INTERIM FINANCIAL REPORT third quaRter 2025 TABLE OF CONTENTS Interim financial report 3 1. Business update 3 2. FINANCIAL HIGHLIGHTS 4 3. 2025 OUTLOOK 4 4. RISK FACTORS 5 5. FORWARD-LOOKING STATEMENTS 5 Unaudited conden

INTERIM FINANCIAL REPORT

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

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 filed the fourth and final module of the modular premarket

approval (PMA) application at the end of the second quarter 2024 and received FDA approval on August 8, 2025.

ACCCESS U.S. IDE STUDY SEEKING APPROVAL TO

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 this study, Nyxoah initially intended to 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. However, in the meantime, as announced on August 11, 2025, the Company

closed patient enrollment in this study prior to enrolling all 106 potential patients. The study will continue with the patients already

enrolled, with said co-primary endpoints assessed at 12 months post implant and followed for five years. The Company closed enrollment

prior to reaching 106 patients as it believes that the patient population already enrolled in the study will provide statistically significant

results, which along with the outcomes from prior clinical evidence, will provide meaningful data with respect to the safety and efficacy

of using Genio therapy in the patient population suffering from CCC.

During the first nine months of 2025, Nyxoah recognized

a total revenue of 4.4 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 13 full time employees as of September, 30th

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 can provide more treatment options to their large patient pools.

The Company has also focused on entering new international

On August 8, 2025, the U.S. Food and Drug

Administration (FDA) approved the Genio system for a subset of patients with moderate to severe OSA with an Apnea-Hypopnea Index (AHI)

of greater than or equal to 15 and less than or equal to 65. The Company immediately commenced U.S. commercialization with a phased rollout

at early-adopter centers, onboarding sites, shipping initial systems to hospitals/ambulatory surgery centers, and completing surgeon training.

During Q3 2025, Nyxoah recognized a total revenue of 231,000 from sales in the U.S. As part of the FDA PMA approval,

the Company will complete a post-PMA approval clinical study named BREATHE which is expected to enroll 229 patients (with a minimum of

160 evaluable patients).

Revenue was 4.4 million for the nine

months ending September 30, 2025, compared to 3.3 million for the nine months ending September 30, 2024.

Cost of goods sold was 1.7 million

for the nine months ending September 30, 2025, compared to cost of goods sold of 1.2 million for the nine months ending

Selling, general and administrative expenses increased

by 15.4 million or 75.4% from 20.4 million for the nine months ended September 30, 2024

to 35.8 million for the nine months ended September 30, 2025, due to an increase in costs to support

commercialization of the Genio system in the U.S. following FDA approval in August 2025 and the Company's broader scale-up

of commercial operations.

Before capitalization of 1.8 million

for the nine months ended September 30, 2025 and 3.8 million for the nine months ended September 30, 2024, research

and development expenses increased by 7.3 million or 27.8%, from 26.4 million for the nine months ended September 30,

2024, to 33.7 million for the nine months ended September 30, 2025. The increase is the result of higher R&D activities, offset by a decrease in clinical study expenses. Additionally, following FDA approval in August 2025,

the amortization of the related intangible assets commenced leading to an increase in depreciation and amortization expenses.

Nyxoah realized a net negative financial result

of 1.6 million for the nine months ending September 30, 2025 primarily driven by the exchange rate depreciation of the

U.S. dollar versus the Euro and interest expense on the term loan entered into in July 2024. This compares to a net negative financial

result of 0.9 million for the nine months ended September 30, 2024.

Nyxoah realized a net loss of 66.6 million

for the nine months ended September 30, 2025, compared to a net loss of 42.1 million for the nine months ended September 30,

Cash and cash equivalents

On September 30, 2025, cash and cash equivalents

and financial assets totalled 22.5 million, compared to 85.6 million on December 31, 2024. The decrease in financial

assets is due to the use of proceeds from the 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 and in select European and Middle East markets, subject

to the receipt of favorable reimbursement for the Company's product in those markets.

In the US, the Company's Pre-Market Approval (PMA)

application for the Genio system was approved by the FDA on August 8, 2025 for a subset of patients

with moderate to severe OSA with an Apnea-Hypopnea Index (AHI) of greater than or equal to 15 and less than or equal

to 65. The Company began its commercial efforts in the US market on August 11, 2025.

We refer to the description of risk factors in

the Company's 2024 annual report, pp. 76-98, as well as to the risk related to lawsuit that Inspire Medical, Inc. filed against us

in May 2025 for the alleged infringement of three Inspire patents. 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, the outcome of intellectual

property litigation, our organization and operations.

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