Nyxoah Reports First Quarter 2023 Financial and Operating Results

REGULATED INFORMATION

Nyxoah Reports First Quarter 2023 Financial and Operating Results

Mont-Saint-Guibert, Belgium – May 16, 2023 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the first quarter of 2023.

Recent Financial and Operating Highlights

  •  Completed all 115 implants in the DREAM U.S. pivotal trial, with 12-month data expected in the first quarter of 2024.
  •  Initiated the modular PMA submission with the filing of the first module.
  •  Submitted 12-month data1 on the first 34 DREAM patients as a late-breaking abstract to SLEEP 2023 demonstrating a 65% AHI responder rate, a 76% ODI responder rate and safety in-line with expectations. The abstract will be presented in a late-breaking poster session on June 6th. These data are preliminary and not conclusive of final DREAM success.
  •  Implanted the first patients in the ACCCESS U.S. IDE pivotal study to treat complete concentric collapse (CCC). Implant completion expected in 2024.
  •  Hired Christoph Eigenmann as Chief Commercial Officer.
  •  Raised €19 million from new and historical shareholders including ResMed, Cochlear and Robert Taub, Nyxoah’s Chairman and Founder.
  •  Ended the quarter with 40 active German accounts and quarterly sales of €441 thousand.
  •  Expanded European market access with first implants in Austria.
  •  Strengthened the supply chain with the Belgium manufacturing facility receiving clearance from the EU notified body.

“In 2023, our focus is in the U.S. on DREAM patient follow up resulting in reaching the primary endpoints. I am excited by the data on the first 34 patients and look forward to sharing the full abstract results at SLEEP 2023 next month. Our increasing conviction in DREAM outcomes is accelerating investment in our commercial organization, starting with the addition of Christoph as Chief Commercial Officer,” commented Olivier Taelman, Nyxoah’s Chief Executive Officer. “Christoph’s hire, along with the €19 million raised from key investors, puts us in a strong position as we embark on our next stage of growth.”

First Quarter 2023 Results

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION – CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31, 2023  (in thousands)

        For the three months ended March 31
2023   2022
Revenue €441 €660
Cost of goods sold   (175) (289)
Gross profit €266 €371
Research and Development Expense   (6,157) (3,595)
Selling, General and Administrative Expense (5,551) (4,193)
Other income/(expense) 46 136
Operating loss for the period   €(11,396) €(7,281)
Financial income 625 1,576
Financial expense   (958) (788)
Loss for the period before taxes €(11,729) €(6,493)
Income taxes   (182) (208)
Loss for the period €(11,911) €(6,701)
     
Loss attributable to equity holders €(11,911) €(6,701)
Other comprehensive loss  
Items that may be subsequently reclassified to profit or
loss (net of tax)
Currency translation differences   (28) ( 102)
Total comprehensive loss for the year, net of tax €(11,939) €(6,803)
Loss attributable to equity holders   €(11,939) €(6,803)
Basic Loss Per Share (in EUR) €(0.460) €(0.260)
Diluted Loss Per Share (in EUR) €(0.460) €(0.260)

 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION – CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MARCH 31, 2023 (in thousands)

    As at
March 31
2023
  December 31 2022
ASSETS
Non-current assets      
Property, plant and equipment €2,721 €2,460
Intangible assets 42,447   39,972
Right of use assets 3,669 3,159
Deferred tax asset     50   47
Other long-term receivables 169 173
    €49,056   €45,811
Current assets      
Inventory     1,249   882
Trade receivables 1,499 1,463
Other receivables     1,419   1,775
Other current assets 1,663 1,284
Financial assets 62,403 76,968
Cash and cash equivalents 33,664 17,888
  €101,897 €100,260
Total assets €150,953 €146,071
   
EQUITY AND LIABILITIES
Capital and reserves    
Capital 4,859 4,440
Share premium 243,488   228,275
Share based payment reserve   6,582 5,645
Other comprehensive income 148   176
Retained loss   (130,051) (118,212)
Total equity attributable to shareholders €125,026 €120,324
     
LIABILITIES
Non-current liabilities    
Financial debt 8,381   8,189
Lease liability   3,112 2,586
Pension liability 25  
Provisions   74 59
Deferred tax liability  
€11,592 €10,834
Current liabilities    
Financial debt 390   388
Lease liability   711 719
Trade payables 5,012   4,985
Current tax liability 3,619   3,654
Other payables 4,603   5,167
  €14,335 €14,913
Total liabilities €25,927 €25,747
Total equity and liabilities €150,953 €146,071

Revenue

Revenue was €441,000 for the first quarter ending March 31, 2023, compared to €660,000 for first quarter ending March 31, 2022.

Cost of Goods Sold

Cost of goods sold was €175,000 for the three months ending March 31, 2023, representing a gross profit of €266,000, or gross margin of 60.3%. This compares to total cost of goods sold of €289,000 in the first quarter ending March 31, 2022, for a gross profit of €371,000, or gross margin of 56.2%.

Research and Development Expenses

Research and development expenses were €6.2 million for the three months ending March 31, 2023, versus €3.6 million for the prior year period, driven by an acceleration in clinical activities, notable the start of the ACCCESS study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses rose to €5.6 million for the first quarter of 2023, up from €4.2 million in the first quarter of 2022. This was due primarily to increased commercial efforts in Germany and other European markets, as well as investments in Nyxoah’s corporate infrastructure. The Company expects to continue adding headcount across the organization ahead of the U.S. commercial launch.

Operating Loss

Total operating loss for the first quarter 2023 was €11.4 million versus €7.3 million in the first quarter of 2022. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of March 31, 2023, cash and financial assets totaled €96.1 million, compared to €94.9 million on December 31, 2022.  Total cash burn was approximately €4.9 million per month during the first quarter of 2023.

First Quarter 2023 Report
Nyxoah’s financial report for the first quarter of 2023, including details of the consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation 
Nyxoah will conduct a conference call open to the public today at 10:30pm CET / 4:30pm ET, which will also be webcast. To participate in the conference call, please access the following link to register for a dial-in number: https://edge.media-server.com/mmc/p/imeku8f7

A question-and-answer session will follow the presentation of the results. To access the live webcast, go to https://investors.nyxoah.com/events. The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and US commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward-looking statements 
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 24, 2022, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
David DeMartino, Chief Strategy Officer
david.demartino@nyxoah.com
+1 310 310 1313


1 For the trial to be successful, of the 115 patients, at least 63% of patients need to be AHI and ODI responders at the 12-month follow-up.

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13th Party Central Committee issues announcement on mid-term meeting

The 13th Party Central Committee has issued an announcement on its mid-term meeting, which wrapped up in Hanoi on May 17 after two and a half days of sitting.

According to the announcement, the committee presented opinions on a report reviewing the leadership and direction of the Politburo and Secretariat since the beginning of the term and several key tasks till the end of the 13th National Party Congress’s tenure, and casting of confidence votes on members of the Politburo and Secretariat and other important issues.

Party General Secretary Nguyen Phu Trong chaired and delivered opening and closing speeches at the event.

The committee determined that the mid-term meeting holds significance to the fulfillment of the 13th National Party Congress’s Resolution, offering an opportunity to make objective and comprehensive review of the achievements obtained thus far, point out weaknesses and shortcomings, causes and lessons, as well as forecast the new context with a mixture of opportunities and challenges, thus proposing major strategies and policies in the latter half of the 13th term.

They hailed and reached high consensus on the contents presented in the report evaluating the leadership and direction of the Politburo and the Secretariat from the 13th National Party Congress until now, saying that the work has been conducted with seriousness, meticulousness, and deep self-criticism.

The officials showed a sense of responsibility, straightforwardness, democracy, objectivity, sincerity, and dedication in their discussions on the mid-term report reviewing the leadership and direction of the Politburo and the Secretariat since the beginning of the term and several key tasks until the end of the 2021-2026 tenure.

The committee highlighted the important and comprehensive achievements in various areas, including socio-economy, national defence, security, foreign relations, the building of the rule-of-law socialist State and the great national unity bloc, the fight against corruption and negative phenomena, and the Party building and rectification.

They pointed out shortcomings and weaknesses, looked into their causes, and drew five lessons learned regarding the need to innovate leadership methods, and working styles and practices.

Later, they asked for performing five key tasks in the latter half of the 2021-2026 tenure, including socio-economic and cultural development, strengthening national defence-security, perfectly holding external activities, stepping up Party building and rectification, and preparing for the Party congresses at all levels for the 2025-2030 tenure, toward the 14th National Party Congress.

Members of the committee demonstrated a strong sense of responsibility, seriousness, democracy, objectiveness, fairness and carefulness in evaluating the personal performance of each Politburo and Secretariat member, showing the level of trust on them.

The committee decided to expel Nguyen Van Vinh, former member of the Party Central Committee, former Secretary of the provincial Party Committee, former Secretary of the Party delegation to and former Chairman of the People's Committee of Lao Cai province, from the Party as a disciplinary measure.

They also voted and agreed to allow Nguyen Phu Cuong, member of the Party Central Committee and Chairman of the National Assembly's Finance and Budget Committee, to cease holding his position as a member of the 13th Party Central Committee.

They also offered opinions on personnel in several centrally-run agencies for the Politburo to nominate them to the 15th NA for election and approval at its upcoming fifth session.

The committee believed that following the meeting, with new trust, new spirit and new motivation, the entire Party, people, and armed forces will continue staying united and strive with even greater determination and efforts to grasp every opportunity and advantage, overcome all difficulties and challenges, and accomplish tasks set for the entire 13th term of the Party./.

Source: Vietnam News Agency

Supplementary local food provision to prevent stunting: Ministry

Jakarta (ANTARA) - The Ministry of Health has launched the Supplementary Local-Based Ingredient Food Provision (PMT) program as an effort to prevent stunting in children."Supplementary food made from local ingredients is crucial to preventing stunting," said Maria Endang Sumiwi, the ministry's Director General of Public Health, stated at the program launch event here on Wednesday. She explained that the PMT program is part of the government's efforts to reduce stunting and wasting. Stunting is currently at 21.6 percent, and wasting is at 7.7 percent. Stunting is a growth disorder caused by chronic nutritional deficiencies that result in shorter height growth for children compared to the normal average. Meanwhile, wasting is a condition among children where their weight decreases over time, falling far below the standard growth curve. Sumiwi stated that the stunting prevalence rate was successfully reduced by 2.8 percent in 2022. However, the wasting prevalence rate increased by 0.6 percent during that period. "Therefore, we have changed the strategy of the PMT program to focus on children who are experiencing wasting and are not gaining weight," she remarked. She said that by directing the PMT program to focus on children who are experiencing wasting, stunting cases can also be prevented. Sumiwi further stated that the launch of the PMT program aims to encourage the participation of various parties at the district and city levels in efforts to reduce stunting by improving the nutritional fulfillment of mothers and toddlers. "We hope that the launch of this program will serve as a momentum for accelerating the improvement of the nutritional needs of mothers and toddlers," she remarked. The government is optimistic that the target to reduce stunting prevalence to 14 percent by 2024 will be achieved. ccording to the Indonesia Nutrition Status Survey (SSGI), the stunting rate in 2022 experienced a 2.8 percent decline compared to the figure in 2021.

Source: Antara News Agency

Damaged roads at 7,400 locations reported from social media: President

Jakarta (ANTARA) - President Joko Widodo spoke of having received public reports of damaged roads at 7,400 locations through his social media accounts, during inspection of damaged roads in North Labuhanbatu District, North Sumatra, Wednesday."Yesterday, I checked on the issues of damaged roads, and I received (information on) 7,400 reported locations through our Instagram, Twitter, and Facebook accounts," the president noted in his statement as observed through a video broadcast from Jakarta. Widodo remarked that the reports from netizens were received in addition to data obtained from the Public Works and Public Housing (PUPR) Ministry. Earlier, President Widodo had invited people to lodge their complaints regarding damaged roads through his Instagram account @jokowi. "If you have damaged roads that have not been repaired for a long time in your regions, you can report them to me through the comment section and send a video through direct message to this Instagram account," the president wrote in his statement. The video broadcasting the president's inspection in Lampung drew over 100 thousand comments from netizens, who conveyed their complaints on damaged roads in their regions. Deputy for Protocol, Press, and Media of the Presidential Secretariat Bey Machmudin affirmed that the netizens' complaints in the comment section of the president's post helped the government to cross-check the data on damaged roads. ccording to Machmudin, the PUPR Ministry had conducted data collection and survey on damaged roads in all provinces through its National Road Development Center (BPJN) in various regions. "The complaints of the people and of netizens in the president's social media accounts help us to cross-check the data between those outlined by the PUPR Ministry and those of the netizens. This will help the government to make follow-up actions more accurately," he stated. Related news: Jambi road repairs to begin in July-Aug: President Jokowi

Source: Antara News Agency

BSI strengthens innovation, strategy to expedite digital transactions

Jakarta (ANTARA) - State-owned bank PT Bank Syariah Indonesia Tbk (BSI) is currently bolstering innovation and strategy in a bid to accelerate digital transactions."The development of digital service innovation became one of the focuses for BSI this year," Digital Banking Senior Executive Vice President (SEVP) at BSI Saut Parulian Saragih noted through his statement on Wednesday. "Not just for business development, but through BSI Mobile, we expect to bring people closer through convenience of reaching BSI anywhere and at any time," he remarked. The people's interest in using BSI Mobile continues to rise. Currently, the number of BSI Mobile users had reached 5.18 million, which is a 37-percent year-on-year (yoy) increase. The figure continues to rise along with the people's increasing preference to lead a sharia lifestyle. This is reflected through the fee-based income obtained through BSI Mobile that reached Rp64 billion, or US$4.30 million, from January to March 2023, or growing five percent yoy. BSI is also aiming for the millennial generation to open the BSI account online as well as other transactions. This has driven the company to maintain the customers' trust through improvement of BSI Mobile's quality in terms of system or features. BSI plans to strengthen financial, social, and spiritual transactions through BSI Mobile. Moreover, BSI has taken steps to express appreciation to customers that have trusted BSI, such as by holding the Hujan Rezeki BSI Mobile Program (BSI Mobile Fortune Rain Program). The Hujan Rezeki BSI Mobile Program is a program for active BSI Mobile users. Points are obtained from opening the account online, activating the BSI Mobile application, and actively conducting transactions using BSI Mobile. This year, BSI prepares various prizes, such as a Mini Cooper Countryman, two Vespa LX, five Vespa Sprint S, 10 iPhone 13 phones, 20 Samsung Galaxy A73 5G phones, and 263 E-mas savings balance. These prizes are expected to be beneficial to support the people's activities and transactions. In future, the company expects that BSI Mobile can become the sharia banking's literacy channel that reaches people across Indonesia.

Source: Antara News Agency

APEC ministers to push trade interconnectedness, inclusiveness

Jakarta (ANTARA) - Trade ministers, senior officials, and working-level experts from 21 APEC member economies convened in Detroit, Michigan, on Tuesday to discuss advancing interconnectedness, innovation, and inclusiveness of trade in the Asia-Pacific region.They will meet over the next 10 days against a backdrop of persistent economic headwinds and the risk of declining globalization, according to a statement from the APEC Secretariat received on Wednesday. The statement said that as the Asia-Pacific region emerges from the COVID-19 pandemic, the APEC members will be given the opportunity to engage and focus on how to ensure that international cross-border trade flows smoothly. They will also focus on how trade can help them address the region's most pressing challenges, from climate change to economic inequality. "I can't stress enough how critical engagement between member economies is, despite differing views on several issues related to trade and investment," said Rebecca Sta Maria, executive director of the APEC Secretariat, in the statement. "When officials and ministers convene next week, the task at hand is to ensure we push forward an inclusive and sustainable agenda so that we can protect the future for our people in the region," she continued. The proceedings will culminate with the 2023 APEC Ministers Responsible for Trade Meeting on May 25 and 26, which will be chaired by the United States Trade Representative, Katherine Tai. It will build on new measures advanced at this year's Second APEC Senior Officials' Meeting on May 2425, as well as policy development exchanges within more than half a dozen technical working groups. The meeting will be chaired by Nora Todd, who is the 2023 APEC Alternate Chair of the Senior Officials' Meeting. US Senior Official for APEC, Matt Murray, said that Detroit represents the story of the United States' economic revitalization, transformation, and resilience. "Detroit showcases the importance of cross-border trade with our neighbors, worker-centric trade policies, and an advanced manufacturing industry, making it a perfect location for highlighting economic inclusion and innovative growth," he observed. "We are committed to being a good steward of APEC to promote an international economic policy that boosts prosperity, both at home and in the region," Murray said. "APEC has delivered success stories in the past three decades and we want to build on this momentum," he added. During their meeting, APEC Ministers will discuss practical examples of how trade policies and cooperation on trade and investment through APEC can contribute to sustainable and inclusive trade. The APEC Trade Ministers will also convene with the Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, to discuss how APEC can continue to support the multilateral trading system and the WTO. The unveiling of the APEC Policy Support Unit's latest Regional Trends Analysis report will also help to guide APEC Trade Ministers' discussions. "It is important that we discuss here how to enable an innovative environment for a sustainable future," Murray said. "This issue not only covers the digital economy priorities, but it's also how we can use technology to really address the climate crisis, advance environmental protection, and attempt to build a more sustainable future across a whole range of efforts," he said. Those efforts include food security, disaster risk reduction, or mitigating the impacts of climate change, he added.

Source: Antara News Agency

Regional governments should realize budget since start of year

Jakarta (ANTARA) - The Home Affairs Ministry urged regional governments to push for the realization of the regional budget at the start of the year, so people can immediately benefit from the development."The Home Affairs Ministry always expects that the regional budget can be realized by a significant amount since the beginning of the year, so that people can reap (the benefits) and development can progress," Director General of Regional Finance at the MinistryAgus Fatonidelivered the statement during a virtual event accessed here on Wednesday. The event was titled "National Food Inflation Control Initiative for Bali and Nusa Tenggara." Fatoni remarked that immediate action on the regional budget was necessary in order to ensure an improvement in the people's buying power. "Currently, the regional budget is Rp1,200 trillion (US$81 billion). This will boost the people's buying power, and this will impact the people's economic growth," he remarked. Fatoni emphasized that the regional budget should be realized at the earliest, so that development projects, pursued by regional governments, can be initiated at the start of the year. "If the development is carried out since the start of year, then people can feel the presence of the government and state, and people are aware that the state is (actually) doing development, the region is doing development, so their trust ever grows," he pointed out. When there is a high level of public trust, then high public participation would also follow, he remarked. Fatoni called for pursuing budget realization at the earliest, so public services would go accordingly throughout the year, thereby contributing to the improvement in public trust. ll those aspects that come with immediate initiative towards the regional budget would improve public welfare, he noted. Moreover, it would increase regional capability, and in turn, it would attract more investors, Fatoni remarked. "If the regional budget is not absorbed, then most of our targets that have been outlined would not be met because the programs are not pursued," he pointed out. He outlined five ways that can be pursued to obtain regional revenue, ranging from intensifying sources of income, pursuing extensification by tapping into unexplored sources of income listed in the law, establishing regional government digitization, improving capability of human resources, and driving creative innovations.

Source: Antara News Agency

Foreign Ministry’s Spokesperson: Electoral Body Has No Preferential Treatment for Any Political Party

“The electoral body does not have any preferential treatment for any one political party,” stated the Spokesperson of the Ministry of Foreign Affairs and International Cooperation in a press statement made public last night.

The full press statement reads as follows:

“The Spokesperson of the Ministry of Foreign Affairs and International Cooperation dismisses the misleading and politicised remarks by a handful of critics over the electoral registration process in Cambodia. Based on the explanations and decisions of the National Election Committee (NEC), the Spokesperson wishes to offer clarifications as follows:

1. A political party's failed registration is solely the result of its non-compliance with the electoral laws, regulations, and notifications of the NEC. In accordance with Article 27 of the Law on Election of Members of the National Assembly, and the NEC's Notifications dated 26 April 2018 and 05 April 2023 respectively, to officially register the political party running for the election of members of the National Assembly, a political party shall submit to the NEC an application for registration of political party running for the election in a form approved by the NEC and shall provide, among others, a certified copy of the certificate of registration of the political party issued by the Ministry of Interior.

2. Every political party has adequate preparatory time to apply for such a document as the voting date was publicly declared one year in advance. Moreover, to facilitate this administrative work, a certified copy of the original certificate of registration is provided free of charge by the sub-national authorities concerned. In order to provide a free, fair, just, and transparent voting process, the NEC does not have any preferential treatment for any one political party over the 18 other contenders.

3. The very fact of this registration failure relates to incomplete documentation and such a shortcoming should be borne by that political party's leadership as admitted by one of its Vice Presidents. He further asserted, "The call for protests against the NEC's decision is a grave mistake." As part of the check- and-balance system, the technical decision of the NEC can be appealed to the Constitutional Council.

4. The absence of one political party from the electoral process due to its negligence in complying with the legislation does not affect the liberal, pluralistic, and democratic nature of the country as voters are still able to choose freely among at least 18 contesting political parties.”

Source: Agence Kampuchea Presse