Full Press Release Details
REGULATED INFORMATION
Fourth Quarter and Financial Year 2023 Financial and Operating Results
DREAM U.S. pivotal study efficacy and safety data by early April
quarterly sales of 1.8 million
Belgium - March 5, 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 fourth quarter and financial year 2023.
and Operating Highlights
2023, we completed enrollment in our DREAM U.S. pivotal study, presented positive early DREAM efficacy and safety data, initiated enrollment
in our ACCCESS U.S. pivotal study for complete concentric collapse and raised capital from both existing and new investors. These accomplishments
strengthen our confidence for a transformational 2024." commented Olivier Taelman, Nyxoah Chief Executive Officer. "We are
excited to report DREAM data in the coming weeks, finalize the regulatory FDA submission and pave the way for bringing Genio
to patients in the U.S."
Taelman continued, "Commercially in Europe, this quarter's performance was the strongest in Nyxoah's history driven
by a targeted direct-to-consumer (DTC) effort and I applaud our European commercial team for their execution. I look forward to a further
increase in therapy penetration from our partnership with ResMed in Germany."
REGULATED INFORMATION
and Full Year 2023 Results
CONDENSED CONSOLIDATED FINANCIAL INFORMATION - CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS FOR THE THREE
MONTHS AND YEARS ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022 (in thousands)
| For the three months ended December 31, | For the year ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenue | 1,824 | 1,307 | 4,348 | 3,084 | ||||||||||||
| Cost of goods sold | (726 | ) | (465 | ) | (1,656 | ) | (1,150 | ) | ||||||||
| Gross profit | 1,098 | 842 | 2,692 | 1,934 | ||||||||||||
| Research and Development Expense | (7,321 | ) | (4,575 | ) | (26,651 | ) | (15,861 | ) | ||||||||
| Selling, General and Administrative Expense | (4,893 | ) | (5,363 | ) | (21,687 | ) | (18,855 | ) | ||||||||
| Other income/(expense) | 279 | 46 | 544 | 283 | ||||||||||||
| Operating loss for the period | (10,837 | ) | (9,050 | ) | (45,102 | ) | (32,499 | ) | ||||||||
| Financial income | 582 | (4,609 | ) | 4,174 | 6,763 | |||||||||||
| Financial expense | (964 | ) | 1,153 | (3,729 | ) | (4,320 | ) | |||||||||
| Loss for the period before taxes | (11,219 | ) | (12,506 | ) | (44,657 | ) | (30,056 | ) | ||||||||
| Income taxes | 326 | (790 | ) | 1,445 | (1,169 | ) | ||||||||||
| Loss for the period | (10,893 | ) | (13,296 | ) | (43,212 | ) | (31,225 | ) | ||||||||
| Loss attributable to equity holders | (10,893 | ) | (13,296 | ) | (43,212 | ) | (31,225 | ) | ||||||||
| Other comprehensive income/(loss) | ||||||||||||||||
| Items that may not be subsequently reclassified to profit or loss (net of tax) | ||||||||||||||||
| Remeasurements of post-employment benefit obligations, net of tax | 81 | 70 | 81 | 70 | ||||||||||||
| Items that may be subsequently reclassified to profit or loss (net of tax) | ||||||||||||||||
| Currency translation differences | (32 | ) | (82 | ) | (120 | ) | (96 | ) | ||||||||
| Total other comprehensive income/(loss) | (39 | ) | (12 | ) | (39 | ) | (26 | ) | ||||||||
| Total comprehensive loss for the year, net of tax | (10,844 | ) | (13,308 | ) | (43,251 | ) | (31,251 | ) | ||||||||
| Loss attributable to equity holders | (10,844 | ) | (13,308 | ) | (43,251 | ) | (31,251 | ) | ||||||||
| Basic loss per share (in EUR) | (379 | ) | (514 | ) | (1,545 | ) | (1,209 | ) | ||||||||
| Diluted loss per share (in EUR) | (379 | ) | (514 | ) | (1,545 | ) | (1,209 | ) |
REGULATED INFORMATION
CONDENSED CONSOLIDATED FINANCIAL INFORMATION - CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS
OF DECEMBER 31, 2023 AND DECEMBER 31, 2022 (in thousands)
| As at December 31 | ||||||||
| 2023 | 2022 | |||||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Property, plant and equipment | 4,188 | 2,460 | ||||||
| Intangible assets | 46,608 | 39,972 | ||||||
| Right of use assets | 3,788 | 3,159 | ||||||
| Deferred tax asset | 56 | 47 | ||||||
| Other long-term receivables | 1,166 | 173 | ||||||
| 55,806 | 45,811 | |||||||
| Current assets | ||||||||
| Inventory | 3,315 | 882 | ||||||
| Trade receivables | 2,758 | 1,463 | ||||||
| Other receivables | 3,212 | 1,775 | ||||||
| Other current assets | 1,318 | 1,284 | ||||||
| Financial assets | 36,138 | 76,968 | ||||||
| Cash and cash equivalents | 21,610 | 17,888 | ||||||
| 68,351 | 100,260 | |||||||
| Total assets | 124,157 | 146,071 | ||||||
| EQUITY AND LIABILITIES | ||||||||
| Capital and reserves | ||||||||
| Capital | 4,926 | 4,440 | ||||||
| Share premium | 246,127 | 228,275 | ||||||
| Share based payment reserve | 7,661 | 5,645 | ||||||
| Other comprehensive income | 137 | 176 | ||||||
| Retained loss | (160,829 | ) | (118,212 | ) | ||||
| Total equity attributable to shareholders | 98,022 | 120,324 | ||||||
| LIABILITIES | ||||||||
| Non-current liabilities | ||||||||
| Financial debt | 8,373 | 8,189 | ||||||
| Lease liability | 3,116 | 2,586 | ||||||
| Pension liability | 9 | - | ||||||
| Provisions | 185 | 59 | ||||||
| Deferred tax liability | 9 | - | ||||||
| 11,692 | 10,834 | |||||||
| Current liabilities | ||||||||
| Financial debt | 364 | 388 | ||||||
| Lease liability | 851 | 719 | ||||||
| Trade payables | 6,155 | 4,985 | ||||||
| Current tax liability | 1,988 | 3,654 | ||||||
| Other payables | 5,085 | 5,167 | ||||||
| 14,443 | 14,913 | |||||||
| Total liabilities | 26,135 | 25,747 | ||||||
| Total equity and liabilities | 124,157 | 146,071 |
REGULATED INFORMATION
million for the fourth quarter ending December 31, 2023, compared to 1.3 million for the fourth quarter ending December 31, 2022.
Revenue for the full year of 2023 was 4.3 million, compared to 3.1 million for the full year of 2022. The increase in revenue
was attributable to the Company's commercialization of the Genio system, primarily in Germany.
was 726,000 for the three months ending December 31, 2023, representing a gross profit of 1.1 million, or gross margin of
60%. This compares to total cost of goods sold of 465,000 in the fourth quarter of 2022, for a gross profit of 842,000, or
gross margin of 64.4%.
ending December 31, 2023, total cost of goods sold was 1.6 million, representing a gross profit of 2.7 million, or gross
margin of 62%. This compares to total cost of goods sold of 1.2 million for the full year of 2022, for a gross profit of 1.9
million, or gross margin of 62.7%.
Research and Development
ending December 31, 2023, research and development expenses were 26.7 million, versus 15.9 million for the full year of 2022.
loss for the fourth quarter and full year 2023 was 10.8 million and 45.1 million, respectively, versus 9.1 million
and 32.5 million in the fourth quarter and full year 2022, respectively. This was driven by the acceleration in the Company's
R&D spending, as well as ongoing commercial and clinical activities.
31, 2023, cash and financial assets totaled 57.7 million, compared to 94.9 million on December 31, 2022. Total cash burn
was approximately 4.6 million per month during 2023.
auditor has not yet completed the audit of the financial statements for the year ended December 31, 2023. When published, the Nyxoah
financial report for the full year of 2023 will be available on the investor page of Nyxoah's website (https://investors.nyxoah.com/financials).
REGULATED INFORMATION
and webcast presentation
call will be accessible via the Investor Relations page of the Nyxoah website or through this link: Nyxoah's Q4 2023 earnings call
webcast. For those not planning to ask a question of management, the Company recommends listening via the webcast.
ask a question, please use the following link: Nyxoah's Q4 2023 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.
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
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/.
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
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, 2022, filed with the Securities
and Exchange Commission ("SEC") on March 22, 2023, 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.
Chief Strategy Officer