The company announced private equity placements and registered direct offerings that combine with a convertible bond financing of up to $52 million, amounting to up to $77 million.
Its private placement includes nearly 5.5 million shares priced at about $4.63 apiece, reaching about $25 million. The Belgium-based company expects the placement to close on or about Nov. 17, 2025, subject to customary closing conditions. Additionally, its registered direct offering features 1.2 million shares at the same price. It expects that offering, worth about $5.6 million, to close on or about Nov. 18.
The convertible bond financing includes a first tranche of about $26 million with an option of a second tranche at the same price. Nyxoah expects the first tranche to close next month.
With the proceeds, Nyxoah plans to support commercialization efforts for its Genio system in the U.S. Genio utilizes an implanted electrode around the hypoglossal nerve, stimulating the tongue and keeping the airway open to treat obstructive sleep apnea (OSA).
Nyxoah directly competes with Inspire Medical in the sleep respiratory market. Both offer alternatives to the traditional sleep apnea therapies: CPAP and BiPAP machines. Genio received FDA in August, pitting it directly against the Inspire devices. Unlike Inspire’s system, it doesn’t require leads, with a wearable providing power for the electrode through the skin. The two companies are now embroiled in a patent spat over their technologies as well.
The launch comes as the company is also expanding abroad, like in the Middle East. Nyxoah also wants to continue gathering clinical data and further finance R&D activities related to Genio upgrades.
Proceeds may also go toward building a pipeline of new technologies and exploring potential collaboration opportunities.
Genio could get a leg up in the market as Inspire currently deals with an investor lawsuit.
