Company: NYXH
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001410578-25-000398
Chunk: 16

Company: Nyxoah SA
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 16
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 and selling, general and administrative general expenses, as described in more detail above. This increase was offset by a negative variation in the working capital and other non-cash adjustments.
Investing activities. Net cash used in investing activities was €16.3 million in 2024 compared to €32.0 million of net cash from investing activities in 2023. The change of €48.3 million compared to 2023 is mainly due to an increase in the purchase of term accounts by €17.9 million and an decrease in term accounts that reached their maturity by €35.4 million (after which the term deposit is held as cash). 
Financing activities. Net cash from financing activities in 2024, was €77.4 million compared to €16.9 million in 2023. The increase was primarily derived from several capital increases during 2024. See Note 15 to our consolidated financial statements found elsewhere in this Annual Report.

109

The following table summarizes the results of our cash flows for the years ended December 31, 2022 and 2023.
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                     ​                         ​    ​        ​        ​      ​         ​    
--------------------------------------------------------------------------------------------
​                                              ​   Year ended December 31,                  
​                                              ​   2023              ​      2022            
​                                              ​   (In thousands)                           
Net cash used in operating activities              €      (44,778)          €       (28,756)
Net cash from (used in) investing activities   ​            32,011   ​              (89,946)
Net cash from (used in) financing activities   ​            16,858   ​                 (983)
Effects of exchange rate changes               ​             (369)   ​                 2,064
Change in cash and cash equivalents            ​   €         3,722   ​      €      (117,621)
​
Operating activities. Net cash used in operations was €44.8 million in 2023 compared to €28.8 million in 2022. The increase of cash used in operations of €16.0 million was primarily due to higher losses of €14.6 million that were mainly attributable to increased research and development expenses and selling, general and administrative general expenses, as described in more detail above. This increase was offset by a negative variation in the working capital and other non-cash adjustments.
Investing activities. Net cash from investing activities was €32.0 million in 2023 compared to net cash