Nyxoah raises $110m to accelerate Genio sleep apnoea launch in US
Nyxoah has secured $110 million in aggregate new capital to fund the US commercial roll-out of its Genio hypoglossal neurostimulation system for obstructive sleep apnoea (OSA). The dual-listed Belgian medtech — trading on both Euronext Brussels and NASDAQ under the ticker NYXH — completed a $95 million equity financing with participation from both new and existing investors and anticipates receipt of a $15 million second tranche from the European Investment Bank by the end of June 2026.
The company said it now has 40 sales representatives in place in the United States under a newly established US-based commercial leadership team. Nyxoah characterised the first two commercial quarters in the US as carrying "strong momentum", though it did not publish unit-implant figures, revenue or specific reimbursement coverage data alongside the announcement.
The Genio system
The Genio device is a leadless, battery-free implant that delivers electrical stimulation to the hypoglossal nerve to keep the upper airway open during sleep. It received CE mark approval in Europe in 2019 and, following the positive DREAM IDE pivotal study, was cleared by the US Food and Drug Administration in August 2025 as a prescription-only device for adult patients with moderate-to-severe OSA — defined as an apnoea-hypopnoea index between 15 and 65.
A notable differentiation claimed by the company is the Genio system's applicability to patients with Complete Concentric Collapse (CCC), an anatomical pattern currently listed as a contraindication for competing hypoglossal nerve stimulation devices. This label distinction, supported by the BETTER SLEEP study, could broaden the addressable patient population, though commercial uptake in this subgroup has not yet been quantified publicly.
Chief executive Olivier Taelman said the capital would allow Nyxoah to "accelerate the commercial ramp of Genio in the United States and deliver on its mission for OSA patients." Board chairman Robert Taub described investor participation as "a powerful endorsement of our Genio technology, our strategy and our team."
Market context
Nyxoah enters a competitive but growing segment of the US sleep-medicine device market. Hypoglossal nerve stimulation as a category was pioneered by Inspire Medical Systems, whose Inspire therapy carries the dominant commercial position in the space and has built a substantial installed base since its own FDA approval. Nyxoah's differentiated CCC label and battery-free implant architecture represent the primary technical grounds on which the company is seeking to carve out market share, though Inspire's established payer relationships and physician familiarity present a meaningful commercial barrier.
OSA is estimated to affect hundreds of millions of adults worldwide, with a large proportion remaining undiagnosed or inadequately treated by continuous positive airway pressure (CPAP). Device-based neurostimulation therapies target the subset of patients who have failed or cannot tolerate CPAP, a segment that is expanding as awareness grows and reimbursement pathways mature. US payers' willingness to cover hypoglossal stimulation for CCC patients — where Nyxoah holds a unique label claim — will be a critical variable to watch as the commercial ramp progresses.
The EIB loan tranche anticipated by month-end adds a non-dilutive component to the financing package, consistent with Nyxoah's strategy of blending public equity with European institutional debt. The company did not disclose a post-money valuation or provide updated cash-runway guidance beyond signalling that the combined proceeds are sufficient to support the planned US commercial acceleration.