Nyxoah (NYXH) 6-K 8 Aug 23 2023 Q2 Nyxoah Reports Second Quarter and First Half 2023 Financial and Operating Results Financial data

Document and entity information

Document and entity information	6 Months Ended
	Jun. 30, 2023
Document and entity information
Document Type	6-K
Document period end date	Jun. 30, 2023
Current fiscal year end date	--12-31
Document fiscal year focus	2023
Entity registrant name	NYXOAH SA
Document fiscal period focus	Q2
Entity central index key	0001857190
Amendment flag	false

INTERIM CONSOLIDATED STATEMENT

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	€ 2,813	€ 2,460
Intangible assets	44,488	39,972
Right of use assets	3,571	3,159
Deferred tax asset	48	47
Other long-term receivables	165	173
Total non-current assets	51,085	45,811
Current assets
Inventory	1,146	882
Trade receivables	1,820	1,463
Other receivables	2,262	1,775
Other current assets	1,576	1,284
Financial assets	67,919	76,968
Cash and cash equivalents	16,604	17,888
Total current assets	91,327	100,260
Total assets	142,412	146,071
Capital and reserves
Capital	4,924	4,440
Share premium	246,070	228,275
Share based payment reserve	7,005	5,645
Other comprehensive income	98	176
Retained loss	(142,522)	(118,212)
Total equity attributable to shareholders	115,575	120,324
Non-current liabilities
Financial debt	8,433	8,189
Lease liability	2,991	2,586
Pension liability	50	0
Provisions	127	59
Deferred tax liability	0	0
Total non-current liabilities	11,601	10,834
Current liabilities
Financial debt	559	388
Lease liability	751	719
Trade payables	4,690	4,985
Current tax liability	4,475	3,654
Other payables	4,761	5,167
Total current liabilities	15,236	14,913
Total liabilities	26,837	25,747
Total equity and liabilities	€ 142,412	€ 146,071

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INTERIM CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS
Revenue	€ 1,107,000	€ 936,000	€ 1,548,000	€ 1,595,000
Cost of goods sold	(419,000)	(334,000)	(594,000)	(623,000)
Gross profit	688,000	602,000	954,000	972,000
Research and Development Expense	(6,605,000)	(3,470,000)	(12,762,000)	(7,065,000)
Selling, General and Administrative Expense	(6,185,000)	(4,536,000)	(11,736,000)	(8,729,000)
Other income/(expense)	219,000	14,000	265,000	150,000
Operating loss for the period	(11,883,000)	(7,390,000)	(23,279,000)	(14,672,000)
Financial income	789,000	4,669,000	1,414,000	6,246,000
Financial expense	(775,000)	(2,162,000)	(1,732,000)	(2,950,000)
Loss for the period before taxes	(11,869,000)	(4,883,000)	(23,597,000)	(11,376,000)
Income taxes	(928,000)	(107,000)	(1,110,000)	(315,000)
Loss for the period	(12,797,000)	(4,990,000)	(24,707,000)	(11,691,000)
Loss attributable to equity holders	(12,797,000)	(4,990,000)	(24,707,000)	(11,691,000)
Items that may be subsequently reclassified to profit or loss (net of tax)
Currency translation differences	(50,000)	(12,000)	(78,000)	(114,000)
Total comprehensive loss for the year, net of tax	(12,847,000)	(5,002,000)	(24,785,000)	(11,805,000)
Loss attributable to equity holders	€ (12,847,000)	€ (5,002,000)	€ (24,785,000)	€ (11,805,000)
Basic Loss Per Share (in EUR)	€ (0.447)	€ (0.193)	€ (0.907)	€ (0.453)
Diluted Loss Per Share (in EUR)	€ (0.447)	€ (0.193)	€ (0.907)	€ (0.453)

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - EUR (€)	Common shares	Share premium	Share based payment reserve	Other comprehensive income	Retained earnings	Total	Total
Balance at beginning at Dec. 31, 2021	€ 4,427,000	€ 228,033,000	€ 3,127,000	€ 202,000	€ (87,167,000)	€ 148,622,000
Loss for the period					(11,691,000)	(11,691,000)	€ (11,691,000)
Other comprehensive loss for the period				(114,000)		(114,000)
Total comprehensive loss for the year, net of tax				(114,000)	(11,691,000)	(11,805,000)	(11,805,000)
Equity-settled share-based payments
Granted during the period			1,292,000			1,292,000
Exercised during the period	4,000	125,000	(8,000)		8,000	129,000
Issuance of shares for cash	7,000					7,000
Total transactions with owners of the company recognized directly in equity	11,000	125,000	1,284,000		8,000	1,428,000
Balance at end at Jun. 30, 2022	4,438,000	228,158,000	4,411,000	88,000	(98,850,000)	138,245,000
Balance at beginning at Dec. 31, 2022	4,440,000	228,275,000	5,645,000	176,000	(118,212,000)	120,324,000
Loss for the period					(24,707,000)	(24,707,000)	(24,707,000)
Other comprehensive loss for the period				(78,000)		(78,000)
Total comprehensive loss for the year, net of tax				(78,000)	(24,707,000)	(24,785,000)	€ (24,785,000)
Equity-settled share-based payments
Granted during the period			1,757,000			1,757,000
Forfeited during the period			(397,000)		397,000
Transaction cost		(337,000)				(337,000)
Issuance of shares for cash	484,000	18,132,000				18,616,000
Total transactions with owners of the company recognized directly in equity	484,000	17,795,000	1,360,000		397,000	20,036,000
Balance at end at Jun. 30, 2023	€ 4,924,000	€ 246,070,000	€ 7,005,000	€ 98,000	€ (142,522,000)	€ 115,575,000

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS - EUR (€)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before tax for the year	€ (23,597,000)	€ (11,376,000)
Adjustments for
Finance income	(1,414,000)	(6,246,000)
Finance expenses	1,732,000	2,950,000
Depreciation and impairment of property, plant and equipment and right-of-use assets	640,000	536,000
Amortization of intangible assets	477,000	402,000
Share-based payment transaction expense	1,757,000	1,292,000
Increase/(Decrease) in provisions	119,000	32,000
Other non-cash items	(16,000)	37,000
Cash generated before changes in working capital	(20,302,000)	(12,373,000)
Changes in working capital
Decrease/(Increase) in inventory	(264,000)	(160,000)
(Increase)/Decrease in trade and other receivables	(671,000)	1,011,000
Increase/(Decrease) in trade and other payables	(967,000)	2,053,000
Cash generated from changes in operations	(22,204,000)	(9,469,000)
Income tax paid	(274,000)	(254,000)
Net cash from / (used in) operating activities	(22,478,000)	(9,723,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(676,000)	(302,000)
Capitalization of intangible assets	(4,993,000)	(7,650,000)
Purchase of financial assets - current	(43,400,000)	(44,032,000)
Proceeds from sale of financial assets - current	52,383,000	0
Interest income on financial assets	572,000	0
Net cash from / (used in) investing activities	3,886,000	(51,984,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of principal portion of lease liabilities	(395,000)	(317,000)
Repayment of other loan	(42,000)	(42,000)
Interests paid	(14,000)	(134,000)
Repayment of recoverable cash advance	0	0
Proceeds from issuance of shares, net of transaction costs	18,279,000	136,000
Other financial costs	(32,000)	(8,000)
Net cash from / (used in) financing activities	17,796,000	(365,000)
Movement in cash and cash equivalents	(796,000)	(62,072,000)
Effect of exchange rates on cash and cash equivalents	(488,000)	2,165,000
Cash and cash equivalents at January 1	17,888,000	135,509,000
Cash and cash equivalents at June 30	€ 16,604,000	€ 75,602,000

General information

General information	6 Months Ended
	Jun. 30, 2023
General information
General information	1. Nyxoah SA (the “Company”) is a public listed company with limited liability (naamloze vennootschap/société anonyme) incorporated and operating under the laws of Belgium and is domiciled in Belgium. The Company is registered with the legal entities register (Brabant Walloon) under enterprise number 0817.149.675. The Company’s registered office is in Rue Edouard Belin 12, 1435 Mont-Saint-Guibert, Belgium. The Company is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea, or OSA. Our lead solution is the Genio ® The Genio® system is the first neurostimulation system for the treatment of OSA to include a battery-free and leadless neurostimulator capable of delivering bilateral hypoglossal nerve stimulation to keep the upper airway open. The product is intended to be used as a second-line therapy to treat moderate to severe OSA patients who have either not tolerated, failed or refused conventional therapy, including Continuous Positive Airway Pressure, or CPAP, which, despite its proven efficacy, is associated with many limitations, meaning compliance is a serious challenge. In addition, other second-line treatments are more suitable to treat mild to moderate OSA (such as oral devices) or highly invasive. Compared to other hypoglossal nerve stimulation technologies for the treatment of OSA, the Genio ® Obstructive sleep apnea is the world’s most common sleep disordered breathing condition. OSA occurs when the throat and tongue muscles and soft tissues relax and collapse. It makes a person stop breathing during sleep, while the airway repeatedly becomes partially (hypopnea) or completely (apnea) blocked, limiting the amount of air that reaches the lungs. During an episode of apnea or hypopnea, the patient’s oxygen level drops, which leads to sleep interruptions. Nyxoah SA has established three wholly owned subsidiaries: Nyxoah Ltd, a subsidiary of the Company since October 21, 2009 (located in Israel and incorporated on January 10, 2008 under the name M.L.G. Madaf G. Ltd), Nyxoah Pty Ltd since February 1, 2017 (located in Australia) and Nyxoah Inc. since May 14, 2020 (located in the USA). The interim condensed consolidated financial statements of Nyxoah SA and its subsidiaries (collectively, the Group) as of June 30, 2023 and for the three and six months ended June 30, 2023, have been authorized for issue on August 8, 2023 by the Board of Directors of the Company.

Significant accounting policies

Significant accounting policies	6 Months Ended
	Jun. 30, 2023
Significant accounting policies
Significant accounting policies	2. Basis of Preparation of the interim condensed consolidated financial statements The Company’s interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“IFRS”), as issued by the International Accounting Standards Board (IASB). They do not include all the information required for complete annual financial statements and should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended December 31, 2022. Except for the application of standards, interpretations and amendments being mandatory as of January 1, 2023, the accounting policies used for the preparation of the interim condensed consolidated financial statements are consistent with those used for the preparation of the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. The consolidated financial statements are presented in thousands of Euros (€) and all values are rounded to the nearest thousands, except when otherwise indicated (e.g. € million). The preparation of the interim condensed consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, are areas where assumptions and estimates are significant to the consolidated financial statements. The critical accounting estimates used in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. Going concern principle The Unaudited Interim Condensed Consolidated Financial Statements have been prepared on a going concern basis. As at June 30, 2023, the Company had cash and cash equivalents of €16.6 million and financial assets of €67.9 million. Based on cash flow forecasts for the remaining period of 2023 and 2024, which include significant expenses and cash outflows in relation to – among others – the ongoing clinical trials, the continuation of research and development project, and the scaling up of the Company’s manufacturing facilities. The Company believes that this cash position will be sufficient to meet the Company’s capital requirements and fund its operations for at least 12 months as from the date these financials are authorized for issuance. New and amended standards and interpretations applicable Effective for the annual periods beginning on January 1, 2023 The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2023, but do not have an impact on the interim condensed consolidated financial statements of the Company: ₋ IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules (effective immediately – disclosures are required for annual periods beginning on or after 1 January 2023)

Critical accounting estimates a

Critical accounting estimates and assumptions	6 Months Ended
	Jun. 30, 2023
Critical accounting estimates and assumptions
Critical accounting estimates and assumptions	3. The preparation of interim financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that may significantly affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. Refer to the disclosure note 5 from the Group’s 2022 year-end consolidated financial statements for further details about the main critical accounting estimates and assumptions.

Segment reporting

Segment reporting	6 Months Ended
	Jun. 30, 2023
Segment reporting
Segment reporting	4. Based on the organizational structure, as well as the nature of financial information available and reviewed by the Company’s chief operating decision makers to assess performance and make decisions about resource allocations, the Company has concluded that its total operations represent one reportable segment. The chief operating decision maker is the CEO.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2023
Fair Value
Fair Value	5. The carrying amount of cash and cash equivalents, trade receivables, other receivables, other current assets and financial assets approximate their value due to their short-term character. The carrying value of current liabilities approximates their fair value due to the short-term character of these instruments. The fair value of non-current liabilities (financial debt and other non-current liabilities), excluding the derivative financial liabilities, is evaluated based on their interest rates and maturity date. These instruments have fixed interest rates and their fair value measurements are subject to changes in interest rates. The fair value measurement is classified as level 3. The derivative financial liabilities and assets which consist of foreign currency options and foreign currency forwards are measured at fair value through profit and loss. Fair value is determined by the financial institution and is based on foreign currency forwards rates and the maturity of the instrument. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value ​ ​ As at ​ As at ​ As at ​ As at ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, (in EUR 000) 2023 2022 2023 2022 Financial Assets Other long-term receivables (level 3) 165 173 165 173 Trade and other receivables (level 3) 4,082 3,237 4,082 3,237 Foreign currency forwards (level 2) — 1 — 1 Other current assets (level 3) 1,576 1,284 1,576 1,284 Cash and cash equivalents (level 1) 16,604 17,888 16,604 17,888 Financial assets (level 1) 67,919 76,968 67,919 76,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value ​ ​ As at ​ As at ​ As at ​ As at ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, (in EUR 000) 2023 2022 2023 2022 Financial liabilities Financial debt (level 3) 105 146 99 138 Foreign currency option (level 2) 427 10 427 10 Recoverable cash advances (level 3) 8,887 8,431 8,887 8,431 Trade and other payables (level 1 and 3) 9,024 10,142 9,024 10,142 ​

Subsidiaries

Subsidiaries	6 Months Ended
	Jun. 30, 2023
Subsidiaries
Subsidiaries	6. For all periods that are mentioned in this report, the Company owns 100% of the shares of Nyxoah LTD, an Israeli company located in Tel-Aviv that was incorporated in 2009 and has a share capital of NIS 1.00. The Company also owns 100% of the shares of Nyxoah PTY LTD, an Australian Company located in Collingwood that was incorporated in 2017 and has a share capital of AUD 100. In May 2020, the Company incorporated Nyxoah Inc, an US-based company located in Delaware with a share capital of USD 1.00. The Company owns 100% of the shares of Nyxoah Inc.

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment
Property, Plant and Equipment	7. The total acquisitions for the six months ended June 30, 2023 amount to €0.7 million (2022: €302,000) and were mainly related to laboratory equipment, furniture and office equipment. Assets under construction were transferred to leasehold improvements for an amount of €0.6 million and to laboratory equipment for an amount of €139,000. The depreciation charge amounts to €271,000 in 2023 and to €198,000 in 2022 for the six months ended June 30.

Intangible assets

Intangible assets	6 Months Ended
	Jun. 30, 2023
Intangible assets
Intangible assets	8. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development ​ Patents and ​ ​ (in EUR 000) cost licenses Total Cost Opening value at January 1, 2022 25,610 591 26,201 Additions 7,650 — 7,650 Cost at June 30, 2022 33,260 591 33,851 Opening value at January 1, 2023 41,073 591 41,664 Additions 4,993 — 4,993 Cost at June 30, 2023 46,066 591 46,657 Amortization Opening amortization at January 1, 2022 (837) (42) (879) Amortization (381) (21) (402) Amortization at June 30, 2022 (1,218) (63) (1,281) Opening amortization at January 1, 2023 (1,608) (84) (1,692) Amortization (456) (21) (477) Amortization at June 30, 2023 (2,064) (105) (2,169) Net book value at June 30, 2022 32,042 528 32,570 Net book value at June 30, 2023 44,002 486 44,488 ​ There is only one development project: The Genio ® ® The Company continues to incur in 2023 development expenses with regard to the improved second-generation Genio ® ®

Right of use assets and lease l

Right of use assets and lease liabilities	6 Months Ended
	Jun. 30, 2023
Right of use assets and lease liabilities
Right of use assets and lease liabilities	9. For the six months ended June 30, 2023, the Company entered into new lease agreements for €208,000 (2022: €0.6 million). On top of that an existing lease contract has been extended for 15 years, resulting in an increase of the RoU asset

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory
Inventory	10. ​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Raw materials ​ 341 ​ 498 Work in progress 607 100 Finished goods 198 284 Total Inventory 1,146 882 ​ The increase in inventory is due to increasing activities to prepare for the commercialization and further scale-up of the company in 2023. For the period ended June 30, 2023 and the year ended December 31, 2022 the Company did not recognize any expenses for inventory write-offs since the inventory level is expected to be sold in the foreseeable future.

Trade and Other receivables

Trade and Other receivables	6 Months Ended
	Jun. 30, 2023
Trade and Other receivables.
Trade and Other receivables	11. ​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Trade receivables 1,820 1,463 R&D incentive receivable (Australia) 620 346 VAT receivable 728 847 Current tax receivable 248 159 Foreign currency swaps — 1 Other 666 422 Total trade and other receivables 4,082 3,238 ​ The increase of €0.8 million in trade and other receivables is mainly due to an increase in trade receivables and an increase in R&D incentive receivables. We refer to note 22 for more details. The Company may include unbilled receivables in its accounts receivable balance. Generally, these receivables represent earned revenue from products delivered to customers, which will be billed in the next billing cycle. All amounts are considered collectible and billable. As at December 31, 2022 and June 30, 2023, there were no unbilled receivables included in the trade receivables. R&D incentive receivables relates to incentives received in Australia as support to the clinical trials and the development of the Genio ® The current tax receivable relates to excess payment of corporate income tax in Israel and in Belgium. Other mainly relates advance payments and withholding tax to be received related to Belgian R&D employees.

Other current assets

Other current assets	6 Months Ended
	Jun. 30, 2023
Other current assets.
Other current assets	12. The increase of €292,000 in other current assets as at June 30, 2023 is mainly due to a general increase in prepaid expenses and to a payment of €250,000 towards the Educational Grant with SMR Holding UG (Dr. Sommers). We refer to note 27 for more details.

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents.
Cash and cash equivalents	13. ​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Short term deposit 4,010 36 Current accounts 12,594 17,852 Total cash and cash equivalents 16,604 17,888 ​ Cash and cash equivalents remain relatively stable totalling €16.6 million as at June 30, 2023, compared to €17.9 million as at December 31, 2022 with an increase of short term deposits (less than 3 months) by €4.0 million partially offset by a decrease of current account by €5.3 million.

Financial assets

Financial assets	6 Months Ended
	Jun. 30, 2023
Financial assets.
Financial assets	14. Current financial assets relate to term accounts with an initial maturity longer than 3 months but less than 12 months measured at amortized costs. In 2023, the Company entered into USD term deposits and US Treasury bills for a total amount $US 40.8 million (€37.4 million) and €6.0 million. During the period ended as at June 30, 2023, $US 25.0 million (€23.4 million) and €29.0 million reached maturity and is subsequently held as cash. As per June 30, 2023, the current financial assets consists of $US 45.8 million (€41.9 million), which could generate a foreign currency exchange gain or loss in the financial results in accordance with the fluctuations of the USD/EUR exchange rate as the Company’s functional currency is EUR, and €26.0 million. The total amount of term deposits as per June 30, 2023, amounts to €67.9 million.

Capital, Share Premium, Reserve

Capital, Share Premium, Reserves	6 Months Ended
	Jun. 30, 2023
Capital, Share Premium, Reserves
Capital, Share Premium, Reserves	15. 15.1. Capital and share premium The number of shares and the par value in the paragraph below take into account resolutions adopted by the shareholders’ meeting of February 21, 2020. All existing preferred shares were converted into common shares, and then a share split of 500:1 was approved by the shareholders’ meeting. The tables and comments below reflect the number of shares after the share split of 500:1 as of January 1, 2020. As part of the IPO on September 21, 2020, the Company incurred direct-attributable transaction costs of €6.5 million which have been deducted from the share premium. As part of the IPO on July 7, 2021, the Company incurred direct-attributable transaction costs of €7.6 million which have been deducted from the share premium. As of June 30, 2023, the share capital of the Company amounts to €4.9 million represented by 28,661,985 shares, and the share premium amounts to €260.6 million (before deduction of the transaction costs). Evolution of the share capital and share premium over the six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Total of Par value Share Share (Number of shares except otherwise stated) ​ shares ​ shares ​ (EUR) ​ capital ​ premium January 1, 2022 25,772,359 25,772,359 0.17 4,427 242,198 February 10, 2022 - Exercise warrants 25,000 25,000 0.17 4 125 June 8, 2022 - Capital increase in cash 38,920 38,920 0.17 7 — June 30, 2022 25,836,279 25,836,279 0.17 4,438 242,323 September 30, 2022 - Exercise warrants 10,000 10,000 0.17 2 117 December 31, 2022 25,846,279 25,846,279 0.17 4,440 242,440 March 29, 2023 - Capital increase in cash 393,162 393,162 0.17 68 2,481 March 30, 2023 - Capital increase in cash 2,047,544 2,047,544 0.17 351 12,999 April 13, 2023 - Capital increase in cash 375,000 375,000 0.17 65 2,651 June 30, 2023 ​ 28,661,985 ​ 28,661,985 ​ 0.17 ​ 4,924 ​ 260,571 ​ On March 29, 2023, the Company issued 393,162 new shares for an aggregate capital increase of €2.5 million (including share premium). The Company raised $2.8 million in gross proceeds pursuant to the Company’s $50 million at-the-market (“ATM”) program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. The shares were purchased by historical Nyxoah shareholder Cochlear Limited, and the proceeds will be used for general corporate purposes. On March 30, 2023, the Company raised €13.35 million private placement financing from the sale of 2,047,544 new ordinary shares at a price per share of €6.52 (approximately U.S. $7.10 at current exchange rates), the closing price on Euronext Brussels on March 23, 2023. Gross proceeds total €13.35 million (approximately U.S. $15 million at current exchange rates) and will be used for general corporate purposes. On April 13, 2023, the Company issued 375,000 new shares for an aggregate capital increase of €2.7 million (including share premium). The Company raised $3.0 million in gross proceeds pursuant to the Company’s $50 million at-the-market ("ATM") program established on December 22, 2022 at an issue price equal to the market price on the Nasdaq Global Market at the time of the sale. The proceeds will be used for general corporate purposes. As part of above capital increases, the Company incurred direct-attributable transaction costs of €337,000 which have been deducted from the share premium. The proceeds from the capital increase net of transaction costs amounted to €18.3 million. 15.2. The reserves include the share-based payment reserve (see note 16), other comprehensive income and the retained loss. Retained loss is comprised of primarily accumulated losses, other comprehensive income is comprised of currency translation reserves and remeasurements of post-employment benefit obligations. The movement in other comprehensive income for the six months ended June 30, 2023 and 2022 is detailed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Post- ​ ​ ​ ​ Currency ​ employment ​ ​ ​ ​ translation ​ benefit ​ ​ (in EUR 000) reserve obligations Total Opening value at January 1, 2022 270 (68) 202 Currency translation differences (114) — (114) Total other comprehensive income at June 30, 2022 156 (68) 88 Opening value at January 1, 2023 174 2 176 Currency translation differences (78) — (78) Total other comprehensive income at June 30, 2023 96 2 98 ​

Share-Based compensation

Share-Based compensation	6 Months Ended
	Jun. 30, 2023
Share-Based compensation
Share-Based compensation	16. Equity-settled share-based payment transactions As of June 30, 2023, the Company has five outstanding equity-settled share-based incentive plans, including (i) the 2016 warrants plan (the 2016 Plan), (ii) the 2018 warrants plan (the 2018 Plan), (iii) the 2020 warrants plan (the 2020 Plan), (iv) the 2021 warrants plan (the 2021 plan) and (v) the 2022 warrants plan (the 2022 plan). The Company had an extraordinary shareholders’ meeting on February 21, 2020 where it was decided to achieve a share split in a ratio of 500:1. Per warrant issued before February 21, 2020, 500 common shares will be issuable. For presentation purposes the tables and comments below reflect the number of shares the warrants give right to across all plans. In accordance with the terms of the various plans, all warrants that had not yet vested before, vested on September 7, 2020, i.e. ten business days prior to the closing of the IPO on September 21, 2020. ​ ​ ​ ​ ​ ​ Number of shares (after share split) warrants give right to across all plans 2023 2022 Outstanding at January 1 1,416,490 993,490 Granted 475,862 461,500 Forfeited/Cancelled (139,250) (14,125) Exercised — (25,000) Outstanding as at June 30 1,753,102 1,415,865 Exercisable as at June 30 996,086 779,966 ​ The followings warrants from the 2021 warrant plan have been granted in 2023: - - - On June 14, 2023, 13,602 warrants were granted from the 2022 warrant plan. The following tables provide the input to the Black-Scholes model for warrants granted in 2018, 2020, 2021, 2022 and 2023 related to the 2016 warrant plan, the 2018 warrant plan, the 2020 warrant plan, the 2021 warrant plan and the 2022 warrant plan. The tables and notes uses as a basis, the number of shares the warrants give right to across all plans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 ​ ​ Plan 2016 Plan 2018 Plan 2018 Plan 2020 (grant Sept 17 ​ ​ (grant 2018) ​ (grant 2018) ​ (grant 2020) ​ (grant 2020) ​ 2021) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 66.92 % 56.32 % 56.32 % 56.32 % 51.30 % Risk-free interest rate 0.35 % (0.20) % (0.20) % (0.20) % (0.36) % Expected life 3 3 3 3 3 ​ Exercise price 5.17 6.52 11.94 11.94 25.31 ​ Stock price 1.09 10.24 10.20 10.20 25.75 ​ Fair value 0.10 5.30 3.31 3.31 9.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant Oct 27 ​ (grant Feb 21 ​ (grant Feb 21 ​ (grant Feb 21 ​ (grant May 14 ​ ​ 2021) 2022) 2022) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 51.50 % 49.80 % 49.80 % 49.80 % 49.80 % Risk-free interest rate (0.18) % 0.37 % 0.37 % 0.50 % 1.06 % Expected life 3 3 3 4 3 Exercise price 25.31 17.76 25.31 17.76 13.82 Stock price 20.50 17.50 17.50 17.50 13.82 Fair value 5.94 6.05 4.15 6.90 4.94 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant June 8 ​ (grant Aug 8 ​ (grant Aug 8 ​ (grant March 24 ​ (grant April 12 ​ ​ 2022) ​ 2022) ​ 2022) ​ 2023) ​ 2023) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 52.60 % 53.71 % 53.97 % 52.00 % 52.00 % Risk-free interest rate 1.60 % 1.39 % 1.45 % 3.20 % 3.24 % Expected life 3 3 4 3 3 ​ Exercise price 12.95 9.66 9.66 5.42 6.36 ​ Stock price 13.34 9.75 9.75 6.70 7.08 ​ Fair value 5.21 3.79 4.32 3.09 3.04 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 ​ Plan 2022 ​ ​ ​ (grant June 14 ​ (grant June 14 ​ ​ 2023) 2023) Return Dividend ​ 0 % 0 % Expected volatility ​ 51.28 % 51.28 % Risk-free interest rate 3.36 % 3.36 % Expected life 3 3 ​ Exercise price 7.19 7.19 ​ Stock price 7.10 7.10 ​ Fair value 2.75 2.75 ​ ​ On March 24, 2023, the Company reduced the exercise price of 75% of the warrants previously granted to warrant holders under the 2021 Warrants Plan to 5.42 EUR to reflect the decrease in the company’s share price. For the remaining 25% of the warrants previously granted under the 2021 Warrants Plan, the exercise price will remain unchanged. All other terms and conditions of the re-priced warrants remain unchanged to the original option agreement. The Company determined the fair value of the options at the date of the modification (March 24, 2023). The incremental fair value of the re-priced warrants will be recognised as an expense over the period from the modification date to the end of the vesting period. For the warrants already vested at the date of modification, the incremental fair value is fully recognised as an expense at date of modification. ​ The fair value of the modified warrants was determined using the same models and principles as described above, with the following model inputs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant Sept 17 ​ (grant Oct 27 ​ (grant Feb 21 ​ (grant Feb 21 ​ ​ 2021) ​ 2021) ​ 2022) ​ 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.25 % 3.25 % 3.17 % 3.36 % Expected life 2 2 2 2 ​ Exercise price 5.42 5.42 5.42 5.42 ​ Stock price 6.68 6.68 6.68 6.68 ​ Fair value 2.48 2.52 2.67 2.49 ​ Incremental Fair value 2.38 2.40 2.23 2.38 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant Feb 21 ​ (grant May 14 ​ (grant Aug 8 ​ (grant Aug 8 ​ ​ 2022) ​ 2022) ​ 2022) ​ 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.03 % 3.13 % 3.13 % 2.98 % Expected life 3 2 3 4 ​ Exercise price 5.42 5.42 5.42 5.42 ​ Stock price 6.68 6.68 6.68 6.68 ​ Fair value 3.05 2.75 2.87 3.21 ​ Incremental Fair value 2.23 1.92 1.28 1.19 ​ ​ The Company has recognized €1.8 million share-based payment expense for the six months ended June 30, 2023 (2022: €1.3 million) of which €0.6 million is related to the incremental fair value of the re-priced warrants.

Financial Debt

Financial Debt	6 Months Ended
	Jun. 30, 2023
Financial Debt.
Financial Debt	17. Financial debt consists of recoverable cash advances and other loans. Related amounts can be summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Recoverable cash advances - Non-current ​ 8,412 ​ 8,126 Recoverable cash advances - Current 475 305 Total Recoverable cash advances 8,887 8,431 Other loan - Non-current ​ 21 63 Other loan - Current 84 83 Total Other loan 105 146 Non-current 8,433 8,189 Current 559 388 Total Financial Debt 8,992 8,577 ​ Financial debt related to recoverable cash advances Recoverable cash advances received As at June 30, 2023, the details of recoverable cash advances received can be summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual Advances Amounts (in EUR 000) ​ advances ​ received ​ reimbursed Sleep apnea device (6472) 1,600 1,600 480 First articles (6839) 2,160 2,160 494 Clinical trial (6840) 2,400 2,400 210 Activation chip improvements (7388) 1,467 1,467 44 Total 7,627 7,627 1,228 ​ During the six months ended June 30, 2023 and the six months ended June 30, 2022 , the Company made no reimbursements and did not receive any new amounts. Based on expected timing of sales and after discounting, the financial debt related to the recoverable cash advances is as follows: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Contract 6472 1,665 1,571 Contract 6839 2,338 2,214 Contract 6840 2,939 2,790 Contract 7388 1,945 1,856 Total recoverable cash advances 8,887 8,431 Non-current 8,412 8,126 Current 475 305 Total recoverable cash advances 8,887 8,431 ​ The amounts recorded under “Current” caption correspond to the sales-independent amounts (fixed repayment) and sales-dependent reimbursements (variable repayment) estimated to be repaid to the Walloon Region in the next 12-month period. The estimated sales-independent (fixed repayment) as well as sales-dependent reimbursements (variable repayment) beyond 12 months are recorded under “Non-current” liabilities. Changes in the recoverable cash advances can be summarized as follows: ​ ​ ​ ​ ​ ​ (in EUR 000) 2023 2022 As at January 1 8,431 8,127 Advances reimbursed (excluding interests) — — Initial measurement and re-measurement (39) (28) Discounting impact 495 463 As at June 30 8,887 8,562 ​

Trade payables

Trade payables	6 Months Ended
	Jun. 30, 2023
Trade payables
Trade payables	18. ​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Payables 2,659 1,873 Invoices to be received 2,031 3,112 Total Trade payables 4,690 4,985 ​ The decrease in total trade payables of €295,000 as at June 30, 2023 is due to a decrease in invoices to be received of €1.1 million which is compensated by the increase in trade payables of €0.8 million.

Income taxes and deferred taxes

Income taxes and deferred taxes	6 Months Ended
	Jun. 30, 2023
Income taxes and deferred taxes
Income taxes and deferred taxes	19. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ June 30 June 30 (in EUR 000) 2023 2022 ​ 2023 2022 Current tax income/(expense) (927) ​ (944) ​ (1,115) (1,636) Deferred tax income/(expense) (1) ​ 837 ​ 5 1,321 Total Income Tax Income/(Expense) (928) ​ (107) ​ (1,110) (315) ​ The current tax expense mainly relates to (i) income tax paid or payable by certain of the Company’s subsidiaries for an amount of €0.8 million (2022: €1.6 million), and (ii) an additional accrual of the liability for uncertain tax positions for an amount of €276,000 (2022: €69,000). The uncertain tax position was recorded following certain public rulings and guidance issued by tax authorities in one of the jurisdictions that the Company operates in. The current tax liability of €4.5 million includes a liability for uncertain tax positions for an amount of €2.2 million and income tax liability for an amount of €2.3 million. ​ As of January 1, 2022, new tax regulations are in place in the US. In order to fully comply with internal revenue requirements, R&D expenses can no longer be deducted when incurred but instead they will be capitalized only for tax purposes and they will be amortized over a 5 year period.The current tax liability amount to €2.2 million for the subsidiary in the United States. As the subsidiary is not expecting to generate significant profits in the near future, no deferred tax assets on temporary differences have been recognized at this stage.

Other payables

Other payables	6 Months Ended
	Jun. 30, 2023
Other payables
Other payables	20. ​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Holiday pay accrual ​ 643 ​ 612 Salary 1,555 2,186 Accrued expenses 1,953 2,228 Foreign currency option - current 427 10 Other 183 131 Total other payables 4,761 5,167 ​ The decrease of €406.000 in other payables as at June 30, 2023, compared to December 31, 2022, is the result of a decrease of €0.6 million in salary payables partly offset by an increase of €417,000 in the fair value of the foreign currency option, a decrease of €275,000 in accrued expenses related to a decrease in clinical activities and an increase in holiday pay accrual of €31,000.

Derivatives

Derivatives	6 Months Ended
	Jun. 30, 2023
Derivatives
Derivatives	21. The Company is exposed to currency risk primarily due to the expected future USD, AUD and NIS expenses that will be incurred as part of the ongoing and planned marketing, clinical trials and other related expenses. A financial risk management policy has been approved to i) generate yields on liquidity and ii) reduce the exposure to currency fluctuations with a timeline up to 24 months and by means of foreign currency swaps. The Company has entered into several foreign currency swaps and foreign currency forwards for which the notional amounts are detailed in the table below: ​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Foreign currency swaps EUR - NIS (in EUR) 4,099 542 Foreign currency swaps EUR - NIS (in NIS) 16,000 2,000 Foreign currency forwards EUR - NIS (in EUR) 873 — Foreign currency forwards EUR - NIS (in NIS) ​ 3,500 ​ — Foreign currency swaps EUR - AUD (in EUR) ​ 92 ​ 379 Foreign currency swaps EUR - AUD (in AUD) ​ 150 ​ 600 Foreign currency swaps USD - EUR (in USD) ​ 24,322 ​ — Foreign currency swaps USD - EUR (in EUR) 22,000 — ​ The following table shows the carrying amount of derivative financial instruments measured at fair value in the statement of the financial position including their levels in the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2023 (in EUR 000) Level I Level II Level III Total Financial liabilities Foreign currency swaps — 418 — 418 Foreign currency forwards — 9 — 9 ​ The fair value is determined by the financial institution and is based on foreign currency swaps rates, foreign currency forward rates and the maturity of the instrument. All foreign currency swaps and forwards are classified as current as their maturity date is within the next twelve months. The change in the balance of the financial assets is detailed as follows: ​ ​ ​ ​ ​ ​ (in EUR 000) 2023 2022 Financial asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Opening value at January 1 1 — Fair value adjustments (1) 22 Closing value at June 30 — 22 ​ The change in the balance of the financial liabilities is detailed as follows: ​ ​ ​ ​ ​ (in EUR 000) 2023 2022 Financial liability ​ ​ ​ ​ ​ ​ ​ ​ ​ Opening value at January 1 10 654 Fair value adjustments 417 1,949 Exchange rate difference — 28 Closing value at June 30 427 2,631 ​

Results of operation

Results of operation	6 Months Ended
	Jun. 30, 2023
Results of operation
Results of operation	22. Revenue and cost of goods sold In the six months ended June 30, 2023, the Company generated revenue for the amount of €1.5 million (2022: €1.6 million). In the three months ended June 30, 2023, the Company generated revenue for the amount of €1.1 million (2022: €0.9 million). Revenue is recognized at a point in time upon satisfaction of the performance obligation, being the moment control over the Genio ® ® ® ® For the six month period ended June 30, 2023 the sales (based on country of customer) were generated in Germany (€1.4 million), Switzerland (€117,000) and Austria (€81,000) (2022: Germany: €1.6 million and Finland: €40,000). For the six month period ended June 30, 2023, the Company has no customers with individual sales larger than 10% of the total revenue (2022: two customers). For the three month period ended June 30, 2023 the sales (based on country of customer) were generated in Germany (€1.0 million), Switzerland (€23,000) and Austria (€41,000) (2022: Germany: €0.9 million). Cost of goods sold for the three and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Purchases of goods and services 316 ​ 539 ​ 858 783 Inventory movement 103 ​ (205) ​ (264) (160) Total cost of goods sold 419 ​ 334 ​ 594 623 ​ Operating expenses The tables below detail the operating expenses for the six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) Total cost Capitalized period Research and development 17,763 (5,001) 12,762 Selling, general and administrative expenses 11,736 — 11,736 Other income and expenses (273) 8 (265) For the six months ended June 30, 2023 29,226 (4,993) 24,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) ​ Total cost ​ Capitalized ​ period Research and development 14,817 (7,752) 7,065 Selling, general and administrative expenses 8,729 — 8,729 Other income and expenses (252) 102 (150) For the six months ended June 30, 2022 23,294 (7,650) 15,644 ​ The tables below detail the operating expenses for the three months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) ​ Total cost ​ Capitalized ​ period Research and development 8,892 (2,287) 6,605 Selling, general and administrative expenses 6,185 — 6,185 Other income and expenses (227) 8 (219) For the three months ended June 30, 2023 14,850 (2,279) 12,571 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) ​ Total cost ​ Capitalized ​ period Research and development 7,776 (4,306) 3,470 Selling, general and administrative expenses 4,536 — 4,536 Other income and expenses (83) 69 (14) For the three months ended June 30, 2022 12,229 (4,237) 7,992 ​ Research and Development expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Staff costs 3,386 ​ 2,595 ​ 7,381 5,090 Consulting and contractors' fees 890 ​ 612 ​ 1,694 1,304 Q&A regulatory 109 ​ 52 ​ 145 125 IP costs 112 ​ 120 ​ 241 222 Depreciation and amortization expense 318 ​ 245 ​ 631 496 Travel 292 ​ 206 ​ 572 328 Manufacturing and outsourced development 1,942 ​ 892 ​ 3,127 2,341 Clinical studies 1,190 ​ 2,642 ​ 2,567 4,252 Other expenses 292 ​ 410 ​ 723 657 IT ​ 361 ​ 2 ​ 682 ​ 2 Capitalized costs (2,287) ​ (4,306) ​ (5,001) (7,752) Total research and development expenses 6,605 ​ 3,470 ​ 12,762 7,065 ​ Before capitalization of €5.0 million for the six months ended June 30, 2023 and €7.8 million for the six months ended June 30, 2022, research and development expenses increased by €3.0 million or 20 %, from €14.8 million for the six months ended June 30, 2022, to €17.8 million for the six months ended June 30, 2023, due to the combined effect of higher clinical, R&D activities and manufacturing expenses and also due to a start of new ERP system implementation. This increase is mainly in staff, consulting costs and in manufacturing and outsourced development to support those activities, this increase was offset by a decrease of €1.7 million in clinical study activities due to Dream Study. Before capitalization of €2.3 million for the three months ended June 30, 2023 and €4.3 million for the three months ended June 30, 2022, research and development expenses increased by €1.1 million or 14 %, from €7.8 million for the three months ended June 30, 2022, to €8.9 million for the three months ended June 30, 2023, due to the combined effect of higher clinical, R&D activities and manufacturing expenses and also due to a start of new ERP system implementation. This increase is mainly in staff and consulting costs to support those activities and manufacturing and outsourced development. Selling, General and Administrative expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Staff costs 2,390 ​ 1,647 ​ 4,802 3,329 Consulting and contractors' fees 2,279 ​ 1,104 ​ 3,857 2,104 Legal fees 257 ​ 181 ​ 485 415 Rent 107 ​ 127 ​ 195 202 Depreciation and amortization expense 242 ​ 229 ​ 484 440 IT 240 ​ 153 ​ 488 253 Travel 187 ​ 267 ​ 430 547 Insurance fees 289 ​ 427 ​ 576 835 Other 194 ​ 401 ​ 419 604 Total selling, general and administrative expenses 6,185 ​ 4,536 ​ 11,736 8,729 ​ Selling, general and administrative expenses increased by €3.0 million or 34 % from €8.7 million for the six months ended June 30, 2022 to €11.7 million for the six months ended June 30, 2023, mainly due to an increase of costs to support the commercialization of Genio(R) system in Europe, scale up of the Company and also due to a start of new ERP system implementation. Selling, general and administrative expenses increased by €1.6 million or 36 % from €4.5 million for the three months ended June 30, 2022 to €6.2 million for the three months ended June 30, 2023, mainly due to an increase of costs to support the commercialization of Genio(R) system in Europe, scale up of the Company and also due to a start of new ERP system implementation. Other operating income / ( expenses) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Recoverable cash advances ​ ​ ​ ​ Initial measurement and re-measurement 6 ​ 11 ​ 39 28 R&D incentives (Australia) 268 ​ 41 ​ 289 137 Capitalization of R&D incentive (8) ​ (69) ​ (8) (102) Other income/(expenses) (47) ​ 31 ​ (55) 87 Total Other Operating Income/(Expenses) 219 ​ 14 ​ 265 150 ​ The Company had other operating income of €265,000 for the six months ended June 30, 2023 compared to other operating expenses of €150,000 for the six months ended June 30, 2022. The Company had other operating income of €219,000 for the three months ended June 30, 2023 compared to other operating expenses of €14,000 for the three months ended June 30, 2022. The other operating income contains the R&D Incentive (Australia) that relates to an incentive to be received on development expenses incurred by the subsidiary in Australia. The R&D incentive for the period of six months ended June 30, 2023 includes a correction for 2022.

Employee Benefits

Employee Benefits	6 Months Ended
	Jun. 30, 2023
Employee benefits
Employee benefits	23. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 ​ 2022 2023 2022 Salaries 4,202 ​ 3,187 ​ 8,712 6,089 Social charges 327 ​ 267 ​ 654 500 Fringe benefits 6 ​ 62 ​ 16 78 Defined contribution plan 75 ​ 66 ​ 152 136 Holiday pay 74 ​ (20) ​ 224 38 Share-based payment 748 ​ 628 ​ 1,757 1,292 Other 344 ​ 52 ​ 668 286 Total employee benefits 5,776 ​ 4,242 ​ 12,183 8,419 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 ​ 2022 2023 2022 Selling, general and administrative expenses 2,390 ​ 1,647 ​ 4,802 3,329 Research & Development expenses 3,386 ​ 2,595 ​ 7,381 5,090 Total employee benefits 5,776 ​ 4,242 ​ 12,183 8,419 ​

Financial income

Financial income	6 Months Ended
	Jun. 30, 2023
Financial income
Financial income	24. Financial income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Interests 570 ​ 113 ​ 984 113 Exchange differences 222 ​ 4,561 ​ 430 6,090 Other (3) ​ (5) ​ — 43 Total financial income 789 ​ 4,669 ​ 1,414 6,246 ​ For the six month period ended June 30, 2023, the total interest income amounted to €1.0 million (three month period ended June 30, 2023: €0.6 million). This interest income relates to the term accounts. For the six month period ended June 30, 2022, exchange gains amount €6.1 million (three month period ended June 30, 2022: €4.6 million), mainly due to the revaluation of both the Company’s USD cash balance and USD financial assets (note 14). This was related to a decrease in the rate of EUR/USD compared to December 31, 2021. For the six month period ended June 30, 2023, exchange gains amount to €430,000 (three month period ended June 30, 2023: €222,000). We refer to note 25 for more details on the revaluation of both the Company’s USD cash balance and USD financial assets as per June 30, 2023.

Financial Expense

Financial Expense	6 Months Ended
	Jun. 30, 2023
Financial Expense
Financial Expense	25. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 ​ 2023 2022 Fair value adjustment 320 ​ 1,631 ​ 416 1,949 Recoverable cash advances, Accretion of interest 248 ​ 232 ​ 495 463 Interest and bank charges 17 ​ 16 ​ 45 103 Interest on lease liabilities 30 ​ 25 ​ 60 47 Exchange differences 161 ​ 305 ​ 715 388 Other (1) ​ (47) ​ 1 — Total Financial expense 775 ​ 2,162 ​ 1,732 2,950 ​ The fair value adjustment relates to the fair value adjustment on financial instruments. More information can be found in note 21. The discounting impact of the recoverable cash advances is further detailed in note 17 above. For the six month period ended June 30, 2023, exchange losses amount to €0.7 million (three month period ended June 30, 2023: €161,000), mainly due to the revaluation of both the Company’s USD cash balance and USD financial assets (note 14). For the year ended December 31, 2022, the closing rate of EUR/USD amounted to 1.07265, while as at June 30, 2023, the rate of EUR/USD increased to 1.09164, resulting in unrealized exchange losses on the USD balances. The Company holds its USD cash balances and term deposits as they expect to incur cash-outflows in the US relating to both clinical costs (DREAM and ACCESS) and to the commercial launch of the Genio ®

Loss Per Share (EPS)

Loss Per Share (EPS)	6 Months Ended
	Jun. 30, 2023
Loss Per Share (EPS)
Loss Per Share (EPS)	26. The Basic Earnings Per Share and the Diluted Earnings Per Share are calculated by dividing earnings for the year by the weighted average number of shares outstanding during the year. As the Company is incurring net losses, outstanding warrants have no dilutive effect. As such, there is no difference between the Basic and Diluted EPS. EPS for June 2023 has been presented in the income statement taking into account resolutions adopted by the shareholders’ meeting of February 21, 2020. All existing preferred shares were converted into common shares, and then a share split of 500:1 was approved by the shareholders’ meeting. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 As at June 30, after conversion and share split ​ ​ ​ ​ Outstanding common shares at period-end 28,661,985 ​ 25,836,279 ​ 28,661,985 25,836,279 Weighted average number of common shares outstanding 28,608,413 ​ 25,806,768 ​ 27,250,102 25,796,560 Number of shares resulting of the exercise of outstanding warrants 2,439,500 ​ 1,953,125 ​ 2,439,500 1,953,125 ​ Basic and Diluted EPS for the three and six month period ended June 30, 2023 and 2022 based on weighted average number of shares outstanding after conversion and share split are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 ​ 2023 2022 2023 2022 Loss of year attributable to equity holders (in EUR) (12,797,000) ​ (4,990,000) ​ (24,707,000) (11,691,000) Weighted average number of common shares outstanding (in units) 28,608,413 ​ 25,806,768 ​ 27,250,102 25,796,560 Basic earnings per share in EUR (EUR/unit) (0.447) ​ (0.193) ​ (0.907) (0.453) Diluted earnings per share in EUR (EUR/unit) (0.447) ​ (0.193) ​ (0.907) (0.453) ​

Other commitments

Other commitments	6 Months Ended
	Jun. 30, 2023
Other commitments
Other commitments	27. The Company has granted in 2022 an amount of €0.5 million towards the Educational Grant with SMR Holding UG (Dr. Sommers) for the period starting on January 1, 2023 until December 31, 2024. The first installment of €250,000 is paid by the Company in January 2023, the second installment of €250,000 is due in January 2024.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Related Party Transactions	28. Transactions between the Company and its subsidiaries have been eliminated in consolidation and are not disclosed in the notes. Related party transactions are disclosed below. Remuneration of Key Management The remuneration of the senior management consists of the remuneration of the CEO of the Company for the three and six months ended June 30: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 ​ 2023 2022 Short-term remuneration & compensation 209 ​ 126 ​ 396 271 Share based payment 35 ​ 20 ​ 101 55 Total 244 ​ 146 ​ 497 326 ​ Transactions with Non-Executive Directors and Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ For the six months ended June 30, ​ ​ 2023 ​ 2022 ​ ​ R&D ​ Consulting ​ Board ​ R&D ​ Consulting ​ Board (in EUR 000) Collaboration services Remuneration Collaboration services Remuneration Cochlear 182 — — 1,336 — — MINV SA — — — — 60 — Ray Cohen — — — — — 4 Donald Deyo — — — — — 14 Robert Taub — — 66 — — 42 Kevin Rakin — — 32 — — 25 Pierre Gianello — — 32 — — 35 Jan Janssen — — — — — 19 Jurgen Hambrecht — — 29 — — 24 Rita Mills — — 34 — — 23 Giny Kirby ​ — ​ — ​ 34 ​ — ​ — ​ 3 Wildman Ventures LLC ​ — ​ — ​ 40 ​ — ​ — ​ — Total 182 — 267 1,336 60 189 Amounts outstanding at period-end — — 111 559 60 78 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2023 For the three months ended June 30, 2022 (in EUR 000) ​ R&D Consulting Board R&D Consulting Board ​ Collaboration services Remuneration Collaboration services Remuneration Cochlear 41 — — 543 — — Ray Cohen — — — — — 4 Donald Deyo — — — — — 6 Robert Taub — — 30 — — 16 Kevin Rakin — — 16 — — 10 Pierre Gianello — — 14 — — 21 Jan Janssen — — — — — (13) Jurgen Hambrecht − — 14 — — 9 Rita Mills — — 19 — — 9 Giny Kirby ​ — ​ — ​ 20 ​ — ​ — ​ 3 Wildman Ventures LLC ​ — ​ — ​ 23 ​ — ​ — ​ — Total 41 — 136 543 — 65 Amounts outstanding at period-end — — 111 559 60 78 ​ The Company and Cochlear Limited, or Cochlear, have entered into a collaboration agreement, dated November 2018, under which they agreed to collaborate to further develop and progress commercialization of implantable treatments for sleep disordered breathing conditions. A new Statement of Work was entered into on June 8, 2020. Under this agreement, Cochlear is working with the Company in developing and enhancing the next generation implantable stimulator. This collaboration agreement led to a financial impact of €182,000 and €1.3 million for the six months ended June 30, 2023 and 2022 respectively. In April 2023, the project came to its end after development milestones were reached.

Events after the Balance-Sheet

Events after the Balance-Sheet Date	6 Months Ended
	Jun. 30, 2023
Events after the Balance-Sheet Date
Events after the Balance-Sheet Date	29. The Company has acquired all shares of Nyxoah GmbH, a German company, on July 26, 2023. Nyxoah was incorporated on May 11, 2023. Except for the minimum capital of €25,000, Nyxoah GmbH has no assets or liabilities and no business had been conducted by it. Upon closing of the acquisition, the Company has paid a consideration of €29,000 in cash.

Significant accounting polici_2

Significant accounting policies (Policies)	6 Months Ended
	Jun. 30, 2023
Significant accounting policies
Basis of Preparation of the interim condensed consolidated financial statements	Basis of Preparation of the interim condensed consolidated financial statements The Company’s interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting (“IFRS”), as issued by the International Accounting Standards Board (IASB). They do not include all the information required for complete annual financial statements and should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended December 31, 2022. Except for the application of standards, interpretations and amendments being mandatory as of January 1, 2023, the accounting policies used for the preparation of the interim condensed consolidated financial statements are consistent with those used for the preparation of the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022. The consolidated financial statements are presented in thousands of Euros (€) and all values are rounded to the nearest thousands, except when otherwise indicated (e.g. € million). The preparation of the interim condensed consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgement or complexity, are areas where assumptions and estimates are significant to the consolidated financial statements. The critical accounting estimates used in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Company’s annual consolidated financial statements as of and for the year ended December 31, 2022.
Going concern principle	Going concern principle The Unaudited Interim Condensed Consolidated Financial Statements have been prepared on a going concern basis. As at June 30, 2023, the Company had cash and cash equivalents of €16.6 million and financial assets of €67.9 million. Based on cash flow forecasts for the remaining period of 2023 and 2024, which include significant expenses and cash outflows in relation to – among others – the ongoing clinical trials, the continuation of research and development project, and the scaling up of the Company’s manufacturing facilities. The Company believes that this cash position will be sufficient to meet the Company’s capital requirements and fund its operations for at least 12 months as from the date these financials are authorized for issuance.
New and amended standards and interpretations applicable	New and amended standards and interpretations applicable Effective for the annual periods beginning on January 1, 2023 The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Several amendments and interpretations apply for the first time in 2023, but do not have an impact on the interim condensed consolidated financial statements of the Company: ₋ IFRS 17 Insurance Contracts (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (applicable for annual periods beginning on or after January 1, 2023) ₋ Amendments to IAS 12 Income taxes: International Tax Reform – Pillar Two Model Rules (effective immediately – disclosures are required for annual periods beginning on or after 1 January 2023)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value
Schedule of derivative financial liabilities and assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value ​ ​ As at ​ As at ​ As at ​ As at ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, (in EUR 000) 2023 2022 2023 2022 Financial Assets Other long-term receivables (level 3) 165 173 165 173 Trade and other receivables (level 3) 4,082 3,237 4,082 3,237 Foreign currency forwards (level 2) — 1 — 1 Other current assets (level 3) 1,576 1,284 1,576 1,284 Cash and cash equivalents (level 1) 16,604 17,888 16,604 17,888 Financial assets (level 1) 67,919 76,968 67,919 76,968 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value ​ Fair value ​ ​ As at ​ As at ​ As at ​ As at ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, (in EUR 000) 2023 2022 2023 2022 Financial liabilities Financial debt (level 3) 105 146 99 138 Foreign currency option (level 2) 427 10 427 10 Recoverable cash advances (level 3) 8,887 8,431 8,887 8,431 Trade and other payables (level 1 and 3) 9,024 10,142 9,024 10,142

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Jun. 30, 2023
Intangible assets
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Development ​ Patents and ​ ​ (in EUR 000) cost licenses Total Cost Opening value at January 1, 2022 25,610 591 26,201 Additions 7,650 — 7,650 Cost at June 30, 2022 33,260 591 33,851 Opening value at January 1, 2023 41,073 591 41,664 Additions 4,993 — 4,993 Cost at June 30, 2023 46,066 591 46,657 Amortization Opening amortization at January 1, 2022 (837) (42) (879) Amortization (381) (21) (402) Amortization at June 30, 2022 (1,218) (63) (1,281) Opening amortization at January 1, 2023 (1,608) (84) (1,692) Amortization (456) (21) (477) Amortization at June 30, 2023 (2,064) (105) (2,169) Net book value at June 30, 2022 32,042 528 32,570 Net book value at June 30, 2023 44,002 486 44,488

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Raw materials ​ 341 ​ 498 Work in progress 607 100 Finished goods 198 284 Total Inventory 1,146 882

Trade and Other receivables (Ta

Trade and Other receivables (Tables)	6 Months Ended
	Jun. 30, 2023
Trade and Other receivables.
Schedule of trade and other receivables	​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Trade receivables 1,820 1,463 R&D incentive receivable (Australia) 620 346 VAT receivable 728 847 Current tax receivable 248 159 Foreign currency swaps — 1 Other 666 422 Total trade and other receivables 4,082 3,238

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Jun. 30, 2023
Cash and cash equivalents.
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Short term deposit 4,010 36 Current accounts 12,594 17,852 Total cash and cash equivalents 16,604 17,888

Capital, Share Premium, Reser_2

Capital, Share Premium, Reserves (Tables)	6 Months Ended
	Jun. 30, 2023
Capital, Share Premium, Reserves
Schedule of evolution of the share capital and share premium	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Total of Par value Share Share (Number of shares except otherwise stated) ​ shares ​ shares ​ (EUR) ​ capital ​ premium January 1, 2022 25,772,359 25,772,359 0.17 4,427 242,198 February 10, 2022 - Exercise warrants 25,000 25,000 0.17 4 125 June 8, 2022 - Capital increase in cash 38,920 38,920 0.17 7 — June 30, 2022 25,836,279 25,836,279 0.17 4,438 242,323 September 30, 2022 - Exercise warrants 10,000 10,000 0.17 2 117 December 31, 2022 25,846,279 25,846,279 0.17 4,440 242,440 March 29, 2023 - Capital increase in cash 393,162 393,162 0.17 68 2,481 March 30, 2023 - Capital increase in cash 2,047,544 2,047,544 0.17 351 12,999 April 13, 2023 - Capital increase in cash 375,000 375,000 0.17 65 2,651 June 30, 2023 ​ 28,661,985 ​ 28,661,985 ​ 0.17 ​ 4,924 ​ 260,571 ​
Schedule of movement in other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Post- ​ ​ ​ ​ Currency ​ employment ​ ​ ​ ​ translation ​ benefit ​ ​ (in EUR 000) reserve obligations Total Opening value at January 1, 2022 270 (68) 202 Currency translation differences (114) — (114) Total other comprehensive income at June 30, 2022 156 (68) 88 Opening value at January 1, 2023 174 2 176 Currency translation differences (78) — (78) Total other comprehensive income at June 30, 2023 96 2 98

Share-Based compensation (Table

Share-Based compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based compensation
Schedule of changes of period for equity-settled warrant plans	​ ​ ​ ​ ​ ​ Number of shares (after share split) warrants give right to across all plans 2023 2022 Outstanding at January 1 1,416,490 993,490 Granted 475,862 461,500 Forfeited/Cancelled (139,250) (14,125) Exercised — (25,000) Outstanding as at June 30 1,753,102 1,415,865 Exercisable as at June 30 996,086 779,966
Schedule of number of shares warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 ​ ​ Plan 2016 Plan 2018 Plan 2018 Plan 2020 (grant Sept 17 ​ ​ (grant 2018) ​ (grant 2018) ​ (grant 2020) ​ (grant 2020) ​ 2021) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 66.92 % 56.32 % 56.32 % 56.32 % 51.30 % Risk-free interest rate 0.35 % (0.20) % (0.20) % (0.20) % (0.36) % Expected life 3 3 3 3 3 ​ Exercise price 5.17 6.52 11.94 11.94 25.31 ​ Stock price 1.09 10.24 10.20 10.20 25.75 ​ Fair value 0.10 5.30 3.31 3.31 9.22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant Oct 27 ​ (grant Feb 21 ​ (grant Feb 21 ​ (grant Feb 21 ​ (grant May 14 ​ ​ 2021) 2022) 2022) 2022) 2022) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 51.50 % 49.80 % 49.80 % 49.80 % 49.80 % Risk-free interest rate (0.18) % 0.37 % 0.37 % 0.50 % 1.06 % Expected life 3 3 3 4 3 Exercise price 25.31 17.76 25.31 17.76 13.82 Stock price 20.50 17.50 17.50 17.50 13.82 Fair value 5.94 6.05 4.15 6.90 4.94 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant June 8 ​ (grant Aug 8 ​ (grant Aug 8 ​ (grant March 24 ​ (grant April 12 ​ ​ 2022) ​ 2022) ​ 2022) ​ 2023) ​ 2023) Return Dividend 0 % 0 % 0 % 0 % 0 % Expected volatility 52.60 % 53.71 % 53.97 % 52.00 % 52.00 % Risk-free interest rate 1.60 % 1.39 % 1.45 % 3.20 % 3.24 % Expected life 3 3 4 3 3 ​ Exercise price 12.95 9.66 9.66 5.42 6.36 ​ Stock price 13.34 9.75 9.75 6.70 7.08 ​ Fair value 5.21 3.79 4.32 3.09 3.04 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 ​ Plan 2022 ​ ​ ​ (grant June 14 ​ (grant June 14 ​ ​ 2023) 2023) Return Dividend ​ 0 % 0 % Expected volatility ​ 51.28 % 51.28 % Risk-free interest rate 3.36 % 3.36 % Expected life 3 3 ​ Exercise price 7.19 7.19 ​ Stock price 7.10 7.10 ​ Fair value 2.75 2.75 ​
Schedule of input to Black-Scholes model for warrants granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant Sept 17 ​ (grant Oct 27 ​ (grant Feb 21 ​ (grant Feb 21 ​ ​ 2021) ​ 2021) ​ 2022) ​ 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.25 % 3.25 % 3.17 % 3.36 % Expected life 2 2 2 2 ​ Exercise price 5.42 5.42 5.42 5.42 ​ Stock price 6.68 6.68 6.68 6.68 ​ Fair value 2.48 2.52 2.67 2.49 ​ Incremental Fair value 2.38 2.40 2.23 2.38 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan 2021 Plan 2021 Plan 2021 Plan 2021 ​ ​ (grant Feb 21 ​ (grant May 14 ​ (grant Aug 8 ​ (grant Aug 8 ​ ​ 2022) ​ 2022) ​ 2022) ​ 2022) Return Dividend 0 % 0 % 0 % 0 % Expected volatility 52.00 % 52.00 % 52.00 % 52.00 % Risk-free interest rate 3.03 % 3.13 % 3.13 % 2.98 % Expected life 3 2 3 4 ​ Exercise price 5.42 5.42 5.42 5.42 ​ Stock price 6.68 6.68 6.68 6.68 ​ Fair value 3.05 2.75 2.87 3.21 ​ Incremental Fair value 2.23 1.92 1.28 1.19 ​ ​

Financial Debt (Tables)

Financial Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Debt.
Schedule of financial debt consists of recoverable cash advances, and other loans	​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Recoverable cash advances - Non-current ​ 8,412 ​ 8,126 Recoverable cash advances - Current 475 305 Total Recoverable cash advances 8,887 8,431 Other loan - Non-current ​ 21 63 Other loan - Current 84 83 Total Other loan 105 146 Non-current 8,433 8,189 Current 559 388 Total Financial Debt 8,992 8,577
Schedule of recoverable cash advances received	​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual Advances Amounts (in EUR 000) ​ advances ​ received ​ reimbursed Sleep apnea device (6472) 1,600 1,600 480 First articles (6839) 2,160 2,160 494 Clinical trial (6840) 2,400 2,400 210 Activation chip improvements (7388) 1,467 1,467 44 Total 7,627 7,627 1,228
Schedule of fair value recoverable cash advances	​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Contract 6472 1,665 1,571 Contract 6839 2,338 2,214 Contract 6840 2,939 2,790 Contract 7388 1,945 1,856 Total recoverable cash advances 8,887 8,431 Non-current 8,412 8,126 Current 475 305 Total recoverable cash advances 8,887 8,431
Schedule of detailed information about changes in recoverable cash advances	​ ​ ​ ​ ​ ​ (in EUR 000) 2023 2022 As at January 1 8,431 8,127 Advances reimbursed (excluding interests) — — Initial measurement and re-measurement (39) (28) Discounting impact 495 463 As at June 30 8,887 8,562

Trade payables (Tables)

Trade payables (Tables)	6 Months Ended
	Jun. 30, 2023
Trade payables
Schedule of trade payables	​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Payables 2,659 1,873 Invoices to be received 2,031 3,112 Total Trade payables 4,690 4,985

Income taxes and deferred tax_2

Income taxes and deferred taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income taxes and deferred taxes
Schedule of income taxes and deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ June 30 June 30 (in EUR 000) 2023 2022 ​ 2023 2022 Current tax income/(expense) (927) ​ (944) ​ (1,115) (1,636) Deferred tax income/(expense) (1) ​ 837 ​ 5 1,321 Total Income Tax Income/(Expense) (928) ​ (107) ​ (1,110) (315)

Other payables (Tables)

Other payables (Tables)	6 Months Ended
	Jun. 30, 2023
Other payables
Schedule of other payables	​ ​ ​ ​ ​ ​ ​ ​ As at ​ ​ June 30, ​ December 31, (in EUR 000) 2023 2022 Holiday pay accrual ​ 643 ​ 612 Salary 1,555 2,186 Accrued expenses 1,953 2,228 Foreign currency option - current 427 10 Other 183 131 Total other payables 4,761 5,167

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
	Jun. 30, 2023
Derivatives
Schedule of foreign currency swaps and forwards	​ ​ ​ ​ ​ ​ ​ ​ As at ​ June 30, December 31, (in EUR 000) ​ 2023 ​ 2022 Foreign currency swaps EUR - NIS (in EUR) 4,099 542 Foreign currency swaps EUR - NIS (in NIS) 16,000 2,000 Foreign currency forwards EUR - NIS (in EUR) 873 — Foreign currency forwards EUR - NIS (in NIS) ​ 3,500 ​ — Foreign currency swaps EUR - AUD (in EUR) ​ 92 ​ 379 Foreign currency swaps EUR - AUD (in AUD) ​ 150 ​ 600 Foreign currency swaps USD - EUR (in USD) ​ 24,322 ​ — Foreign currency swaps USD - EUR (in EUR) 22,000 —
Schedule of derivative financial instruments measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2023 (in EUR 000) Level I Level II Level III Total Financial liabilities Foreign currency swaps — 418 — 418 Foreign currency forwards — 9 — 9
Schedule of change in balance of financial assets and financial liabilities	​ ​ ​ ​ ​ ​ (in EUR 000) 2023 2022 Financial asset ​ ​ ​ ​ ​ ​ ​ ​ ​ Opening value at January 1 1 — Fair value adjustments (1) 22 Closing value at June 30 — 22 ​ The change in the balance of the financial liabilities is detailed as follows: ​ ​ ​ ​ ​ (in EUR 000) 2023 2022 Financial liability ​ ​ ​ ​ ​ ​ ​ ​ ​ Opening value at January 1 10 654 Fair value adjustments 417 1,949 Exchange rate difference — 28 Closing value at June 30 427 2,631

Results of operation (Tables)

Results of operation (Tables)	6 Months Ended
	Jun. 30, 2023
Results of operation
Schedule of information about cost of goods sold	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Purchases of goods and services 316 ​ 539 ​ 858 783 Inventory movement 103 ​ (205) ​ (264) (160) Total cost of goods sold 419 ​ 334 ​ 594 623
Schedule of information about operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) Total cost Capitalized period Research and development 17,763 (5,001) 12,762 Selling, general and administrative expenses 11,736 — 11,736 Other income and expenses (273) 8 (265) For the six months ended June 30, 2023 29,226 (4,993) 24,233 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) ​ Total cost ​ Capitalized ​ period Research and development 14,817 (7,752) 7,065 Selling, general and administrative expenses 8,729 — 8,729 Other income and expenses (252) 102 (150) For the six months ended June 30, 2022 23,294 (7,650) 15,644 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) ​ Total cost ​ Capitalized ​ period Research and development 8,892 (2,287) 6,605 Selling, general and administrative expenses 6,185 — 6,185 Other income and expenses (227) 8 (219) For the three months ended June 30, 2023 14,850 (2,279) 12,571 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ ​ ​ ​ ​ ​ expense for the (in EUR 000) ​ Total cost ​ Capitalized ​ period Research and development 7,776 (4,306) 3,470 Selling, general and administrative expenses 4,536 — 4,536 Other income and expenses (83) 69 (14) For the three months ended June 30, 2022 12,229 (4,237) 7,992
Schedule of information about research and development expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Staff costs 3,386 ​ 2,595 ​ 7,381 5,090 Consulting and contractors' fees 890 ​ 612 ​ 1,694 1,304 Q&A regulatory 109 ​ 52 ​ 145 125 IP costs 112 ​ 120 ​ 241 222 Depreciation and amortization expense 318 ​ 245 ​ 631 496 Travel 292 ​ 206 ​ 572 328 Manufacturing and outsourced development 1,942 ​ 892 ​ 3,127 2,341 Clinical studies 1,190 ​ 2,642 ​ 2,567 4,252 Other expenses 292 ​ 410 ​ 723 657 IT ​ 361 ​ 2 ​ 682 ​ 2 Capitalized costs (2,287) ​ (4,306) ​ (5,001) (7,752) Total research and development expenses 6,605 ​ 3,470 ​ 12,762 7,065
Schedule of detailed information about selling, general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Staff costs 2,390 ​ 1,647 ​ 4,802 3,329 Consulting and contractors' fees 2,279 ​ 1,104 ​ 3,857 2,104 Legal fees 257 ​ 181 ​ 485 415 Rent 107 ​ 127 ​ 195 202 Depreciation and amortization expense 242 ​ 229 ​ 484 440 IT 240 ​ 153 ​ 488 253 Travel 187 ​ 267 ​ 430 547 Insurance fees 289 ​ 427 ​ 576 835 Other 194 ​ 401 ​ 419 604 Total selling, general and administrative expenses 6,185 ​ 4,536 ​ 11,736 8,729
Schedule of detailed information about other operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Recoverable cash advances ​ ​ ​ ​ Initial measurement and re-measurement 6 ​ 11 ​ 39 28 R&D incentives (Australia) 268 ​ 41 ​ 289 137 Capitalization of R&D incentive (8) ​ (69) ​ (8) (102) Other income/(expenses) (47) ​ 31 ​ (55) 87 Total Other Operating Income/(Expenses) 219 ​ 14 ​ 265 150

Employee Benefits (Tables)

Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Employee benefits
Schedule of information about employee benefits	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 ​ 2022 2023 2022 Salaries 4,202 ​ 3,187 ​ 8,712 6,089 Social charges 327 ​ 267 ​ 654 500 Fringe benefits 6 ​ 62 ​ 16 78 Defined contribution plan 75 ​ 66 ​ 152 136 Holiday pay 74 ​ (20) ​ 224 38 Share-based payment 748 ​ 628 ​ 1,757 1,292 Other 344 ​ 52 ​ 668 286 Total employee benefits 5,776 ​ 4,242 ​ 12,183 8,419
Schedule of information about employee benefits by expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 ​ 2022 2023 2022 Selling, general and administrative expenses 2,390 ​ 1,647 ​ 4,802 3,329 Research & Development expenses 3,386 ​ 2,595 ​ 7,381 5,090 Total employee benefits 5,776 ​ 4,242 ​ 12,183 8,419

Financial income (Tables)

Financial income (Tables)	6 Months Ended
	Jun. 30, 2023
Financial income
Schedule of financial income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 2023 2022 Interests 570 ​ 113 ​ 984 113 Exchange differences 222 ​ 4,561 ​ 430 6,090 Other (3) ​ (5) ​ — 43 Total financial income 789 ​ 4,669 ​ 1,414 6,246

Financial Expense (Tables)

Financial Expense (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Expense
Schedule of financial expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 ​ 2023 2022 Fair value adjustment 320 ​ 1,631 ​ 416 1,949 Recoverable cash advances, Accretion of interest 248 ​ 232 ​ 495 463 Interest and bank charges 17 ​ 16 ​ 45 103 Interest on lease liabilities 30 ​ 25 ​ 60 47 Exchange differences 161 ​ 305 ​ 715 388 Other (1) ​ (47) ​ 1 — Total Financial expense 775 ​ 2,162 ​ 1,732 2,950

Loss Per Share (EPS) (Tables)

Loss Per Share (EPS) (Tables)	6 Months Ended
	Jun. 30, 2023
Loss Per Share (EPS)
Schedule of existing preferred shares were converted into common shares and then a share split	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 ​ ​ 2023 2022 2023 2022 As at June 30, after conversion and share split ​ ​ ​ ​ Outstanding common shares at period-end 28,661,985 ​ 25,836,279 ​ 28,661,985 25,836,279 Weighted average number of common shares outstanding 28,608,413 ​ 25,806,768 ​ 27,250,102 25,796,560 Number of shares resulting of the exercise of outstanding warrants 2,439,500 ​ 1,953,125 ​ 2,439,500 1,953,125
Schedule of basic and diluted earnings per shares based on weighted average number of shares outstanding after conversion and share split	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 ​ 2023 2022 2023 2022 Loss of year attributable to equity holders (in EUR) (12,797,000) ​ (4,990,000) ​ (24,707,000) (11,691,000) Weighted average number of common shares outstanding (in units) 28,608,413 ​ 25,806,768 ​ 27,250,102 25,796,560 Basic earnings per share in EUR (EUR/unit) (0.447) ​ (0.193) ​ (0.907) (0.453) Diluted earnings per share in EUR (EUR/unit) (0.447) ​ (0.193) ​ (0.907) (0.453)

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions
Schedule of detailed information about remuneration of key management	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended ​ For the six months ended ​ ​ June 30 ​ June 30 (in EUR 000) 2023 2022 ​ 2023 2022 Short-term remuneration & compensation 209 ​ 126 ​ 396 271 Share based payment 35 ​ 20 ​ 101 55 Total 244 ​ 146 ​ 497 326
Schedule of detailed information about transactions with related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ For the six months ended June 30, ​ ​ 2023 ​ 2022 ​ ​ R&D ​ Consulting ​ Board ​ R&D ​ Consulting ​ Board (in EUR 000) Collaboration services Remuneration Collaboration services Remuneration Cochlear 182 — — 1,336 — — MINV SA — — — — 60 — Ray Cohen — — — — — 4 Donald Deyo — — — — — 14 Robert Taub — — 66 — — 42 Kevin Rakin — — 32 — — 25 Pierre Gianello — — 32 — — 35 Jan Janssen — — — — — 19 Jurgen Hambrecht — — 29 — — 24 Rita Mills — — 34 — — 23 Giny Kirby ​ — ​ — ​ 34 ​ — ​ — ​ 3 Wildman Ventures LLC ​ — ​ — ​ 40 ​ — ​ — ​ — Total 182 — 267 1,336 60 189 Amounts outstanding at period-end — — 111 559 60 78 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2023 For the three months ended June 30, 2022 (in EUR 000) ​ R&D Consulting Board R&D Consulting Board ​ Collaboration services Remuneration Collaboration services Remuneration Cochlear 41 — — 543 — — Ray Cohen — — — — — 4 Donald Deyo — — — — — 6 Robert Taub — — 30 — — 16 Kevin Rakin — — 16 — — 10 Pierre Gianello — — 14 — — 21 Jan Janssen — — — — — (13) Jurgen Hambrecht − — 14 — — 9 Rita Mills — — 19 — — 9 Giny Kirby ​ — ​ — ​ 20 ​ — ​ — ​ 3 Wildman Ventures LLC ​ — ​ — ​ 23 ​ — ​ — ​ — Total 41 — 136 543 — 65 Amounts outstanding at period-end — — 111 559 60 78

Significant accounting polici_3

Significant accounting policies (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Significant accounting policies
Cash and cash equivalents	€ 16,604	€ 17,888	€ 75,602	€ 135,509
Financial assets	€ 67,919	€ 76,968

Segment reporting (Details)

Segment reporting (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment reporting
Number of reportable segments	1

Fair value (Details)

Fair value (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Financial Assets
Other long-term receivables	€ 165	€ 173
Trade and other receivables	4,082	3,238
Foreign currency forwards	0	1
Other current assets	1,576	1,284
Cash and cash equivalents	16,604	17,888	€ 75,602	€ 135,509
Financial Assets	67,919	76,968
Carrying value
Financial Assets
Other long-term receivables	165	173
Trade and other receivables	4,082	3,237
Foreign currency forwards	0	1
Other current assets	1,576	1,284
Cash and cash equivalents	16,604	17,888
Financial Assets	67,919	76,968
Financial liabilities
Financial debt	105	146
Foreign currency option	427	10
Recoverable cash advances	8,887	8,431
Trade and other payables	9,024	10,142
Fair value
Financial Assets
Other long-term receivables	165	173
Trade and other receivables	4,082	3,237
Foreign currency forwards	0	1
Other current assets	1,576	1,284
Cash and cash equivalents	16,604	17,888
Financial Assets	67,919	76,968
Financial liabilities
Financial debt	99	138
Foreign currency option	427	10
Recoverable cash advances	8,887	8,431
Trade and other payables	€ 9,024	€ 10,142

Subsidiaries (Details)

Subsidiaries (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2020 USD ($)	Jun. 30, 2023 ILS (₪)	Dec. 31, 2022 ILS (₪)	Jun. 30, 2023 AUD ($)	Dec. 31, 2022 AUD ($)
Nyxoah Ltd
Subsidiaries:
Percentage of share capital held		100%	100%
Share capital of subsidiary | ₪		₪ 1	₪ 1
Nyxoah Pty Ltd
Subsidiaries:
Percentage of share capital held		100%	100%
Share capital of subsidiary				$ 100	$ 100
Nyxoah Inc
Subsidiaries:
Percentage of share capital held	100%
Share capital of subsidiary	$ 1

Property, Plant and Equipment -

Property, Plant and Equipment - Additional information (Details) - EUR (€)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Accumulated depreciation
Property, Plant and Equipment:
Depreciation charge	€ 271,000	€ 198,000
Laboratory equipment | Cost
Property, Plant and Equipment:
Total acquisition	139,000
Leasehold improvement | Cost
Property, Plant and Equipment:
Total acquisition	600,000
Furniture and office equipment and laboratory equipment | Cost
Property, Plant and Equipment:
Total acquisition	€ 700,000		€ 302,000

Intangible assets (Details)

Intangible assets (Details) - EUR (€) € in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of intangible assets
Intangible assets at beginning	€ 39,972
Intangible assets at ending	44,488		€ 39,972
Cost
Disclosure of intangible assets
Intangible assets at beginning	41,664	€ 26,201	26,201
Additions	4,993	7,650
Intangible assets at ending	46,657	33,851	41,664
Cost | Development cost
Disclosure of intangible assets
Intangible assets at beginning	41,073	25,610	25,610
Additions	4,993	7,650
Intangible assets at ending	46,066	33,260	41,073
Cost | Patents and licenses
Disclosure of intangible assets
Intangible assets at beginning	591	591	591
Additions	0	0
Intangible assets at ending	591	591	591
Amortization
Disclosure of intangible assets
Intangible assets at beginning	(1,692)	(879)	(879)
Amortization	(477)	(402)
Intangible assets at ending	(2,169)	(1,281)	(1,692)
Amortization | Development cost
Disclosure of intangible assets
Intangible assets at beginning	(1,608)	(837)	(837)
Amortization	(456)	(381)
Intangible assets at ending	(2,064)	(1,218)	(1,608)
Amortization | Patents and licenses
Disclosure of intangible assets
Intangible assets at beginning	(84)	(42)	(42)
Amortization	(21)	(21)
Intangible assets at ending	(105)	(63)	€ (84)
Net book value
Disclosure of intangible assets
Intangible assets at ending	44,488	32,570
Net book value | Development cost
Disclosure of intangible assets
Intangible assets at ending	44,002	32,042
Net book value | Patents and licenses
Disclosure of intangible assets
Intangible assets at ending	€ 486	€ 528

Intangible assets - Narrative (

Intangible assets - Narrative (Details) - Consolidated entity - EUR (€)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disclosure of intangible assets
Additions	€ 5,000,000	€ 7,700,000
Genio system, first-generation | Research and development expenses
Disclosure of intangible assets
Amortisation intangible assets other than goodwill	€ 477,000		€ 402,000

Right of use assets and lease_2

Right of use assets and lease liabilities (Details) - EUR (€)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Right of use assets and lease liabilities
Lease not yet commences but committed	€ 208,000	€ 600,000
Term of lease contract	15 years
Increase in RoU assets	€ 700,000
Increase In Lease Liabilities	700,000
Payment of principal portion of lease liabilities	395,000	317,000
Depreciation right-of-use assets	€ 369,000	€ 338,000

Inventory (Details)

Inventory (Details) - EUR (€) € in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Inventories
Raw materials	€ 341	€ 498
Work in progress	607	100
Finished goods	198	284
Total Inventory	€ 1,146	€ 882

Trade and other receivables (De

Trade and other receivables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade and other receivables
Trade receivables	€ 1,820	€ 1,463
R&D incentive receivable (Australia)	620	346
VAT receivable	728	847
Current tax receivable	248	159
Foreign currency swaps	0	1
Other	666	422
Total trade and other receivables	€ 4,082	€ 3,238

Trade and Other receivables - A

Trade and Other receivables - Additional information (Details) - EUR (€)	Jun. 30, 2023	Dec. 31, 2022
Trade and Other receivables.
Increase in trade receivables	€ 800,000
Unbilled receivables included in trade receivables	€ 0	€ 0

Other current assets (Details)

Other current assets (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Other current assets.
Other current assets	€ 1,576	€ 1,284
Increase in other current assets	292,000
Prepaid transaction costs	€ 250,000

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents
Short term deposit	€ 4,010	€ 36
Current accounts	12,594	17,852
Total cash and cash equivalents	€ 16,604	€ 17,888	€ 75,602	€ 135,509

Cash and cash equivalents - Add

Cash and cash equivalents - Additional information (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents.
Cash and cash equivalents	€ 16,604	€ 17,888	€ 75,602	€ 135,509
Short term deposit	4,000
Decrease of current accounts	€ 5,300

Financial assets (Details)

Financial assets (Details) € in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)
Financial assets
Purchase of financial assets - current	€ 43,400		€ 44,032
Proceeds from maturity of financial assets - current	52,383		€ 0
Financial Assets	67,919				€ 76,968
Foreign exchange gain (loss)	26,000
Term deposits	67,900
USD term deposits
Financial assets
Purchase of financial assets - current	37,400	$ 40.8
Proceeds from maturity of financial assets - current	23,400	$ 25
US Treasury bills
Financial assets
Purchase of financial assets - current	6,000
Proceeds from maturity of financial assets - current	29,000
Foreign Currency In Financial Assets
Financial assets
Financial Assets	€ 41,900			$ 45.8

Capital, Share Premium, Reser_3

Capital, Share Premium, Reserves - Capital and share premium (Details)					6 Months Ended		12 Months Ended
	Apr. 13, 2023 EUR (€)	Jul. 07, 2021 EUR (€)	Sep. 21, 2020 EUR (€)	Jan. 01, 2020	Jun. 30, 2023 EUR (€) € / shares shares	Jun. 30, 2022 EUR (€) € / shares shares	Dec. 31, 2022 EUR (€) € / shares shares
Capital, Share Premium, Reserves
Stock split ratio				500
Direct-attributable transaction costs		€ 7,600,000	€ 6,500,000
Equity attributable to owners of parents, beginning balance					€ 120,324,000
Number of shares outstanding, ending balance | shares					28,661,985	25,836,279
Equity attributable to owners of parents, ending balance					€ 115,575,000		€ 120,324,000
Common shares
Capital, Share Premium, Reserves
Number of shares outstanding, beginning balance | shares					25,846,279	25,772,359	25,772,359
February 10, 2022 - Exercise warrants | shares						25,000
June 8, 2022 - Capital increase in cash | shares						38,920
September 30, 2022 - Exercise warrants | shares							10,000
March 29, 2023 - Capital increase in cash | shares					393,162
March 30, 2023 - Capital increase in cash | shares					2,047,544
April 13, 2023 - Capital increase in cash | shares					375,000
Number of shares outstanding, ending balance | shares					28,661,985	25,836,279	25,846,279
Total of shares
Capital, Share Premium, Reserves
Number of shares outstanding, beginning balance | shares					25,846,279	25,772,359	25,772,359
February 10, 2022 - Exercise warrants | shares						25,000
June 8, 2022 - Capital increase in cash | shares						38,920
September 30, 2022 - Exercise warrants | shares							10,000
March 29, 2023 - Capital increase in cash | shares					393,162
March 30, 2023 - Capital increase in cash | shares					2,047,544
April 13, 2023 - Capital increase in cash | shares					375,000
Number of shares outstanding, ending balance | shares					28,661,985	25,836,279	25,846,279
Par value
Capital, Share Premium, Reserves
Par value per share, beginning balance | € / shares					€ 0.17	€ 0.17	€ 0.17
February 10, 2022 - Exercise warrants - Par value | € / shares						0.17
June 8, 2022 - Capital increase in cash - Par value | € / shares						0.17
September 30, 2022, Exercise warrants - Par value | € / shares							0.17
March 29, 2023 - Capital increase in cash - Par value | € / shares					0.17
March 30, 2023 - Capital increase in cash - Par value | € / shares					0.17
April 13, 2023 - Capital increase in cash - Par value | € / shares					0.17
Par value per share, ending balance | € / shares					€ 0.17	€ 0.17	€ 0.17
Share capital
Capital, Share Premium, Reserves
Equity attributable to owners of parents, beginning balance					€ 4,440,000	€ 4,427,000	€ 4,427,000
February 10, 2022 - Exercise warrants - value						4,000
June 8, 2022 - Capital increase in cash - value						7,000
September 30, 2022, Exercise warrants - value							2,000
March 29, 2023 - Capital increase in cash - value					68,000
March 30, 2023 - Capital increase in cash - value					351,000
April 13, 2023 - Capital increase in cash - value					65,000
Equity attributable to owners of parents, ending balance					4,924,000	4,438,000	4,440,000
Share premium
Capital, Share Premium, Reserves
Direct-attributable transaction costs	€ 337,000				337,000
Equity attributable to owners of parents, beginning balance					242,440,000	242,198,000	242,198,000
February 10, 2022 - Exercise warrants - value						125,000
June 8, 2022 - Capital increase in cash - value						0
September 30, 2022, Exercise warrants - value							117,000
March 29, 2023 - Capital increase in cash - value					2,481,000
March 30, 2023 - Capital increase in cash - value					€ 12,999,000
April 13, 2023 - Capital increase in cash | shares					2,651,000
Equity attributable to owners of parents, ending balance					€ 260,571,000	€ 242,323,000	€ 242,440,000
Share premium before deduction of transaction costs					€ 260,600,000

Capital, Share Premium, Reser_4

Capital, Share Premium, Reserves (Details)								6 Months Ended
	Apr. 13, 2023 EUR (€) shares	Apr. 13, 2023 USD ($)	Mar. 30, 2023 EUR (€) € / shares shares	Mar. 30, 2023 USD ($) $ / shares shares	Mar. 29, 2023 EUR (€) shares	Jul. 07, 2021 EUR (€)	Sep. 21, 2020 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 22, 2022 EUR (€)	Dec. 22, 2022 USD ($)
Capital, Share Premium, Reserves
Number of new shares issued | shares	375,000		2,047,544	2,047,544	393,162
Aggregate capital increase					€ 2,500,000
Share price | (per share)			€ 6.52	$ 7.10
Gross proceeds		$ 3,000,000	€ 13,350,000	$ 15,000,000	€ 2,800,000
Direct-attributable transaction costs						€ 7,600,000	€ 6,500,000
Proceeds net of transaction costs	€ 18,300,000							€ 18,279,000	€ 136,000
At the Market Program Established
Capital, Share Premium, Reserves
Aggregate capital increase										€ 50,000,000	$ 50,000,000
Private Placement
Capital, Share Premium, Reserves
Gross proceeds			€ 13,350,000
Share premium
Capital, Share Premium, Reserves
Aggregate capital increase	2,700,000
Direct-attributable transaction costs	€ 337,000							€ 337,000

Capital, Share Premium, Reser_5

Capital, Share Premium, Reserves - Other comprehensive income (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capital, Share Premium, Reserves
Opening value at January 1			€ 176	€ 202
Currency translation differences	€ (50)	€ (12)	(78)	(114)
Ending value at, total other comprehensive income	98	88	98	88
Currency translation reserve
Capital, Share Premium, Reserves
Opening value at January 1			174	270
Currency translation differences			(78)	(114)
Ending value at, total other comprehensive income	96	156	96	156
Post-employment benefit obligations
Capital, Share Premium, Reserves
Opening value at January 1			2	(68)
Currency translation differences			0	0
Ending value at, total other comprehensive income	€ 2	€ (68)	€ 2	€ (68)

Share-Based compensation (Detai

Share-Based compensation (Details) - Share based payment arrangements by all plans - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation
Outstanding at January 1	1,416,490	993,490
Granted	475,862	461,500
Forfeited/Cancelled	(139,250)	(14,125)
Exercised	0	(25,000)
Outstanding as at June 30	1,753,102	1,415,865
Exercisable as at June 30	996,086	779,966

Share-Based compensation - Blac

Share-Based compensation - Black and Scholes model (Details)		6 Months Ended
	Mar. 24, 2023 € / shares	Jun. 30, 2023 EUR (€) Y € / shares
Share based Payment Arrangements Plan 2021 Grant Sept 17,2021
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		51.30%
Risk-free interest rate		(0.36%)
Expected life | Y		3
Exercise price		€ 25.31
Stock price		25.75
Fair value		€ 9.22
Share-based Payment Arrangements, Plan 2021, Grant oct 27, 2021
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		51.50%
Risk-free interest rate		(0.18%)
Expected life | Y		3
Exercise price		€ 25.31
Stock price		20.50
Fair value		€ 5.94
Share-based Payment Arrangements, Plan 2021, Grant feb 21, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		49.80%
Risk-free interest rate		0.37%
Expected life | Y		3
Exercise price		€ 17.76
Stock price		17.50
Fair value		€ 6.05
Share-based Payment Arrangements, 2 Plan 2021, Grant Feb 21, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		49.80%
Risk-free interest rate		0.37%
Expected life | Y		3
Exercise price		€ 25.31
Stock price		17.50
Fair value		€ 4.15
Share-based Payment Arrangements,3 Plan 2021, Grant Feb 21, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		49.80%
Risk-free interest rate		0.50%
Expected life | Y		4
Exercise price		€ 17.76
Stock price		17.50
Fair value		€ 6.90
Share-based Payment Arrangements, Plan 2021, Grant may 14, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		49.80%
Risk-free interest rate		1.06%
Expected life | Y		3
Exercise price		€ 13.82
Stock price		13.82
Fair value		€ 4.94
Share-based Payment Arrangements, 1 Plan 2021, Grant June 8, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52.60%
Risk-free interest rate		1.60%
Expected life | Y		3
Exercise price		€ 12.95
Stock price		13.34
Fair value		€ 5.21
Share-based Payment Arrangements, Plan 2021, 2 Grant Aug 8, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		53.71%
Risk-free interest rate		1.39%
Expected life | Y		3
Exercise price		€ 9.66
Stock price		9.75
Fair value		€ 3.79
Share-based Payment Arrangements, 3 Plan 2021, Grant Aug 8, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		53.97%
Risk-free interest rate		1.45%
Expected life | Y		4
Exercise price		€ 9.66
Stock price		9.75
Fair value		€ 4.32
Share-based Payment Arrangements, 4 Plan 2021, Grant Feb 21, 2022
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.03%
Expected life | €		3
Exercise price		€ 5.42
Stock price		6.68
Fair value		3.05
Incremental Fair Value		€ 2.23
Plan 2021 (grant March 24 2023)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.20%
Expected life | Y		3
Exercise price		€ 5.42
Stock price		6.70
Fair value		€ 3.09
Plan 2021 (grant April 12, 2023)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.24%
Expected life | Y		3
Exercise price		€ 6.36
Stock price		7.08
Fair value		€ 3.04
Plan 2021 (grant June 14 2023)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		51.28%
Risk-free interest rate		3.36%
Expected life | €		3
Exercise price		€ 7.19
Stock price		7.10
Fair value		€ 2.75
Plan 2022 (grant June 14 2023)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		51.28%
Risk-free interest rate		3.36%
Expected life | €		3
Exercise price		€ 7.19
Stock price		7.10
Fair value		€ 2.75
2021 Warrants Plan
Disclosure of terms and conditions of share based payment arrangement
Stock price	€ 5.42
Plan 2016 (grant 2018)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		66.92%
Risk-free interest rate		0.35%
Expected life | Y		3
Exercise price		€ 5.17
Stock price		1.09
Fair value		€ 0.10
Plan 2018 (grant 2018)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		56.32%
Risk-free interest rate		(0.20%)
Expected life | Y		3
Exercise price		€ 6.52
Stock price		10.24
Fair value		€ 5.30
Plan 2018 (grant 2020)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		56.32%
Risk-free interest rate		(0.20%)
Expected life | Y		3
Exercise price		€ 11.94
Stock price		10.20
Fair value		€ 3.31
Plan 2020 (grant 2020)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		56.32%
Risk-free interest rate		(0.20%)
Expected life | Y		3
Exercise price		€ 11.94
Stock price		10.20
Fair value		€ 3.31
Plan 2021 (grant Sept 17 2021)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.25%
Expected life | €		2
Exercise price		€ 5.42
Stock price		6.68
Fair value		2.48
Incremental Fair Value		€ 2.38
Plan 2021 (grant Oct 27 2021)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.25%
Expected life | €		2
Exercise price		€ 5.42
Stock price		6.68
Fair value		2.52
Incremental Fair Value		€ 2.40
Plan 2021 (grant Feb 21 2022)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.17%
Expected life | €		2
Exercise price		€ 5.42
Stock price		6.68
Fair value		2.67
Incremental Fair Value		€ 2.23
Plan 2021 (grant Feb 21 2022)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.36%
Expected life | €		2
Exercise price		€ 5.42
Stock price		6.68
Fair value		2.49
Incremental Fair Value		€ 2.38
Plan 2021 (grant May 14 2022)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.13%
Expected life | €		2
Exercise price		€ 5.42
Stock price		6.68
Fair value		2.75
Incremental Fair Value		€ 1.92
Plan 2021 (grant Aug 8 2022)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		3.13%
Expected life | €		3
Exercise price		€ 5.42
Stock price		6.68
Fair value		2.87
Incremental Fair Value		€ 1.28
Plan 2021 (grant Aug 8 2022)
Disclosure of terms and conditions of share based payment arrangement
Return Dividend		0%
Expected volatility		52%
Risk-free interest rate		2.98%
Expected life | €		4
Exercise price		€ 5.42
Stock price		6.68
Fair value		3.21
Incremental Fair Value		€ 1.19

Share-Based compensation - Addi

Share-Based compensation - Additional information (Details) - EUR (€) € / shares in Units, € in Millions					6 Months Ended	12 Months Ended
	Jun. 14, 2023	Apr. 12, 2023	Mar. 24, 2023	Feb. 21, 2021	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation
Share split				500
Share-based payment expense					€ 1.8	€ 1.3
Share-based composition of fair value of the re-priced warrants					€ 0.6
Plan 2021 (grant May 14 2022)
Share-Based Compensation
Stock price					€ 6.68
2021 Plan
Share-Based Compensation
Number of shares representing granted share options	161,398	100,000	200,862
2022 Plan
Share-Based Compensation
Number of shares representing granted share options	13,602
2021 Warrants Plan
Share-Based Compensation
Reduction percent of warrants exercise price			75%
Stock price			€ 5.42
Percent of warrants exercise price remain unchanged			25%

Financial Debt (Details)

Financial Debt (Details) - Financial assets - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of financial debt
Recoverable cash advances - Non-current	€ 8,412	€ 8,126
Recoverable cash advances - Current	475	305
Total Recoverable cash advances	8,887	8,431
Other loan - Non-current	21	63
Other loan - Current	84	83
Total other loans	105	146
Non-current	8,433	8,189
Current	559	388
Total Financial Debt	€ 8,992	€ 8,577

Financial Debt - Recoverable ca

Financial Debt - Recoverable cash and cash advances received (Details) € in Thousands	Jun. 30, 2023 EUR (€)
Contractual advances
Disclosure of recoverable cash advances
Sleep apnea device (6472)	€ 1,600
First articles (6839)	2,160
Clinical trial (6840)	2,400
Activation chip improvements (7388)	1,467
Total Recoverable cash advances	7,627
Advances received
Disclosure of recoverable cash advances
Sleep apnea device (6472)	1,600
First articles (6839)	2,160
Clinical trial (6840)	2,400
Activation chip improvements (7388)	1,467
Total Recoverable cash advances	7,627
Amounts reimbursed
Disclosure of recoverable cash advances
Sleep apnea device (6472)	480
First articles (6839)	494
Clinical trial (6840)	210
Activation chip improvements (7388)	44
Total Recoverable cash advances	€ 1,228

Financial Debt - Recoverable _2

Financial Debt - Recoverable cash and cash advances overview (Details) - Fair value - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Disclosure of research and development expenses
Contract 6472	€ 1,665	€ 1,571
Contract 6839	2,338	2,214
Contract 6840	2,939	2,790
Contract 7388	1,945	1,856
Total Recoverable cash advances	8,887	8,431	€ 8,562	€ 8,127
Non-current	8,412	8,126
Current	€ 475	€ 305

Financial debt - Changes in the

Financial debt - Changes in the recoverable cash advances (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disclosure of recoverable cash advances
Discounting impact	€ 248	€ 232	€ 495	€ 463
Fair value
Disclosure of recoverable cash advances
As at January 1			8,431	8,127
Advances reimbursed (excluding interests)			0	0
Initial measurement and re-measurement			(39)	(28)
Discounting impact			495	463
As at December 31	€ 8,887	€ 8,562	€ 8,887	€ 8,562

Trade payables (Details)

Trade payables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Trade and other current payables
Payables	€ 2,659	€ 1,873
Invoices to be received	2,031	3,112
Total Trade payables	€ 4,690	€ 4,985

Trade payables - Additional inf

Trade payables - Additional information (Details)	Jun. 30, 2023 EUR (€)
Trade payables
Increase in total trade payables	€ 295,000
Increase in invoices to be received	1,100,000
Decrease in trade payables	€ 800,000

Income taxes and deferred tax_3

Income taxes and deferred taxes (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income taxes and deferred taxes
Current tax income/(expense)	€ (927)	€ (944)	€ (1,115)	€ (1,636)
Deferred tax income/(expense)	(1)	837	5	1,321
Total Income tax income/(expense)	€ (928)	€ (107)	€ (1,110)	€ (315)

Income taxes and deferred tax_4

Income taxes and deferred taxes - Additional information (Details) - EUR (€)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income taxes and deferred taxes
Income tax paid or payable by subsidiaries	€ 800,000	€ 1,600,000
Liability for uncertain tax positions	276,000	69,000
Current tax liability	4,475,000	€ 3,654,000
Uncertain tax positions	2,200,000
Income tax liability	2,300,000
Increase in current tax liability	€ 2,200,000

Other payables (Details)

Other payables (Details) - EUR (€) € in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other payables
Holiday pay accrual	€ 643	€ 612
Salary	1,555	2,186
Accrued expenses	1,953	2,228
Foreign currency option - current	427	10
Other	183	131
Total other payables	€ 4,761	€ 5,167

Other payables - Additional inf

Other payables - Additional information (Details)	6 Months Ended
	Jun. 30, 2023 EUR (€)
Other payables
Decrease in other payables	€ 406
Decrease in salary payables	600,000
Increase in fair value of foreign currency option	417,000
Decrease in accrued expenses	275,000
Increase in holiday pay accrual	€ 31,000

Derivatives - Foreign currency

Derivatives - Foreign currency swaps and foreign currency forwards (Details) € in Thousands, ₪ in Thousands, $ in Thousands, $ in Thousands	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 ILS (₪)	Jun. 30, 2023 AUD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 ILS (₪)	Dec. 31, 2022 AUD ($)	Dec. 31, 2022 USD ($)
Foreign currency swaps EUR - NIS
Derivatives
Notional amount	€ 4,099	₪ 16,000			€ 542	₪ 2,000
Foreign currency swaps EUR - AUD
Derivatives
Notional amount	92		$ 150		379		$ 600
Foreign currency swaps USD - EUR
Derivatives
Notional amount	22,000			$ 24,322	0			$ 0
Foreign currency forwards EUR - NIS
Derivatives
Notional amount	€ 873	₪ 3,500			€ 0	₪ 0

Derivatives - Fair value deriva

Derivatives - Fair value derivative financial instruments (Details) € in Thousands	Jun. 30, 2023 EUR (€)
Foreign currency swaps
Financial liabilities
Financial liabilities	€ 418
Foreign currency forwards
Financial liabilities
Financial liabilities	9
Level I | Foreign currency swaps
Financial liabilities
Financial liabilities	0
Level I | Foreign currency forwards
Financial liabilities
Financial liabilities	0
Level II | Foreign currency swaps
Financial liabilities
Financial liabilities	418
Level II | Foreign currency forwards
Financial liabilities
Financial liabilities	9
Level III | Foreign currency swaps
Financial liabilities
Financial liabilities	0
Level III | Foreign currency forwards
Financial liabilities
Financial liabilities	€ 0

Derivatives - Derivative financ

Derivatives - Derivative financial instruments (Details) - EUR (€) € in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Foreign currency option, swaps and forwards
Financial liabilities
Opening value at January 1	€ 10	€ 654
Fair value adjustments	417	1,949
Exchange rate difference	0	28
Closing value at December 31	427	2,631
Foreign currency forwards
Financial assets
Opening value at January 1	1	0
Fair value adjustments	(1)	22
Closing value at June 30	€ 0	€ 22

Derivatives - Additional inform

Derivatives - Additional information (Details)	6 Months Ended
	Jun. 30, 2023
Derivatives
Hedging timeline	24 months

Results of operation (Details)

Results of operation (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Results of operation
Revenue	€ 1,107,000	€ 936,000	€ 1,548,000	€ 1,595,000
Before Capitalization	2,300,000	4,300,000	5,000,000	7,800,000
Increase in research and development expenses	€ 1,100,000		€ 3,000,000
Percentage of increase in research and development expenses	14%		20%
Research and development expenses before capitalization		7,800,000		14,800,000
Research and development expenses after capitalization	€ 8,900,000		€ 17,800,000
Decrease in clinical study			1,700,000
Increase in selling, general and administrative expenses	€ 1,600,000		€ 3,000,000
Percentage of increase in selling, general and administrative expenses	36%		34%
Selling, general and administrative expenses	€ 6,185,000	4,536,000	€ 11,736,000	8,729,000
Other income/(expense)	219,000	14,000	265,000	150,000
Germany
Results of operation
Revenue	1,000,000	900,000	1,400,000	1,600,000
Switzerland
Results of operation
Revenue	€ 23,000		117,000
AUSTRIA
Results of operation
Revenue		€ 41,000	€ 81,000
Finland
Results of operation
Revenue				€ 40,000

Results of operation - Cost of

Results of operation - Cost of goods sold (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Results of operation
Purchases of goods and services	€ 316	€ 539	€ 858	€ 783
Inventory movement	103	(205)	(264)	(160)
Total cost of goods sold	€ 419	€ 334	€ 594	€ 623

Results of operation - Operatin

Results of operation - Operating expenses (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Results of operation
Other income and expenses	€ (219,000)	€ (14,000)	€ (265,000)	€ (150,000)
Total Cost
Results of operation
Research and development	8,892,000	7,776,000	17,763,000	14,817,000
Selling, general and administrative expenses	6,185,000	4,536,000	11,736,000	8,729,000
Other income and expenses	(227,000)	(83,000)	(273,000)	(252,000)
Total operating expenses	14,850,000	12,229,000	29,226,000	23,294,000
Capitalized
Results of operation
Research and development	(2,287,000)	(4,306,000)	(5,001,000)	(7,752,000)
Selling, general and administrative expenses	0	0	0	0
Other income and expenses	8,000	69,000	8,000	102,000
Total operating expenses	(2,279,000)	(4,237,000)	(4,993,000)	(7,650,000)
Operating expenses
Results of operation
Research and development	6,605,000	3,470,000	12,762,000	7,065,000
Selling, general and administrative expenses	6,185,000	4,536,000	11,736,000	8,729,000
Other income and expenses	(219,000)	(14,000)	(265,000)	(150,000)
Total operating expenses	€ 12,571,000	€ 7,992,000	€ 24,233,000	€ 15,644,000

Results of operation - Research

Results of operation - Research and development expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Research and Development expenses
Total research and development expenses	€ 6,605	€ 3,470	€ 12,762	€ 7,065
Research and development expenses
Research and Development expenses
Staff costs	3,386	2,595	7,381	5,090
Consulting and contractors' fees	890	612	1,694	1,304
Q&A regulatory	109	52	145	125
IP costs	112	120	241	222
Depreciation and amortization expense	318	245	631	496
Travel	292	206	572	328
Manufacturing and outsourced development	1,942	892	3,127	2,341
Clinical studies	1,190	2,642	2,567	4,252
Other expenses	292	410	723	657
IT	361	2	682	2
Capitalized costs	(2,287)	(4,306)	(5,001)	(7,752)
Total research and development expenses	€ 6,605	€ 3,470	€ 12,762	€ 7,065

Results of operation - Selling,

Results of operation - Selling, General and administrative expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Results of operation
Total selling, general and administrative expenses	€ 6,185	€ 4,536	€ 11,736	€ 8,729
Selling, General and Administrative expenses
Results of operation
Staff costs	2,390	1,647	4,802	3,329
Consulting and contractors' fees	2,279	1,104	3,857	2,104
Legal fees	257	181	485	415
Rent	107	127	195	202
Depreciation and amortization expense	242	229	484	440
IT	240	153	488	253
Travel	187	267	430	547
Insurance fees	289	427	576	835
Other	194	401	419	604
Total selling, general and administrative expenses	€ 6,185	€ 4,536	€ 11,736	€ 8,729

Results of operation - Other op

Results of operation - Other operating expenses (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Results of operation
Recoverable cash advances Initial measurement and re-measurement	€ 6,000	€ 11,000	€ 39,000	€ 28,000
R&D incentives (Australia)	268,000	41,000	289,000	137,000
Capitalization of R&D incentive	(8,000)	(69,000)	(8,000)	(102,000)
Other income/(expenses)	(47,000)	31,000	(55,000)	87,000
Total Other Operating Income	€ 219,000	€ 14,000	€ 265,000	€ 150,000

Employee Benefits (Details)

Employee Benefits (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Employee benefits
Share-based payment			€ 1,800		€ 1,300
Employee benefits expense
Employee benefits
Salaries	€ 4,202	€ 3,187	8,712	€ 6,089
Social charges	327	267	654	500
Fringe benefits	6	62	16	78
Defined contribution plan	75	66	152	136
Holiday pay	74	(20)	224	38
Share-based payment	748	628	1,757	1,292
Other	344	52	668	286
Total employee benefits	€ 5,776	€ 4,242	€ 12,183	€ 8,419

Employee Benefits - Analysis of

Employee Benefits - Analysis of expenses (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee benefits
Selling, general and administrative expenses	€ 6,185	€ 4,536	€ 11,736	€ 8,729
Research & Development expenses	6,605	3,470	12,762	7,065
Employee benefits expense
Employee benefits
Selling, general and administrative expenses	2,390	1,647	4,802	3,329
Research & Development expenses	3,386	2,595	7,381	5,090
Total employee benefits	€ 5,776	€ 4,242	€ 12,183	€ 8,419

Financial income (Details)

Financial income (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financial income
Interests	€ 570,000	€ 113,000	€ 984,000	€ 113,000
Exchange differences	222,000	4,561,000	430,000	6,090,000
Other	(3,000)	(5,000)	0	43,000
Total financial income	€ 789,000	€ 4,669,000	€ 1,414,000	€ 6,246,000

Financial income - Additional i

Financial income - Additional information (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financial income expense
Interest income relates to the USD term accounts	€ 600,000		€ 1,000,000
Exchange differences	€ 222,000	€ 4,561,000	€ 430,000	€ 6,090,000

Financial Expense (Details)

Financial Expense (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financial Expense
Fair value adjustment	€ 320,000	€ 1,631,000	€ 416,000	€ 1,949,000
Recoverable cash advances, Accretion of interest	248,000	232,000	495,000	463,000
Interest and bank charges	17,000	16,000	45,000	103,000
Interest on lease liabilities	30,000	25,000	60,000	47,000
Exchange differences	161,000	305,000	715,000	388,000
Other	(1,000)	(47,000)	1,000	0
Total Financial expense	€ 775,000	€ 2,162,000	€ 1,732,000	€ 2,950,000

Financial expense - Additional

Financial expense - Additional information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Jun. 30, 2023 EUR (€)	Jun. 30, 2022 EUR (€)	Dec. 31, 2022
Financial Expense
Exchange losses	€ 161,000	€ 305,000	€ 715,000	€ 388,000
Closing rate of EUR/USD	1.09164		1.09164		1.07265

Loss Per Share (EPS) (Details)

Loss Per Share (EPS) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 item shares	Jun. 30, 2022 item shares	Jun. 30, 2023 item shares	Jun. 30, 2022 item shares
Loss Per Share (EPS)
Share split ratio			500
As at December 31, after conversion and share split
Outstanding common shares at period-end	28,661,985	25,836,279	28,661,985	25,836,279
Weighted average number of common shares outstanding	28,608,413	25,806,768	27,250,102	25,796,560
Number of shares resulting of the exercise of outstanding warrants | item	2,439,500	1,953,125	2,439,500	1,953,125

Loss Per Share (EPS) - Basic an

Loss Per Share (EPS) - Basic and diluted (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Per Share (EPS)
Loss of year attributable to equity holders (in EUR)	€ (12,797,000)	€ (4,990,000)	€ (24,707,000)	€ (11,691,000)
Weighted average number of common shares outstanding (in units)	28,608,413	25,806,768	27,250,102	25,796,560
Basic Loss Per Share (in EUR)	€ (0.447)	€ (0.193)	€ (0.907)	€ (0.453)
Diluted earnings per share in EUR (EUR/unit)	€ (0.447)	€ (0.193)	€ (0.907)	€ (0.453)

Other commitments (Details)

Other commitments (Details) - EUR (€)	Jan. 31, 2023	Dec. 31, 2022
Other commitments
Amount of first installment of educational grant	€ 250,000
Amount of second installment of educational grant		€ 250,000
SMR Holding UG
Other commitments
Amount of educational grant		€ 500,000

Related Party Transactions - Re

Related Party Transactions - Remuneration of key management (Details) - EUR (€) € in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transactions
Short-term remuneration & compensation	€ 209	€ 126	€ 396	€ 271
Share based payment	35	20	101	55
Total	€ 244	€ 146	€ 497	€ 326

Related Party Transactions - Tr

Related Party Transactions - Transactions with non-executive directors and shareholders (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
R&D Collaboration
Related Party Transactions
Related party transaction, Total	€ 41,000	€ 543,000	€ 182,000	€ 1,336,000
Amounts outstanding at period-end		559,000		559,000
Consulting services
Related Party Transactions
Related party transaction, Total				60,000
Amounts outstanding at period-end		60,000		60,000
Board Remuneration
Related Party Transactions
Related party transaction, Total	136,000	65,000	267,000	189,000
Amounts outstanding at period-end	111,000	78,000	111,000	78,000
Cochlear | R&D Collaboration
Related Party Transactions
Related party transaction, Total	41,000	543,000	182,000	1,336,000
MINV SA | Consulting services
Related Party Transactions
Related party transaction, Total				60,000
Ray Cohen | Board Remuneration
Related Party Transactions
Related party transaction, Total		4,000		4,000
Donald Deyo | Board Remuneration
Related Party Transactions
Related party transaction, Total		6,000		14,000
Robert Taub | Board Remuneration
Related Party Transactions
Related party transaction, Total	30,000	16,000	66,000	42,000
Kevin Rakin | Board Remuneration
Related Party Transactions
Related party transaction, Total	16,000	10,000	32,000	25,000
Pierre Gianello | Board Remuneration
Related Party Transactions
Related party transaction, Total	14,000	21,000	32,000	35,000
Jan Janssen | Board Remuneration
Related Party Transactions
Related party revenue		(13,000)
Related party transaction, Total				19,000
Jurgen Hambrecht | Board Remuneration
Related Party Transactions
Related party transaction, Total	14,000	9,000	29,000	24,000
Rita Mills | Board Remuneration
Related Party Transactions
Related party transaction, Total	19,000	9,000	34,000	23,000
Giny Kirby | Board Remuneration
Related Party Transactions
Related party transaction, Total	20,000	€ 3,000	34,000	€ 3,000
Wildman Ventures LLC | Board Remuneration
Related Party Transactions
Related party transaction, Total	€ 23,000		€ 40,000

Related Party Transactions - Ad

Related Party Transactions - Additional information (Details) - EUR (€)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
R&D Collaboration
Related Party Transactions
Collaboration agreements led to financial impact	€ 41,000	€ 543,000	€ 182,000	€ 1,336,000

Events after the Balance-Shee_2

Events after the Balance-Sheet Date (Details) - EUR (€)	Jul. 26, 2023	Jun. 30, 2023	Dec. 31, 2022
Events after the Balance-Sheet Date
Issued capital		€ 4,924,000	€ 4,440,000
Business combination | Nyxoah GmbH
Events after the Balance-Sheet Date
Issued capital	€ 25,000
Assets	0
Liabilities	0
Consideration paid	€ 29,000