Nyxoah Stock Wiped Out 70% in 2026 as Sleep Apnea Device Sales Fail to Stem Losses

Nyxoah Stock Crumbles in 2026

Nyxoah SA, the Belgian medical technology company behind the Genio® neurostimulation system for obstructive sleep apnea, has seen its share price collapse in 2026. As of the close on 7 August, the stock traded at €1.206 on Euronext Brussels — a daily gain of 4.69% but a gut-wrenching decline of 70.48% since the start of the year. The market capitalisation has shrunk to roughly €115 million, a fraction of its earlier valuation.

The company’s revenue is growing: analysts estimate sales of €37.3 million for 2026 and €43.0 million for 2027, driven by adoption of the CE-marked Genio therapy. Yet the business remains deeply loss-making. The projected net loss for 2026 stands at about €81.1 million, with the 2027 loss still expected at €93.4 million. While the underlying technology addresses a large global patient population, commercial-scale profitability appears distant.

Nyxoah carries net cash of roughly €23.7 million — a rare positive in the medtech space — giving it some runway. However, with annual losses of this magnitude, the cash cushion would cover only a fraction of a year’s burn without fresh capital.

What the Numbers Say About Nyxoah’s Position

The Cash Cushion Won’t Buy Much Time

One bright spot in Nyxoah’s balance sheet is its net cash position of €23.7 million, meaning cash and equivalents exceed total debt. This gives the company a buffer as it pushes for wider adoption of Genio. But given an annual operating loss in excess of €80 million, that buffer equates to less than four months of cash burn if no new funds are raised. The enterprise value of around €91 million, combined with a 2026 EV/revenue multiple of 2.45x, suggests the market is assigning little premium to the future growth story — essentially pricing the company at close to its net cash plus a modest sales-based premium.

Sales Growth Is Not Translating Into Market Confidence

Revenue is climbing — from an estimated €37 million this year to €43 million next year — which indicates some market acceptance for the neurostimulation device. Yet the persistent negative free cash flow and the lack of any visible break-even point have destroyed investor confidence. The stock’s 70% year-to-date plunge, accelerating over the past three months (-55%), shows that even the prospect of rising sales cannot outweigh the fear of a dilutive capital raise or a failure to reach self-sustaining scale. Competitors in the sleep apnea space, which include much larger device and pharma players, are likely watching whether Nyxoah can convert clinical validation into a financially viable business.