Listing Prospectus 05102021 (FR)

Nyxoah SA

Rue Edouard Belin, 12, 1435 Mont-Saint-Guibert, Belgium

Listing and admission to trading on the regulated market of Euronext Brussels of 3,260,250 New Shares

This prospectus (the "Prospectus") relates to the listing and admission to trading (the "Listing") of 3,260,250 shares not yet admitted to listing and trading on the regulated market of Euronext Brussels (the "New Shares") of Nyxoah SA (the "Company"), a limited liability company organized under the laws of Belgium.

The New Shares were issued by the Company on 7 and 9 July 2021 pursuant to a public offering in the United States of America (the "Transaction"). The New Shares were issued pursuant to capital increases in cash decided by the Company's board of directors (the "Board of Directors") within the framework of the authorised capital with dis-application of preferential subscription rights of existing shareholders of the Company and, in so far as required, of existing holders of subscription rights (warrants) of the Company. All of the New Shares were issued at a (gross) issue price of U.S. $ 30 per share. None of the New Shares were immediately admitted to listing and trading on the regulated market of Euronext Brussels upon their issuance.

The Company has not authorised any offer of the New Shares to the public in any Member State of the European Economic Area ("EEA") or elsewhere.

An investment in the New Shares involves substantial risks and uncertainties. Prospective investors should read the entire document, and, in particular, should read Part 2 (Risk Factors) for a discussion of certain factors that should be considered in connection with an investment in the New Shares, including the risks that (i) even though the Company has obtained certification, a CE-Mark in Europe for the Genio® system based on first positive clinical trial results, there is no guarantee that the Company will be able to maintain its current certification or to obtain additional certification or marketing authorizations in other jurisdictions, including the United States, or that the results from the ongoing and planned clinical trials will be sufficient for us to obtain or maintain such certifications or authorizations,

1. the Company's future financial performance will depend on the results of ongoing and future clinical studies and the commercial acceptance (including reimbursement) of the Genio® system (the Company's only commercial-stage product at the date of this Prospectus), (iii) the Company has a limited operating history, has incurred losses in each period since its inception and may not be able to achieve or maintain profitability in the future, (iv) the Company will likely require additional funds in the future in order to meet its capital and expenditure needs and further financing may not be available when required or could significantly limit the Company's access to additional capital. All of these factors should be considered before investing in the New Shares. Prospective investors must be able to bear the economic risk of an investment in the New Shares and should be able to sustain a partial or total loss of their investment.

An application has been made to admit the New Shares on the regulated market of Euronext Brussels under the symbol "NYXH". Trading of the New Shares on Euronext Brussels is expected to commence, on or about 7 October 2021 (the "Listing Date"). The New Shares are all ordinary shares, are fully paid, and rank pari passu in all respects with all other existing and outstanding shares of the Company. The shares of the Company other than the 3,260,250 New Shares are already admitted to listing and trading on Euronext Brussels under the symbol "NYXH". The closing price of the Company's shares on Euronext Brussels on 4 October 2021 was € 24.65 per Share.

This Prospectus does not constitute, and the Company is not making an offer to sell any of the Company's shares (the "Shares"), including the New Shares, or soliciting an offer to purchase any of the Shares to any person in any jurisdiction where such an offer or solicitation is not permitted. The Shares may not be offered or sold, directly or indirectly, and neither this Prospectus nor any other Listing related documents may be distributed or sent to any person or into any jurisdiction, except in circumstances that will result in the compliance with all applicable laws and regulations. Persons into whose possession this Prospectus may come are required to inform themselves about, and to observe all, such restrictions. The Company does not accept any responsibility for any violation by any person, whether or not it is a prospective purchaser of Shares, of any such restriction.

This document constitutes a listing prospectus for purposes of Article 3 of Regulation 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the "Prospectus Regulation") and has been prepared in accordance with the provisions of the Prospectus Regulation and the Belgian Act of 11 July 2018 on the offering of investment instruments to the public and the admission of investment instruments to the trading on a regulated market, as amended (the "Prospectus Act"). The English language version of this Prospectus was

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approved by the Belgian Financial Services and Market Authority (the "FSMA") on 5 October 2021.

This Prospectus will be valid until 5 October 2022. The obligation to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies does not apply when this Prospectus is no longer valid.

Prospectus dated 5 October 2021

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		TABLE OF CONTENTS
1.	SUMMARY.........................................................................................................................	8
2.	RISK FACTORS ..............................................................................................................	15
	2.1	Risks relating to clinical development ...............................................................................	15
	2.2	Risks relating to commercialization and reimbursement ................................................	20
	2.3	Risks relating to the Company's financial situation.........................................................	24
	2.4	Risks relating to the Company's dependence on third parties and on key personnel...	27
	2.5	Risks relating to the markets and countries in which the Company operates...............	30
	2.6	Risks related to manufacturing..........................................................................................	31
	2.7	Legal and regulatory Risks.................................................................................................	33
	2.8	Risks relating to intellectual property ...............................................................................	42
	2.9	Risks relating to the New Shares........................................................................................	44
3.	IMPORTANT INFORMATION .....................................................................................	48
	3.1	Responsibility statement .....................................................................................................	48
	3.2	Prospectus approval ............................................................................................................	48
	3.2.1 Notice to prospective investors in the EEA and in the United Kingdom ........................................	48
	3.2.2 Notice to prospective investors in Canada ......................................................................................	50
	3.2.3 Notice to prospective investors in Hong Kong................................................................................	50
	3.2.4 Notice to prospective investors in Israel .........................................................................................	50
	3.2.5 Notice to prospective investors in Singapore ..................................................................................	51
	3.2.6 Notice to prospective investors in Switzerland ...............................................................................	51
	3.2.7 Notice to prospective investors in United Arab Emirates ...............................................................	52
	3.2.8 Notice to prospective investors in Australia....................................................................................	52
	3.2.9 Notice to prospective investors in Japan .........................................................................................	53
	3.3	Available information .........................................................................................................	53
	3.4	Presentation of financial and other information ..............................................................	54
	3.5	Other Information...............................................................................................................	54
	3.6	Industry and market data...................................................................................................	55
	3.7	Enforcement of civil liabilities............................................................................................	55
	3.8	Forward-looking statements...............................................................................................	57
4. INFORMATION INCORPORATED BY REFERENCE ..............................................	59
5.	DIVIDENDS AND DIVIDEND POLICY ......................................................................	64

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	5.1	Dividends..............................................................................................................................	64
	5.2	Dividend Policy....................................................................................................................	64
6.	CAPITALIZATION AND INDEBTEDNESS ................................................................	66
	6.1	Capitalization and indebtedness ........................................................................................	66
	6.2	Working capital statement..................................................................................................	67
7. SELECTED CONSOLIDATED FINANCIAL INFORMATION .................................	68
	7.1	Consolidated Income Statement.........................................................................................	68
	7.2	Consolidated Statement of Financial Position ..................................................................	69
	7.3	Consolidated Statement of Cash Flows .............................................................................	69
8.	BUSINESS .......................................................................................................................	71
	8.1	Principal activities ...............................................................................................................	71
	8.1.1	Introduction .....................................................................................................................................	71
	8.1.2	The Genio® system.........................................................................................................................	71
	8.1.3	Clinical studies ................................................................................................................................	72
	8.1.4	Commercialisation and development ..............................................................................................	73
	8.2	Changes since the date of the last financial information .................................................	74
	8.3	Material contracts ...............................................................................................................	74
	8.3.1	Cochlear Collaboration Agreement.................................................................................................	74
	8.3.2 Man & Science Agreement .............................................................................................................	75
	8.4	Legal proceedings ................................................................................................................	76
	8.5	Material investments...........................................................................................................	76
9. MANAGEMENT AND CORPORATE GOVERNANCE...............................................	77
	9.1	Overview...............................................................................................................................	77
	9.2	Board of Directors ...............................................................................................................	77
	9.2.1 Powers, responsibilities and functioning of the Board of Directors ................................................	77
	9.2.2 Composition of the Board of Directors ...........................................................................................	78
	9.2.3	Share ownership ..............................................................................................................................	81
	9.3	Executive Management Team ............................................................................................	82
	9.3.1	CEO.................................................................................................................................................	82
	9.3.2 Members of the executive management team .................................................................................	82
	9.3.3 Additional information on the members of the executive management team .................................	83
	9.3.4	Share ownership ..............................................................................................................................	83
	9.3.5	Other mandates................................................................................................................................	84
	9.3.6	Absence of convictions ...................................................................................................................	87
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9.3.7	Conflicts of interest .........................................................................................................................	87
9.3.8	Dealing code....................................................................................................................................	88
9.4	Description of the share incentive plans............................................................................	88
9.4.1	Description ......................................................................................................................................	88
9.4.2 Currently outstanding ESOP Warrants............................................................................................	88
9.4.3 Terms of the 2013 ESOP Warrants .................................................................................................	90
9.4.4 Terms of the 2016 ESOP Warrants .................................................................................................	91
9.4.5 Terms of the 2018 ESOP Warrants .................................................................................................	92
9.4.6 Terms of the 2020 ESOP Warrants .................................................................................................	93
9.4.7 Terms of the 2021 ESOP Warrants .................................................................................................	94
9.5	Corporate Governance Code..............................................................................................	95

9.6 Summary of the information disclosed under Regulation (EU) No 596/2014 over the

last 12 months ..................................................................................................................................	97
10.	MAJOR SHAREHOLDERS........................................................................................	99
10.1	Overview...............................................................................................................................	99
10.2	Other information .............................................................................................................	100
11.	RELATED-PARTY TRANSACTIONS .....................................................................	101
12. DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION ...	103
12.1	General ...............................................................................................................................	103
12.2	Corporate Purpose ............................................................................................................	103
12.3	Share Capital and Shares .................................................................................................	103
12.3.1 Current share capital and Shares...............................................................................................	103
12.3.2 Changes in the share capital since January 2016 ......................................................................	104
12.3.3	Outstanding warrants ................................................................................................................	106
12.4	Currency.............................................................................................................................	106
12.5	Form and transferability of the Shares ...........................................................................	107
12.6	Rights attached to the New Shares...................................................................................	107
12.6.1 Voting rights attached to the Shares .........................................................................................	107
12.6.2 Right to Attend and Vote at Shareholders' Meetings ...............................................................	108
12.6.3	Dividend Rights ........................................................................................................................	112
12.6.4	Rights regarding liquidation .....................................................................................................	113
12.6.5 Changes to the Share Capital ....................................................................................................	114
12.7	Legislation and Jurisdiction .............................................................................................	116
12.7.1 Notification of significant shareholdings ..................................................................................	116
12.7.2	Public takeover bids..................................................................................................................	117
12.7.3	Squeeze-out...............................................................................................................................	118
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