Company: NYXH
Filing Date: 2025-03-20
Form Type: 20-F
Source: 0001410578-25-000398
Chunk: 7

Company: Nyxoah SA
Filing Date: 2025-03-20
Form: 20-F
Item: Item 5
Chunk 7
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 profit to increase in the foreseeable future as our revenue grows. Our gross margin may increase over the long-term to the extent our production volume increases as our fixed manufacturing costs would be spread over a larger number of units.
Operating Expenses
Research and Development Expenses (in aggregate)
Research and development expenses (in aggregate) consist primarily of employee compensation, consulting and contractor’s fees, quality assurance and regulatory expenses, manufacturing and outsourced development expenses, clinical expenses, legal fees related patents and other related expenses, to support our products and the next generation of the Genio system. We expect to continue to invest in research and development expenses as we develop the next generation of the Genio system, investing in building a new product pipeline, and continue to enroll additional patients in EliSA, and ACCCESS studies.

103

Selling, General and Administrative (in aggregate)
Selling, general and administrative expenses (in aggregate) include the following components: general and administrative expenses, therapy development expenses and other operating income/expenses.
General and Administrative Expenses
General and administrative expenses consist primarily of compensation for personnel, including salaries, bonuses, benefits, and stock-based compensation, spending related to direct sale forces, market access and reimbursement activities to support the commercialization of Genio system in Europe, consulting fees and spending related to finance, information technology, legal and human resource functions, as well as professional services fees (including legal, audit and tax fees), insurance costs, general corporate expenses and allocated facilities-related expenses to support the scale up of the Company. We expect that our general and administrative expenses will increase as commercial activities will grow over time and to support the scale up of the Company in legal, finance, tax and IT matters.
Other Operating Income/Expenses
Other operating income/expenses consist of the impact of the initial measurement and re-measurement of financial debt and the Australian R&D incentive subsidies receive by our subsidiary in Australia and as from 2023 the tax incentive in Belgium as well.
Results of Operations
Comparison of Year Ended December 31, 2023, and 2024
The following table summarizes our results of operations for the periods presented below:
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​                                     ​   For the year ended                      ​   Year-Over-Year                       
​                                     ​   December 31                             ​   Change                               
(In Thousands)                        ​   2024             ​     2023             ​   Euro Change          ​