Nyxoah SA has transitioned from development to commercialization of its Genio system, an innovative bilateral hypoglossal nerve stimulation device for moderate-to-severe obstructive sleep apnea (OSA). Since initiating European sales in 2020 and securing FDA approval in August 2025, the company is expanding its commercial footprint notably in the U.S. market. Despite progress, Nyxoah faces increasing net losses, limited liquidity, and dependence on convertible debt and equity financings to support growth. Regulatory and reimbursement milestones underpin adoption potential, but sustained execution amid competition and financial constraints remains critical.