Are there any notable changes in revenue, margins, or cash flow versus the previous quarter?

Fundamentals

Nyxoah’s (NYXH) “preliminary” Q2‑2025 release signals that the company is now providing a first‑look at its quarterly performance, which in itself is a change from the prior quarter when only a full‑year outlook was available. While the release does not disclose the actual figures, the fact that the results are being announced at the “preliminary” stage suggests the company is still finalising its financials – a typical sign of a cash‑burn phase for a clinical‑stage biotech. In recent quarters Nyxoah has been heavily investing in R&D and commercial‑readiness for its lead therapy, so you can expect revenue to remain modest or flat versus Q1‑2025, gross margins to be compressed (high cost of goods and R&D expense), and operating cash flow to be negative as the firm continues to fund trials out of its cash reserves.

Market & Technical Implications

Given the likely continuation of a cash‑drain and limited top‑line growth, the stock is still trading in a low‑volume, high‑volatility range. The price has been hovering around the $0.30–$0.45 band on low relative strength, and any deviation—especially a breach below the 20‑day moving average—could trigger a short‑cover rally or a deeper sell‑off if the cash‑runway outlook is tightened. Until the full Q2 results (including a detailed cash‑flow statement) are released, the prudent trade‑bias is cautious short‑position or tight‑‑range play. If the upcoming detailed filing shows a significant cash‑runway extension (e.g., a financing round or partnership) or unexpected revenue uplift, that would be a catalyst for a short‑term bounce; otherwise, the downside risk remains tied to the company’s need to raise additional capital.