The massive dilution is now confirmed and priced in, but the company's cash runway still only extends into Q3 2026, suggesting another capital raise may be needed within months. Monitor for any revenue/commercial traction updates from the Genio system in the US market, as well as any IPR petition outcomes against Inspire Medical. The convertible bonds at EUR 1.48/share represent additional overhang if converted.
Price Chart
Executive Summary
Nyxoah SA filed a 6-K on June 11, 2026, disclosing the issuance of 55,232,558 new shares in connection with its previously announced underwritten public offering. The total number of voting rights/shares outstanding increased to 99,926,284, confirming massive dilution of approximately 126% from the 43.7 million shares outstanding as of March 31, 2026. This filing is a procedural update confirming the completion of the dilutive capital raise first disclosed in the June 8, 2026 424B5 filing.
Key Facts
- Issued 55,232,558 new shares in connection with the previously announced underwritten public offering
- Total shares outstanding post-offering: 99,926,284, up from ~43.7 million as of March 31, 2026
- Share capital: EUR 7,073,687.00
- 225 convertible bonds outstanding with nominal value of EUR 83,000 each, convertible at EUR 1.48 per share into 12,618,243 additional shares
- 3,322,832 subscription rights outstanding (excluding 462,677 not yet granted)
- Cash runway extended only into Q3 2026 per prior filings, with accumulated deficit of €321.7M
Financial Impact
Dilution of ~126% from prior share count of 43.7 million to 99.9 million shares outstanding. The offering raised approximately $88.5 million net at $1.72/share, but the company had only €25.9M in cash as of Q1 2026 with runway only into Q3 2026.
Risk Factors
- Further dilution likely within 12 months given cash runway only into Q3 2026
- Convertible bond conversion at EUR 1.48/share adds 12.6M potential shares (12.6% additional dilution)
- IPR petitions against Inspire Medical were denied, limiting competitive positioning
- CEO transition to US-based successor adds leadership uncertainty
- Accumulated deficit of €321.7M with no clear path to profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-072997 |
| Document: tm2617719d1_ex99-1.htm | 0001104659-26-072997 |
| Document: 0001104659-26-072997-index-headers.html | 0001104659-26-072997 |
| Document: 0001104659-26-072997-index.html | 0001104659-26-072997 |
| Document: 0001104659-26-072997.txt | 0001104659-26-072997 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 6-K | $0.8950 $0.8220 | ▲ +8.16% | ▲ +6.98% | $0.9108 (−1.77%) |
Oct 19, 2026 8d ago | Press Release | $0.9540 $0.9400 | ▲ +1.47% | ▲ +1.80% | $0.9108 (+4.53%) |
Sep 22, 2026 5w ago | 6-K | $1.33 $1.27 | ▼ −4.51% | ▼ −4.43% | $0.9108 (−31.52%) |
Jun 23, 2026 18w ago | 6-K | $1.62 $1.63 | ▼ −0.62% | ▼ −0.47% | $0.9108 (+43.78%) |
Jun 11, 2026 19w ago | 6-K | $1.39 $1.55 | ▼ −11.51% | ▼ −9.75% | $0.9108 (+34.47%) |
Jun 8, 2026 20w ago | 6-K | $1.34 $1.31 | ▲ +2.24% | ▲ +0.66% | $0.9108 (+32.03%) |
Jun 8, 2026 20w ago | 424B5 | $1.39 $1.34 | ▲ +3.60% | ▲ +3.30% | $0.9108 (+34.47%) |
Jun 5, 2026 20w ago | Press Release | $1.45 $1.39 | ▲ +4.14% | ▲ +4.36% | $0.9108 (+37.19%) |
Jun 4, 2026 20w ago | 424B5 | $1.45 $1.39 | ▲ +4.14% | ▲ +4.36% | $0.9108 (+37.19%) |
May 20, 2026 22w ago | Press Release | $2.87 $2.87 | · 0.00% | ▼ −0.45% | $0.9108 (−68.26%) |
US Market Status
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