REGULATED INFORMATION Nyxoah Reports First Quarter 2023 Financial and Operating Results Mont-Saint-Guibert, Belgium

REGULATED INFORMATION

Nyxoah Reports First Quarter 2023 Financial

and Operating Results

Mont-Saint-Guibert, Belgium - May 16,

2023 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 2023.

Recent Financial and Operating Highlights

2023, our focus is in the U.S. on DREAM patient follow up resulting in reaching the primary endpoints. I am excited by the data on the

first 34 patients and look forward to sharing the full abstract results at SLEEP 2023 next month. Our increasing conviction in DREAM outcomes

is accelerating investment in our commercial organization, starting with the addition of Christoph as Chief Commercial Officer,"

commented Olivier Taelman, Nyxoah's Chief Executive Officer. "Christoph's hire, along with the 19 million

raised from key investors, puts us in a strong position as we embark on our next stage of growth."

For the trial to be successful, of the 115 patients, at least 63% of patients need to be AHI and ODI responders at the 12-month

REGULATED INFORMATION

First Quarter 2023 Results

CONSOLIDATED FINANCIAL INFORMATION - CONSOLIDATED STATEMENTS OF LOSS

AND OTHER COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED

MARCH 31, 2023 (in thousands)

REGULATED INFORMATION

CONDENSED CONSOLIDATED FINANCIAL INFORMATION - CONSOLIDATED STATEMENT

OF FINANCIAL POSITION AS OF MARCH 31, 2023 (in

REGULATED INFORMATION

Revenue was 441,000 for the first quarter

ending March 31 2023, compared to 660,000 for first quarter ending March, 31 2022.

Cost of goods sold was 175,000 for the three

months ending March 31, 2023, representing a gross profit of 266,000, or gross margin of 60.3%. This compares to total cost

of goods sold of 289,000 in the first quarter ending March 31, 2022, for a gross profit of 371,000, or gross margin of

Research and Development Expenses

Research and development expenses were 6.2

million for the three months ending March 31, 2023, versus 3.6 million for the prior year period, driven by an acceleration

in clinical activities, notable the start of the ACCCESS study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses rose

to 5.6 million for the first quarter of 2023, up from 4.2 million in the first quarter of 2022. This was due primarily to

increased commercial efforts in Germany and other European markets, as well as investments in Nyxoah's corporate infrastructure.

The Company expects to continue adding headcount across the organization ahead of the U.S. commercial launch.

Total operating loss for the first quarter 2023

was 11.4 million versus 7.3 million in the first quarter of 2022. This was driven by the acceleration in the Company's

R&D spending, as well as ongoing commercial and clinical activities.

REGULATED INFORMATION

As of March 31, 2023, cash and financial

assets totaled 96.1 million, compared to 94.9 million on December 31, 2022. Total cash burn was approximately 4.9

million per month during the first quarter of 2023.

First Quarter 2023 Report

Nyxoah's financial report for the first

quarter of 2023, 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

Nyxoah will conduct a conference call open to

the public today at 10:30pm CET / 4:30pm ET, which will also be webcast. To participate in the conference call, please access the following

link to register for a dial-in number: https://edge.media-server.com/mmc/p/imeku8f7

A question-and-answer session will follow the

presentation of the results. To access the live webcast, go to https://investors.nyxoah.com/events. The archived webcast will

be available for replay shortly after the close of the call.

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,

2021, filed with the Securities and Exchange Commission ("SEC") on March 24, 2022, 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.

David DeMartino, Chief Strategy Officer