Nyxoah is a Belgian medical device company that makes and sells the Genio system, an implantable neurostimulation device for treating moderate to severe obstructive sleep apnea (OSA). OSA is typically treated with CPAP, but many patients fail or cannot tolerate it — Nyxoah targets this population. The Genio system stimulates the hypoglossal nerve (which controls tongue and airway muscles) to keep the airway open during sleep. Genio's key differentiators versus competing devices include a single implant placed through one incision, an external battery worn via an adhesive patch (eliminating the need for surgical battery replacement), bilateral nerve stimulation, and broad MRI compatibility. Nyxoah sells directly to hospitals and surgical centers at an ASP of roughly $25,000 per procedure in the U.S. Revenue comes primarily from the implant sale, with a smaller recurring stream from disposable patches patients use nightly. Gross margins are currently in the low 60% range, and Nyxoah targets 80%+ at scale through higher volumes, supply chain improvements, and a next-generation system with a lower cost profile. The company is pre-profitability and is investing heavily in its U.S. commercial buildout following FDA approval in August 2025, deploying a 50-person sales team targeting the top ~400 high-volume accounts. Nyxoah is also pursuing a label expansion to cover a broader OSA patient subset, and developing AI-driven therapy features for future product generations.