Nyxoah (ENXTBR:NYXH) Losses Of €90 Million Keep Bearish Cash Runway Concerns In Focus

Nyxoah (ENXTBR:NYXH) just wrapped up FY 2025 with Q4 revenue of €5.6 million and a basic EPS loss of €0.586, alongside trailing twelve month revenue of €10.0 million and a basic EPS loss of €2.364 on net income losses of €90.1 million. Over recent quarters the company has seen revenue move from €1.3 million in Q4 2024 to €5.6 million in Q4 2025, while quarterly basic EPS losses widened from €0.463 to €0.586 and trailing twelve month net income losses went from €59.2 million to €90.1 million. This puts the focus squarely on how efficiently each euro of revenue is being earned. For investors, the story this season is about whether the revenue ramp is starting to earn its keep or if compressed margins are still doing most of the talking.

See our full analysis for Nyxoah.

With the headline numbers on the table, the next step is to see how they line up with the prevailing market narratives around Nyxoah, and where those stories might need a reset.

See what the community is saying about Nyxoah

Losses Keep Pace With Revenue Ramp

• On a trailing twelve month basis, Nyxoah booked €10.0 million in revenue against €90.1 million in net income losses, with basic EPS at a loss of €2.364.
• Bulls highlight Genio's differentiated features and focused U.S. rollout as reasons revenue could build meaningfully, yet the current combination of relatively small revenue and sizeable losses invites investors to weigh that optimistic growth story against the present earnings drag.
  • Supporters point to analyst assumptions of very fast future revenue expansion, while the latest year still shows net income losses of €90.1 million and quarterly losses between €20.6 million and €23.6 million in 2025.
  • This tension between ambitious growth expectations and the current loss profile is central to whether the bullish view on long term earnings potential feels convincing at today's fundamentals.

Bulls argue that today's steep losses could set up tomorrow's operating leverage, so it can help to see how those assumptions stack up against the current income statement in the full narrative 🐂 Nyxoah Bull Case

Cash Runway Under One Year

• The analysis flags a cash runway of under one year, alongside trailing twelve month net income losses of €90.1 million, indicating the business is currently funding significant spending relative to its €10.0 million revenue base.
• Critics focus on this limited runway and ongoing operating losses as a key risk, arguing that high expected growth does not remove the need for further funding.
  • Bears point out that losses have widened at about 31.8% per year over the past five years and the company is not forecast to reach profitability in the next three years, so additional capital raisings are a clear possibility.
  • That view lines up with the current pattern of quarterly net income losses in the €20 million to €24 million range, which can eat into cash quickly if spending is not adjusted.

Skeptics warn that funding needs could matter as much as growth, so it is worth checking how the cautious narrative frames these cash flow pressures and execution risks 🐻 Nyxoah Bear Case

Valuation Gap Versus Sales Multiple

• Nyxoah trades at €2.72 per share with a P/S of 11.7x, while the supplied DCF fair value is €21.97 and peer P/S multiples sit at 2.5x for direct peers and 2.9x for the wider European medical equipment industry.
• Consensus views often highlight that the stock screens as expensive on sales but discounted relative to DCF estimates, and that mixed signal comes straight out of the current numbers rather than assumptions alone.
  • On one side, the large gap between the €2.72 share price and the €21.97 DCF fair value suggests the modelled cash flows support a much higher level than the market price.
  • On the other, an 11.7x P/S against sector multiples below 3x shows the market is already assigning a strong revenue multiple even though the company remains loss making.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Nyxoah on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With mixed signals on growth, losses, and valuation, it helps to move quickly, review the underlying numbers yourself, and carefully weigh both the risks and rewards by checking the 2 key rewards and 3 important warning signs

Explore Alternatives

Nyxoah combines heavy net income losses, a short cash runway and an above sector P/S multiple, which leaves investors exposed to meaningful funding and execution risk.

If you want ideas where balance sheets are sturdier and runway risk is less of a concern, start comparing companies in the solid balance sheet and fundamentals stocks screener (379 results).

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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