Logo

NPCE

NeuroPace, Inc.

NPCE

NeuroPace, Inc. • NASDAQ
$16.36 ▼ -0.85% (-0.14)
Market Cap $544.86 M
52w High $18.98
52w Low $7.56
Dividend Yield 0%
P/E -21.81
Volume 188.97K
Outstanding Shares 33.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $27.354M ▲ $23.768M ▼ $-3.496M ▲ -12.781% ▲ $-0.11 ▲ $-2.464M ▲
Q2-2025 $23.52M ▲ $24.956M ▲ $-8.651M ▼ -36.781% ▼ $-0.26 ▼ $-6.115M ▼
Q1-2025 $22.524M ▲ $22.489M ▲ $-6.589M ▼ -29.253% ▼ $-0.21 ▼ $-3.974M ▼
Q4-2024 $21.466M ▲ $19.841M ▲ $-5.25M ▲ -24.457% ▲ $-0.18 ▲ $-2.607M ▲
Q3-2024 $21.06M $19.663M $-5.452M -25.888% $-0.19 $-2.819M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $60.014M ▼ $107.255M ▲ $88.737M ▲ $18.518M ▼
Q2-2025 $62.141M ▼ $106.114M ▼ $86.676M ▲ $19.438M ▼
Q1-2025 $66.262M ▲ $110.205M ▲ $85.936M ▼ $24.269M ▲
Q4-2024 $52.755M ▼ $94.647M ▼ $86.634M ▲ $8.013M ▼
Q3-2024 $56.83M $96.303M $86.48M $9.823M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.496M ▲ $-1.944M ▲ $-30K ▲ $-235K ▲ $-2.209M ▲ $-1.974M ▲
Q2-2025 $-8.651M ▼ $-2.086M ▲ $-168K ▼ $-1.908M ▼ $-4.162M ▼ $-2.254M ▲
Q1-2025 $-6.589M ▼ $-7.482M ▼ $-37K ▼ $21.108M ▲ $13.589M ▲ $-7.519M ▼
Q4-2024 $-5.25M ▲ $-4.797M ▼ $1.961M ▲ $848K ▼ $-1.988M ▼ $-4.836M ▼
Q3-2024 $-5.452M $-1.724M $1.4M $2.898M $2.574M $-1.824M

Five-Year Company Overview

Income Statement

Income Statement NeuroPace is clearly in a growth-and-investment phase. Sales have risen steadily over the last several years, and gross profit has improved along with that growth, which suggests the core product is gaining commercial traction and pricing remains supportive. That said, the company still operates at a loss. Operating and net losses have been persistent, though they have generally been narrowing over time. This pattern is typical for a young medical device company building out its commercial footprint: revenue is heading in the right direction, but the business has not yet reached the scale needed to cover its research, selling, and administrative costs. Earnings per share remain negative, but the trend is gradually improving, not deteriorating.

Balance Sheet

Balance Sheet The balance sheet shows a small but positive equity base today, which is an improvement from a deficit position a few years ago. This likely reflects capital raised around the IPO combined with management’s efforts to reduce losses over time. Cash on hand is modest and has come down from earlier levels, while debt has remained relatively high and fairly stable. That means leverage is meaningful for a company of this size, and financial flexibility is not unlimited. Total assets have not grown significantly in recent years, which reinforces the view that the company is operating with a lean resource base and needs to be careful about liquidity and leverage as it scales.

Cash Flow

Cash Flow Cash flow mirrors the income statement: the company consistently spends more cash than it generates. Operating cash flow has been negative for several years, and free cash flow is also negative. Importantly, there is little to no heavy capital spending, so the cash burn is mainly tied to operating expenses—commercial build-out, research efforts, and overhead—rather than big factory or equipment investments. This is typical of an innovative medtech business in the scaling phase, but it does mean the company remains dependent on existing cash and access to financing to fund growth until operations move closer to breakeven.

Competitive Edge

Competitive Edge NeuroPace occupies a distinct niche in the epilepsy treatment market. Its RNS System is currently the only FDA‑approved brain‑responsive neurostimulation device for epilepsy, which gives it a clear first‑mover advantage. The system’s ability to sense brain activity in real time and respond only when needed sets it apart from more traditional approaches like vagus nerve or deep brain stimulation, which generally deliver continuous or pre‑programmed stimulation. A major part of its moat is the large proprietary brain data set collected over many years. This creates a feedback loop: more patients lead to more data, which can improve algorithms and outcomes, which can in turn support further adoption. The flip side is that NeuroPace competes in a space dominated by large, well‑funded medtech players, so it must maintain clinical differentiation, reimbursement support, and strong physician relationships to protect its position.

Innovation and R&D

Innovation and R&D Innovation is the core of NeuroPace’s strategy. The RNS System itself is a novel, closed‑loop neuromodulation platform designed to detect seizure patterns and intervene in real time. Recent updates, like the next‑generation system with longer battery life and more memory, show ongoing product refinement rather than a one‑off invention. The company is also investing heavily in software and data. Its cloud platform allows remote monitoring and therapy optimization, and it is developing AI‑based tools—such as automated seizure classifiers—to make the data more actionable for clinicians. On top of that, NeuroPace is running clinical studies to expand into new epilepsy subtypes and younger patient groups, which, if successful, could increase the addressable market. These efforts carry clinical and regulatory risk, but they also represent one of the company’s strongest long‑term value drivers.

Summary

Overall, NeuroPace looks like an early‑stage medtech company with a differentiated technology platform, improving but still loss‑making financials, and a balance sheet that provides some room to execute but not unlimited flexibility. On the positive side, revenue and gross profit are trending upward, operating losses are narrowing, and the company holds a unique position in a specialized segment of epilepsy treatment supported by a deep data asset and ongoing innovation. On the risk side, it still burns cash, carries meaningful debt relative to its size, and must successfully convert clinical and AI‑driven innovation into broader adoption and new indications while managing regulatory and reimbursement hurdles. Future outcomes will depend heavily on the pace of physician and patient uptake, success of indication expansion trials, the ability to maintain its technological edge against larger competitors, and how effectively it manages its cash and debt while scaling.

NEWS

November 24, 2025 · 8:00 AM UTC

NeuroPace Announces Favorable Medicare Reimbursement Increases for RNS System Physician and Hospital Outpatient Services

Read more

November 4, 2025 · 4:05 PM UTC

NeuroPace Reports Third Quarter 2025 Financial Results and Increases 2025 Revenue Guidance

Read more

October 22, 2025 · 8:00 AM UTC

NeuroPace to Report Third Quarter 2025 Financial Results on November 4, 2025

Read more