SCHEDULE: CVI Investments & Heights Capital Report 9.9% Nyxoah Stake

CVI Investments, managed by Heights Capital Management, disclosed a 9.9% beneficial ownership stake in Nyxoah SA, primarily through convertible notes.

Summary

• CVI Investments, Inc. and Heights Capital Management, Inc. (collectively, 'Reporting Persons') have filed a Schedule 13G regarding their beneficial ownership in Nyxoah SA.
• The Reporting Persons collectively beneficially own 4,683,128 Ordinary Shares of Nyxoah SA, representing 9.9% of the class.
• This ownership includes 831,429 existing shares and additional shares issuable upon the conversion of convertible notes.
• A conversion limitation prevents the Reporting Persons from converting notes if their total beneficial ownership would exceed 9.99% of Nyxoah SA's outstanding shares.
• Nyxoah SA had 43,026,460 Ordinary Shares outstanding as of November 20, 2025, according to a company press release.
• Heights Capital Management, Inc. acts as the investment manager for CVI Investments, Inc. and exercises shared voting and dispositive power over the reported shares.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of beneficial ownership, indicating a neutral sentiment. It provides factual information without expressing positive or negative operational performance.

Future Outlook

NA

Management Comments

• Heights Capital Management, Inc. serves as the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc.
• Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Industry Context

This filing indicates a significant institutional investment in Nyxoah SA, a company likely operating in the medical device or healthcare sector, specifically related to sleep apnea given its public profile. Such an investment by a capital management firm suggests a belief in the company's long-term potential, aligning with broader trends of institutional interest in innovative healthcare solutions.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder (9.9%) provides transparency regarding the company's ownership structure. The conversion limitation at 9.99% suggests a strategic cap on ownership to avoid certain regulatory thresholds or to maintain a passive investment stance.

Key Dates

Keywords

Nyxoah SA, CVI Investments, Heights Capital Management, Schedule 13G, Beneficial Ownership, Convertible Notes, Institutional Investor, Medical Devices, Sleep Apnea