NeuroPace Inc

Listed Company

NPCECIK 0001528287NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$99.99M

Net Income

$-21.46M

Total Assets

$105.56M

Equity

$19.03M

Shares Out

33.67M

Op. Cash Flow

$-11.00M

Business

NeuroPace Inc is a medical device company that develops and commercializes a brain‑responsive neuromodulation therapy to reduce or prevent debilitating seizures in people with drug‑resistant epilepsy. Its principal offering is the RNS System, comprising an implantable neurostimulator, cortical strip and depth leads, Patient Remote Monitor, Physician Tablet, PDMS and nSight analytics, plus training and support services for clinicians. The company operates commercial, clinical development and data‑analytics activities, with a direct U.S. commercial segment, a distribution relationship with DIXI Medical, and R&D/clinical study programs. NeuroPace markets and sells primarily in the United States through a direct sales organization and hospital accounts, while pursuing international regulatory approvals and third‑party distribution partnerships for broader geographic expansion.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	100	80	65	46	45
Cost of goods sold	23	21	17	13	12
Gross profit	77	59	48	32	33
Sales and marketing	47	40	—	—	—
Research and development	28	24	21	22	18
General and administrative	19	17	—	—	—
Total operating expenses	94	81	75	73	57
Loss from operations	−16	−22	−27	−41	−24
Interest income	3	3	3	2	448,000
Interest expense	−7	−9	−9	—	—
Other income (expense), net	−486,000	304,000	−315,000	−337,000	−5
Net loss and comprehensive loss	−21	−27	−33	−47	−36
Net loss per share attributable to common stockholders, basic (in dollars per share)	−0.66	−0.93	−1.27	−1.91	−2.17
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−0.66	−0.93	−1.27	−1.91	−2.17
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	33	29	26	25	17
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	33	29	26	25	17

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-11-30	FY 2022 2022-12-31
Cash and cash equivalents	22	13	18	—	7
Short-term investments	39	39	48	—	71
Accounts receivable	15	13	12	—	7
Inventory	17	13	11	—	10
Prepaid expenses and other current assets	1	2	3	—	3
Total current assets	94	81	93	—	98
Property and equipment, net	1	1	1	—	1
Operating lease right-of-use asset	10	12	13	—	15
Restricted cash	122,000	122,000	122,000	—	122,000
Deferred offering costs	0	300,000	400,000	300,000	300,000
Other assets	113,000	15,000	15,000	—	21,000
Total assets	106	95	108	—	114
Accounts payable	2	3	2	—	2
Accrued liabilities	13	10	11	—	7
Operating lease liability	2	2	2	—	1
Deferred revenue	100,000	600,000	1	—	0
Total current liabilities	18	15	16	—	11
Long-term debt	59	60	57	—	53
Operating lease liability, net of current portion	10	12	14	—	15
Total liabilities	87	87	87	—	79
Commitments and contingencies (Note 5)	—	—	—	—	—
Preferred stock, $0.001 par value, 10,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	—	0
Common stock, $0.001 par value, 200,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 33,574,759 and 30,145,039 shares issued and outstanding as of December 31, 2025 and 2024, respectively	34,000	30,000	28,000	—	25,000
Additional paid-in-capital	571	539	524	—	507
Accumulated deficit	−552	−531	−504	—	−471
Total stockholders equity	19	8	21	—	35
Total liabilities and stockholders equity	106	95	108	—	114

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	11	10	10	8	4
Depreciation	200,000	200,000	200,000	300,000	300,000
Amortization of debt discount and issuance costs	237,000	228,000	283,000	258,000	267,000
Non-cash interest expense	538,000	954,000	1	874,000	806,000
PIK interest incurred but not paid on term loan	0	1	3	2	0
Loss on debt extinguishment	527,000	0	—	—	0
Amortization of right-of-use asset	2	2	1	3	0
Gain on short-term investments	−41,000	−229,000	315,000	356,000	0
Inventory write-downs	200,000	300,000	200,000	200,000	242,000
Loss on disposal of property and equipment	14,000	0	—	—	—
Accounts receivable	−2	−536,000	−5	−391,000	1
Inventory	−4	−2	−2	−2	−1
Prepaid expenses and other assets	943,000	384,000	381,000	−792,000	−1
Accounts payable	−730,000	671,000	240,000	647,000	479,000
Accrued liabilities	4	−1	4	−15,000	2
Deferred revenue	−414,000	−534,000	1	0	—
Operating lease liabilities	−2	−2	−1	−2	0
Net cash used in operating activities	−11	−18	−20	−37	−25
Acquisition of property and equipment	−332,000	−306,000	−173,000	−603,000	−384,000
Proceeds from sale of short-term investments	0	9	23	24	0
Net cash (used in) provided by investing activities	−332,000	9	23	24	−85
Repurchase of common stock from KCK Ltd.	−50	0	—	—	—
Proceeds from issuance of common stock under employee plans	2	2	803,000	896,000	919,000
Taxes withheld and paid related to net share settlement of equity awards	−543,000	−881,000	−259,000	−59,000	0
Net cash provided by financing activities	20	4	8	490,000	103
Net increase (decrease) in cash and cash equivalents	8	−5	11	−13	−7
Cash paid for interest	6	6	4	4	6
Deferred offering costs offset against additional paid-in capital	300,000	100,000	265,000	0	—
Purchase of property and equipment included in accounts payable	13,000	19,000	69,000	124,000	0
Net change in accrued liabilities from early exercise of options	0	−1,000	−1,000	−4,000	2,000

Filings

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