Company: NYXH
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001410578-25-000398
Chunk: 8

Company: Nyxoah SA
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 8
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, 2024, compared to €1.7 million for the year ended December 31, 2023. The increase in cost of goods sold was attributable to our growing commercialization of the Genio system, including in additional markets, such Italy and UK.

104

Research and Development Expenses (in aggregate)
Research and development expenses (in aggregate) increased by €7.6 million, or 29%, from €26.7 million in 2023 to €34.3 million in 2024 due to the factors discussed below with respect to each component of research and development expenses (in aggregate).
Staff costs Expenses. Staff costs decreased by €0.7 million, or 5%, from €13.8 million in 2023 to €13.1 million in 2024, primarily due to a reduction in headcount resulting from the scaling down of manufacturing and engineering activities in Israel.
Consulting and Contractors’ Fees Expenses. Consulting and contractors’ fees expenses increased by €3.7 million, or 134% from 2.8 million in 2023 to €6.5 million in 2024 due to an increase in consulting and contractors’ fees to support our clinical, R&D and manufacturing activities.
Clinical Expenses. Clinical expenses increased by € 1.2 million, or 23.8%, from € 4.9 million in 2023, to €6.1 million in 2024. The increase in clinical expense was mainly due to an increase in ACCCESS and Usability decrease in clinical study activities due to finalizing enrollment of Dream Study.
Manufacturing and Outsourced Development Expenses. Manufacturing and outsourced development expenses increased by €2.1 million, or 32.9%, from € 6.5 million in 2023 in 2022 to €8.6 million in 2024 due to an increase in manufacturing and outsourced development expenses to support our clinical, R&D and manufacturing activities.
IP Costs Expenses. Legal fee expenses decreased by €0.9 million, or 95.3%, from €0.9 million for the year ended December 31, 2023, to €0.0 million for the year ended December 31, 2024. The decrease is mainly due to the payment for in-licensing agreement with Vanderbilt University during 2023. 
IT Expenses. IT expenses decreased by €1.2 million, or 65%, from €1.8 million for the year ended December 31,