency swaps NIS - EUR (in EUR) | |
| 2 643 | | |
| 3 334 | |
Foreign currency swaps EUR - USD (in EUR) | |
| 10 000 | | |
| 18 000 | |
Foreign currency swaps EUR - USD (in USD) | |
| 10 983 | | |
| 19 787 | |
The following table shows the carrying amount
of derivative financial instruments measured at fair value in the statement of the financial position including their levels in the fair
value hierarchy:
| |
As at March 31, 2024 | |
(in EUR 000) | |
Level I | | |
Level II | | |
Level III | | |
Total | |
Financial assets | |
| | | |
| | | |
| | | |
| | |
Foreign currency swaps | |
| - | | |
| 118 | | |
| - | | |
| 118 | |
Financial liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign currency swaps | |
| - | | |
| 177 | | |
| - | | |
| 177 | |
The fair value is determined by the financial
institution and is based on foreign currency swaps rates and the maturity of the instrument. All foreign currency swaps are classified
as current as their maturity date is within the next twelve months.
The change in the balance of the financial assets
is detailed as follows:
(in EUR 000) | |
2024 | | |
2023 | |
Opening value at January 1 | |
| 343 | | |
| 1 | |
Fair value adjustments | |
| (225 | ) | |
| 2 | |
Closing value at March 31 | |
| 118 | | |
| 3 | |
The change in the balance of the financial liabilities
is detailed as follows:
(in EUR 000) | |
2024 | | |
2023 | |
Opening value at January 1 | |
| 90 | | |
| 10 | |
Fair value adjustments | |
| 87 | | |
| 98 | |
Closing value at March 31 | |
| 177 | | |
| 108 | |
Revenue and cost of goods sold
In the three months ended March 31, 2024,
the Company generated revenue for the amount of €1.2 million (2023: €441,000).
Revenue is recognized at a point in time upon
satisfaction of the performance obligation, being the moment control over the Genio® system is transferred to the customer, which
is in general at delivery at customer site or a predefined location in the country of the customer. For certain customers, control may
be transferred upon shipment to the customer in case the incoterms are Ex-Works. The revenue from the Genio® system consists of a
kit of products delivered at the same point in time, and as such revenue does not need to be allocated over the different products. The
revenue is then recognized at an amount that reflects the consideration to which the Company expects to be entitled in exchange of the
Genio® system. In determining the transaction price for the sale of the Genio® system, the Company considers the effects of variable
consideration.
For the three month period ended March 31,
2024 the sales (based on country of customer) were generated in Germany (€0.9 million), Switzerland (€210,000), Spain (€48,000)
and Italy (€46,000) (2023: Germany: €306,000, Austria: €41,000 and Switzerland €94,000). For the three month period
ended March 31, 2024, the Company has three customers with individual sales larger than 10% of the total revenue (2023: two customers).
Cost of goods sold for the three months ended
March 31, 2024 and 2023:
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Purchases of goods and services | |
| 557 | | |
| 542 | |
Inventory movement | |
| (102 | ) | |
| (367 | ) |
Total cost of goods sold | |
| 455 | | |
| 175 | |
Operating expenses
The tables below detail the operating expenses
for the three months ended March 31, 2024 and 2023:
(in EUR 000) | |
Total cost | | |
Capitalized | | |
Operating
expense for the
period | |
Research and development | |
| 9 361 | | |
| (2 162 | ) | |
| 7 199 | |
Selling, general and administrative expenses | |
| 5 972 | | |
| - | | |
| 5 972 | |
Other income/(expense) | |
| (128 | ) | |
| (64 | ) | |
| (192 | ) |
For the three months ended March 31, 2024 | |
| 15 205 | | |
| (2 226 | ) | |
| 12 979 | |
(in EUR 000) | |
Total cost | | |
Capitalized | | |
Operating
expense for the
period | |
Research and development | |
| 8 870 | | |
| (2 713 | ) | |
| 6 157 | |
Selling, general and administrative expenses | |
| 5 551 | | |
| - | | |
| 5 551 | |
Other income/(expense) | |
| (46 | ) | |
| - | | |
| (46 | ) |
For the three months ended March 31, 2023 | |
| 14 375 | | |
| (2 713 | ) | |
| 11 662 | |
Research and Development expenses
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Staff costs | |
| 3 824 | | |
| 3 995 | |
Consulting and contractors' fees | |
| 1 440 | | |
| 804 | |
Q&A regulatory | |
| 103 | | |
| 36 | |
IP costs | |
| - | | |
| 130 | |
Depreciation and amortization expense | |
| 331 | | |
| 313 | |
Travel | |
| 245 | | |
| 279 | |
Manufacturing and outsourced development | |
| 1 427 | | |
| 1 184 | |
Clinical studies | |
| 1 505 | | |
| 1 376 | |
Other expenses | |
| 164 | | |
| 431 | |
IT | |
| 322 | | |
| 322 | |
Capitalized costs | |
| (2 162 | ) | |
| (2 713 | ) |
Total research and development expenses | |
| 7 199 | | |
| 6 157 | |
Before capitalization of €2.2 million
for the three months ended March 31, 2024 and €2.7 million for the three months ended March 31, 2023, research and
development expenses increased by €0.5 million or 5.5 %, from €8.9 million for the three months ended March 31,
2023, to €9.4 million for the three months ended March 31, 2024, due to the combined effect of higher manufacturing and
R&D activities and clinical expenses. This increase is mainly in consulting costs and manufacturing and outsourced development to
support those activities.
Selling, General and Administrative expenses
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Staff costs | |
| 2 584 | | |
| 2 413 | |
Consulting and contractors' fees | |
| 1 564 | | |
| 1 578 | |
Legal fees | |
| 478 | | |
| 229 | |
Rent | |
| 164 | | |
| 88 | |
Depreciation and amortization expense | |
| 277 | | |
| 242 | |
IT | |
| 373 | | |
| 248 | |
Travel | |
| 184 | | |
| 243 | |
Insurance fees | |
| 122 | | |
| 287 | |
Other | |
| 226 | | |
| 223 | |
Total selling, general and administrative expenses | |
| 5 972 | | |
| 5 551 | |
Selling, general and administrative expenses increased
by €421,000 or 7.6 % from €5.6 million for the three months ended March 31, 2023 to €6.0 million for
the three months ended March 31, 2024, mainly due to an increase of costs to support the commercialization of Genio® system in
Europe, scale up of the Company and also due to a start of new ERP system implementation. This increase was partly offset by decrease
in insurance fees.
Other operating income/(expense)
The Company had other operating income of €192,000
for the three months ended March 31, 2024 compared to other operating income of €46,000 for the three months ended March 31,
2023.
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Recoverable cash advances | |
| | | |
| | |
Initial measurement and re-measurement | |
| 13 | | |
| 33 | |
R&D incentives | |
| 115 | | |
| 21 | |
Capitalization of R&D incentive | |
| 64 | | |
| - | |
Other income/(expenses) | |
| - | | |
| (8 | ) |
Total Other Operating Income/(Expense) | |
| 192 | | |
| 46 | |
For the three month period ended March 31,
2024, the other operating income contains the R&D incentive in Australia and Belgium while for the three month period ended March 31,
2023 the other operating income only contained the R&D incentive in Australia. For the three month period ended March 31, 2024,
€27,000 has been deducted from the expenses capitalized in relation to this R&D incentive. The R&D incentive and capitalization
of R&D incentive for the three month period ended March 31, 2024 also includes a correction of the R&D incentive in Belgium
on the investments of 2023 for an amount of €91,000.
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Interests | |
| 498 | | |
| 413 | |
Exchange differences | |
| 905 | | |
| 208 | |
Other | |
| 5 | | |
| 4 | |
Total financial income | |
| 1 408 | | |
| 625 | |
For the three month period ended March 31,
2024, exchange gains amount to €0.9 million, mainly due to the revaluation of both the Company’s USD cash balance and
USD financial assets (note 13 and 14). For the year ended December 31, 2023, the closing rate of USD/EUR amounted to 1.103765,
while as at March 31, 2024, the rate of USD/EUR decreased to 1.081100, resulting in unrealized exchange gains on the USD balances.
We refer to note 24 for more details on the revaluation of both the Company’s USD cash balance and USD financial assets as per March 31,
2023.
For the three month period ended March 31,
2024, the total interest income amounted to €498,000. This interest income relates to the term accounts.
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Fair value adjustment | |
| 312 | | |
| 96 | |
Recoverable cash advances, Accretion of interest | |
| 259 | | |
| 248 | |
Interest and bank charges | |
| 63 | | |
| 27 | |
Interest on lease liabilities | |
| 37 | | |
| 30 | |
Exchange differences | |
| 320 | | |
| 554 | |
Other | |
| - | | |
| 3 | |
Total Financial expense | |
| 991 | | |
| 958 | |
The fair value adjustment relates to the fair
value adjustment on financial instruments. More information can be found in note 21.
The discounting impact of the recoverable cash
advances is further detailed in note 17 above.
The exchange losses for an amount of €320,000
for the three month period ended March 31, 2024 consist of realized exchange losses related to the foreign currency swaps and USD
financial assets. For the three month period ended March 31, 2023, exchange losses amount to €554,000, mainly due to the revaluation
of both the Company’s USD cash balance and USD financial assets (note 13 and 14). For the year ended December 31, 2022, the
closing rate of USD/EUR amounted to 1.072650, while as at March 31, 2023, the rate of USD/EUR increased to 1,086800, resulting in
unrealized exchange losses on the USD balances.
The Basic Earnings Per Share and the Diluted Earnings
Per Share are calculated by dividing earnings for the year by the weighted average number of shares outstanding during the year. As the
Company is incurring net losses, outstanding warrants have no dilutive effect. As such, there is no difference between the Basic and Diluted
EPS.
EPS for March 2024 has been presented in
the income statement taking into account resolutions adopted by the shareholders’ meeting of February 21, 2020. All existing
preferred shares were converted into common shares, and then a share split of 500:1 was approved by the shareholders’ meeting.
| |
| For the three months ended
March 31, | |
| |
| 2024 | | |
| 2023 | |
As at March 31, after conversion and share split | |
| | | |
| | |
Outstanding common shares at period-end | |
| 28 682 635 | | |
| 28 286 985 | |
Weighted average number of common shares outstanding | |
| 28 676 388 | | |
| 25 878 120 | |
Number of shares resulting of the exercise of outstanding warrants | |
| 2 231 875 | | |
| 2 516 125 | |
Basic and Diluted EPS for the three month period
ended March 31, 2024 and 2023 based on weighted average number of shares outstanding after conversion and share split are as follows:
| |
For the three months ended
March 31, | |
| |
2024 | | |
2023 | |
Loss of year attributable to equity holders (in EUR) | |
| (11 906 000 | ) | |
| (11 911 000 | ) |
Weighted average number of common shares outstanding (in units) | |
| 28 676 388 | | |
| 25 878 120 | |
Basic earnings per share in EUR (EUR/unit) | |
| (0.415 | ) | |
| (0.460 | ) |
Diluted earnings per share in EUR (EUR/unit) | |
| (0.415 | ) | |
| (0.460 | ) |
The Company has granted in 2022 an amount of €0.5
million for educational grant starting on January 1, 2023 until December 31, 2024. Both installments of €250,000 have been
respectively paid out in January 2023 and March 2024.
In addition, in March 2024, the Company has
started a Partnership agreement with the American Academy of Otolaryngology (AAO) amounting to a yearly fee of $250,000. The payment has
been processed in March 2024 and the cost will be spread out over the 12 months of 2024.
| 27. | Related Party Transactions |
Transactions between the Company and its subsidiaries
have been eliminated in consolidation and are not disclosed in the notes. Related party transactions are disclosed below.
Remuneration of Key Management
The remuneration of the senior management consists
of the remuneration of the CEO of the Company for the three months ended March 31:
| |
For the three months ended
March 31 | |
(in EUR 000) | |
2024 | | |
2023 | |
Short-term remuneration & compensation | |
| 216 | | |
| 187 | |
Share based payment | |
| 102 | | |
| 66 | |
Total | |
| 318 | | |
| 253 | |
Transactions with Non-Executive Directors and Shareholders
| |
For the three months ended
March 31, 2024 | | |
For the three months ended
March 31, 2023 | |
(in EUR 000) | |
R&D
Collaboration | | |
Consulting
services | | |
Board
Remuneration | | |
R&D
Collaboration | | |
Consulting
services | | |
Board
Remuneration | |
Cochlear | |
| - | | |
| - | | |
| - | | |
| 141 | | |
| - | | |
| - | |
Robelga SRL (formerly MINV SA) | |
| - | | |
| - | | |
| - | | |
| - | | |
| 60 | | |
| - | |
Robert Taub | |
| - | | |
| - | | |
| 31 | | |
| - | | |
| - | | |
| 36 | |
Kevin Rakin | |
| - | | |
| - | | |
| 16 | | |
| - | | |
| - | | |
| 16 | |
Pierre Gianello | |
| - | | |
| - | | |
| 17 | | |
| - | | |
| - | | |
| 18 | |
Jurgen Hambrecht | |
| - | | |
| - | | |
| 15 | | |
| - | | |
| - | | |
| 15 | |
Rita Mills | |
| - | | |
| - | | |
| 20 | | |
| - | | |
| - | | |
| 15 | |
Giny Kirby | |
| - | | |
| - | | |
| 21 | | |
| - | | |
| - | | |
| 14 | |
Wildman Ventures LLC | |
| - | | |
| - | | |
| 23 | | |
| - | | |
| - | | |
| 17 | |
Total | |
| - | | |
| - | | |
| 143 | | |
| 141 | | |
| 60 | | |
| 131 | |
Amounts outstanding at period-end | |
| - | | |
| - | | |
| 110 | | |
| 1 385 | | |
| 60 | | |
| 110 | |
The Company and Cochlear Limited, or Cochlear,
have entered into a collaboration agreement, dated November 2018, under which they agreed to collaborate to further develop and progress
commercialization of implantable treatments for sleep disordered breathing conditions. A new Statement of Work was entered into on June 8,
2020. Under this agreement, Cochlear is working with the Company in developing and enhancing the next generation implantable stimulator.
This collaboration agreement led to a financial impact €141,000 for the three months ended March 31, 2023. In April 2023,
the project came to its end after development milestones were reached.
On September 28, 2023, the Company announced
a partnership with ResMed in Germany to increase OSA awareness and therapy penetration in the German market. The Company and ResMed Germany
will establish a continuum of care that will educate and guide OSA patients in the German market from diagnosis through treatment. Together,
the companies will work to accelerate patient identification and better support patient set-up on the appropriate therapy.
| 28. | Events after the Balance-Sheet Date |
On April 17, 2024, the Company issued 3,000
shares pursuant to an exercise of 3,000 ESOP 2021 Warrants. Consequently, on the date of this Interim Report, the Company’s registered
capital amounts to €4,927,870, represented by 28,685,635 shares.
Responsibility
statement
We certify that, to the best of our knowledge,
| a) | the condensed consolidated interim financial statement, prepared in accordance with the applicable standards
for financial statements, give a true and fair view of the assets, liabilities, financial position and results of the Company and the
undertakings included in the consolidation taken as a whole; and |
| b) | this interim management report provides a true and fair overview of the development, results and the position
of the Company and the undertakings included in the consolidation taken as a whole, as well as a description of the principal risks and
uncertainties that they face. |
Mont-Saint-Guibert, May 14, 2024.
On behalf of the board of directors
Robert Taub, Chairman |
Olivier Taelman, CEO |
Nyxoah (NASDAQ:NYXH)
Historical Stock Chart
From May 2024 to May 2024
Nyxoah (NASDAQ:NYXH)
Historical Stock Chart
From May 2023 to May 2024