The company's financial position has eroded significantly, with equity falling to $36.0 million in 2026Q1 and the current ratio declining to 0.99, indicating limited liquidity to meet short-term obligations.
| Total Current Assets | 40.72M | 61.19M | 98.08M | 68.35M | 100.26M | 140.06M | 115.15M | 8.95M | 17.54M | 10.68M |
| Cash & Short-Term Investments | 26.03M | 47.98M | 85.56M | 57.75M | 94.86M | 135.51M | 112.93M | 6.57M | 16.8M | 10.11M |
| Cash Only | 12.98M | 29.99M | 34.19M | 21.61M | 17.89M | 135.51M | 112.93M | 6.57M | 16.8M | 10.11M |
| Short-Term Investments | 13.05M | 17.99M | 51.37M | 36.14M | 76.97M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.25M | 7.72M | 3.38M | 5.63M | 2.23M | 2.51M | 2.01M | 2.37M | 732K | 575K |
| Days Sales Outstanding | 141.01 | 281.26 | 273.04 | 472.37 | 264.05 | 1.08K | 10.64K | - | - | - |
| Inventory | 4.36M | 4.66M | 4.72M | 3.31M | 882K | 346K | 67.3K | 0 | -732K | -575K |
| Days Inventory Outstanding | 221.18 | 460.28 | 1.11K | 730.66 | 279.94 | 416.8 | 818.76 | - | - | - |
| Other Current Assets | 567.15K | 827.69K | 4.43M | 1.66M | 828K | 3.98M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 57.25M | 57.24M | 60.32M | 55.81M | 45.81M | 30.77M | 24.44M | 8.11M | 440K | 461K |
| Property, Plant & Equipment | 6.01M | 5.34M | 8.25M | 7.98M | 5.62M | 5.24M | 4.89M | 1.56M | 343K | 369K |
| Fixed Asset Turnover | 2.53x | 1.88x | 0.55x | 0.55x | 0.55x | 0.16x | 0.01x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 49.42M | 50.09M | 50.38M | 46.61M | 39.97M | 25.32M | 19.4M | 6.44M | 0 | 0 |
| Long-Term Investments | 1.8M | 1.72M | 0 | 0 | 173K | 164K | 111.34K | 87.55K | 68K | 70K |
| Other Non-Current Assets | 0 | 0 | 1.69M | 1.17M | 0 | 0 | 0 | 0 | 68K | 70K |
| Total Assets | 97.97M | 118.43M | 158.41M | 124.16M | 146.07M | 170.83M | 139.58M | 17.06M | 17.98M | 11.14M |
| Asset Turnover | 0.15x | 0.08x | 0.03x | 0.04x | 0.02x | 0.00x | 0.00x | - | - | - |
| Asset Growth % | -108.99% | -25.24% | 27.59% | -15% | -14.49% | 22.39% | 718.36% | -5.13% | 61.32% | - |
| Total Current Liabilities | 41.21M | 48.94M | 21.53M | 14.44M | 14.91M | 11.57M | 7.83M | 4.91M | 2M | 1.75M |
| Accounts Payable | 12.69M | 13.72M | 3.75M | 4.1M | 1.87M | 2.39M | 1.46M | 1.55M | 606K | 389K |
| Days Payables Outstanding | 344.78 | 1.36K | 881.69 | 904.12 | 594.47 | 2.88K | 17.71K | 1.17K | 87.67 | 67.29 |
| Short-Term Debt | 17.26M | 23.76M | 248K | 364K | 389K | 554K | 1.33M | 805.95K | 289K | 395K |
| Deferred Revenue (Current) | 2.48M | 893.66K | 117K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.64M | 6.63M | 2.36M | 1.08M | 621K | 1.15M | 4.12M | 1.85M | 316K | 257K |
| Current Ratio | 0.99x | 1.25x | 4.56x | 4.73x | 6.72x | 12.10x | 14.70x | 1.82x | 8.77x | 6.11x |
| Quick Ratio | 0.88x | 1.16x | 4.34x | 4.50x | 6.66x | 12.07x | 14.69x | 1.82x | 9.14x | 6.44x |
| Cash Conversion Cycle | 17.41 | -614.31 | 500.46 | 298.9 | -50.49 | -1.39K | -6.26K | - | - | - |
| Total Non-Current Liabilities | 20.75M | 20.38M | 23.62M | 11.69M | 10.83M | 10.64M | 12.83M | 9.49M | 5.53M | 4.87M |
| Long-Term Debt | 17.5M | 17.66M | 18.73M | 8.37M | 8.19M | 7.8M | 9.31M | 8.02M | 5.53M | 4.87M |
| Capital Lease Obligations | 5.63M | 636.76K | 2.56M | 3.12M | 2.59M | 2.74M | 3.48M | 825.04K | 0 | 0 |
| Deferred Tax Liabilities | 68.13K | 0 | 0 | 9K | 0 | 5K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.04M | 1.4M | 2.34M | 194K | 59K | 92K | 45.27K | 647.68K | 0 | 0 |
| Total Liabilities | 61.96M | 69.34M | 45.15M | 26.14M | 25.75M | 22.21M | 20.67M | 14.41M | 7.53M | 6.62M |
| Total Debt | 36.22M | 42.06M | 22.65M | 12.7M | 11.88M | 11.68M | 14.12M | 9.65M | 5.82M | 5.26M |
| Net Debt | 23.23M | 12.07M | -11.53M | -8.91M | -6.01M | -123.83M | -98.81M | 3.08M | -10.99M | -4.84M |
| Debt / Equity | 1.01x | 0.86x | 0.20x | 0.13x | 0.10x | 0.08x | 0.12x | 3.64x | 0.56x | 1.16x |
| Debt / EBITDA | -0.45x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.29x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -32.73x | -51.68x | -30.90x | -36.82x | -125.82x | -62.83x | -56.69x | -12.41x | -310.66x | -278.30x |
| Total Equity | 36.01M | 49.11M | 113.25M | 98.02M | 120.32M | 148.62M | 118.92M | 2.65M | 10.45M | 4.53M |
| Equity Growth % | -208.12% | -56.64% | 15.54% | -18.54% | -19.04% | 24.98% | 4387.05% | -74.65% | 130.93% | - |
| Book Value per Share | 0.83 | 1.29 | 3.46 | 3.50 | 4.66 | 6.25 | 6.57 | 0.12 | 0.50 | 0.22 |
| Total Shareholders' Equity | 36.01M | 49.11M | 113.25M | 98.02M | 120.32M | 148.62M | 118.92M | 2.65M | 10.45M | 4.53M |
| Common Stock | 6.54M | 6.5M | 6.43M | 4.93M | 4.44M | 4.43M | 4.64M | 2.78M | 2.48M | 2M |
| Retained Earnings | -322.95M | -305.91M | -217.74M | -160.83M | -118.21M | -87.17M | -73.83M | -54.35M | -39.81M | -30.73M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 13.9M | 13.51M | 10.21M | 137K | 176K | 202K | 3.42M | 703.81K | 39K | 63K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dilution
As reported in recent financial statements, Nyxoah's equity base has contracted from $120.2 million in 2024Q2 to $36.0 million by 2026Q1, reflecting a persistent erosion of net assets driven by the company's ongoing inability to achieve operational profitability during its pre-commercialization phase.
The consistent decline in equity, coupled with a ballooning accumulated deficit, suggests that the company is consuming its capital base to fund clinical and regulatory milestones. Investors should monitor whether this trajectory forces further dilutive equity raises, as the current rate of capital depletion appears unsustainable without a significant revenue inflection.
Based on reported figures, Nyxoah's debt-to-equity ratio has climbed significantly to 1.01 in 2026Q1 from 0.11 in 2024Q2, indicating that the company is increasingly relying on debt financing to bridge its operational funding gap as cash reserves dwindle.
The shift toward higher leverage in a loss-making environment increases the company's financial risk profile and interest burden. This reliance on debt, while likely necessary for survival, may limit future financial flexibility and suggests that the company's cash flow durability remains highly speculative until U.S. market entry is secured.
According to the 2026Q1 balance sheet, the current ratio has compressed to 0.99, a sharp decline from the 5.47 observed in 2024Q2, signaling that the company's ability to cover short-term obligations with existing liquid assets has become severely constrained.
The rapid deterioration of the current ratio highlights a narrowing margin of safety for the company's operations. Given the high cash burn rate, this liquidity profile warrants close scrutiny, as it suggests the company may face imminent pressure to secure additional financing to maintain its ongoing clinical and commercial activities.
As detailed in recent filings, goodwill accounts for $49.4 million of the $98.0 million total assets in 2026Q1, representing a significant portion of the balance sheet that may be subject to impairment if commercial adoption of the Genio system fails to meet expectations.
The high concentration of intangible assets relative to total assets suggests that the company's book value is heavily reliant on the future success of its intellectual property. If the U.S. regulatory or commercial rollout underperforms, the potential for a goodwill write-down could further impair the company's already strained equity position.
Quick answers to the most common questions about buying NYXH stock.
As of 2025, Nyxoah S.A. (NYXH) had total assets of $118.4M including $61.2M in current assets.
Nyxoah S.A. (NYXH) carries total debt of $42.1M, offset by $48.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nyxoah S.A. (NYXH) has total shareholders' equity (book value) of $49.1M ($1.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nyxoah S.A. (NYXH) reported a current ratio of 1.25x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.