SCHEDULE: Cochlear Boosts Nyxoah Stake to 13.59%

Cochlear Investments Pty Ltd, a subsidiary of Cochlear Ltd, increased its beneficial ownership in Nyxoah SA to 13.59% of outstanding Ordinary Shares through a recent public offering.

Summary

• Cochlear Investments Pty Ltd and its parent company, Cochlear Ltd, beneficially own 5,847,283 Ordinary Shares of Nyxoah SA.
• This ownership represents 13.59% of Nyxoah SA's total outstanding Ordinary Shares.
• The percentage is calculated based on 43,026,460 Ordinary Shares outstanding, as reported in Nyxoah SA's press release issued on November 20, 2025.
• Cochlear Investments Pty Ltd recently acquired an additional 215,964 Ordinary Shares.
• This acquisition was part of Nyxoah SA's public offering, detailed in a prospectus supplement filed with the SEC on November 13, 2025.
• The reporting persons currently do not have the right to acquire any additional Ordinary Shares.

Sentiment

Score: 7

Explanation: The increased stake by a major industry player like Cochlear in Nyxoah SA is generally a positive signal, indicating confidence and potential strategic alignment. While not a direct financial performance report, it suggests external validation for Nyxoah.

Positives

• Cochlear's increased stake could signal confidence in Nyxoah SA's future prospects and technology.
• The participation in Nyxoah's public offering indicates continued strategic alignment or investment interest from a major industry player.

Future Outlook

The filing states that the Reporting Persons do not have the right to acquire any additional Ordinary Shares, indicating no immediate plans for further stake increases from this party.

Industry Context

Cochlear Ltd is a global leader in implantable hearing solutions. Nyxoah SA is a medical technology company focused on obstructive sleep apnea (OSA) treatment. Cochlear's increased investment in Nyxoah suggests a potential strategic interest in the broader medical device market, possibly exploring synergies or diversification into related health conditions like sleep apnea, which can have cardiovascular implications. This could indicate a growing trend of established medical device companies investing in innovative smaller players in adjacent therapeutic areas.

Comparison to Industry Standards

• Cochlear's 13.59% stake in Nyxoah SA is a significant minority holding, typical for strategic investors looking to influence or partner without outright acquisition.
• This level of ownership is comparable to other strategic investments seen in the medical device sector, where larger players often take stakes in innovative startups to gain access to new technologies or markets, similar to Medtronic's investments in various health tech startups or Philips' strategic partnerships in digital health.
• The participation in a public offering is a common method for existing investors to maintain or increase their proportional ownership, or for new investors to enter, aligning with market practices for capital raises in the biotech/medtech space.

Stakeholder Impact

• Shareholders (Nyxoah SA): Increased confidence due to a significant strategic investor increasing its stake, potentially stabilizing the share price or signaling future collaboration.
• Shareholders (Cochlear Ltd): Demonstrates strategic investment in an adjacent market, potentially diversifying Cochlear's portfolio or securing future growth opportunities.
• Employees (Nyxoah SA): Could signal stability and potential for growth, attracting talent.
• Customers (Nyxoah SA): Potential for enhanced product development or market reach through association with a larger, established player.

Key Dates

Recommendation

The filing indicates a significant strategic investor, Cochlear, has increased its stake in Nyxoah SA. This is generally a positive signal, suggesting confidence in Nyxoah's prospects. However, it's an ownership disclosure, not a financial performance report. While the increased stake is a positive indicator, it doesn't provide enough new fundamental information to warrant a 'buy' or 'strong buy' recommendation without further analysis of Nyxoah's operational performance and market valuation. For existing investors, holding seems appropriate given the positive signal from a strategic partner. For potential investors, it warrants further due diligence.

Keywords

Nyxoah SA, Cochlear Limited, Cochlear Investments, Ordinary Shares, Beneficial Ownership, SEC Filing, Schedule 13D, Public Offering, Medical Devices, Sleep Apnea