Nyxoah SA (NYXH) Stock Forecast & Price Target

Nyxoah is showing promising signs of growth, with a strong U.S. commercial launch and a growing patient funnel, as well as positive financial indicators such as a decrease in op ex year over year. With a clear path to break even at €150M in revenue, Nyxoah has the potential for significant profitability. The completion of their ACCCESS study in late June 2026/early July 2026 is a potential catalyst for further success and expansion.

Nyxoah is facing challenging financials as shown by its high operating expenses of €24.1M, above both management's guidance (€22.3M) and our model (€22.3M), as well as its low gross margin of 57.1%, below our forecast (65.0%). Additionally, while the company's FY26 revenue guidance is above the Street and our estimates, it still remains low at €36-40M, suggesting slower growth potential for the company. The company is also facing strong competition in the sleep-disordered breathing market and has a long road ahead in terms of commercializing its flagship product, the Genio system. This, combined with the company's limited revenue forecast for FY26 and high expenses, leads to a negative outlook on Nyxoah's stock as it may struggle to achieve profitability in the near future.