NeuroPace Inc NPCE
We are a medical device company focused on transforming the lives of people living with epilepsy by reducing or eliminating the occurrence of debilitating seizures. Our novel and differentiated RNS System is the first and only commercially available, brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source. By continuously monitoring and analyzing the brain's electrical activity, recognizing patient-specific abnormal electrical patterns, and responding in real time with imperceptible electrical pulses to prevent seizures, our RNS System is programmed by clinicians to deliver the precise amount of therapy when and where it is needed and provides exceptional clinical outcomes with approximately three minutes of stimulation on average per day. Our RNS System is also the only commercially available device that records continuous brain activity data and allows clinicians to monitor patients not only in person, but also remotely, providing them the data they need to make more informed treatment decisions, thus optimizing patient care. We believe the therapeutic advantages of our RNS System, combined with the insights obtained from our extensive brain data set, offer a significant leap forward in epilepsy treatment. As of December 31, 2025, over 8,000 patients have received our RNS System. We believe our compelling body of long-term clinical data, demonstrating continuous improvement in outcomes over time, will support the continued adoption of our RNS System among the approximately 575,000 adults in the United States with drug-resistant focal epilepsy. We continue seeking indication expansion to, over time, cover the entire approximately 1.2 million drug-resistant epilepsy patients in the United States and may additionally seek to expand our operations to reach the approximately 16.5 million drug-resistant epilepsy patients globally.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $100.0M | $79.9M | $65.4M | $45.5M | $45.2M | $41.1M | — |
| Cost of revenue | $22.8M | $20.8M | $17.3M | $13.0M | $11.7M | $10.9M | — |
| Gross profit | $77.2M | $59.1M | $48.1M | $32.5M | $33.4M | $30.3M | — |
| R&D | $27.9M | $23.7M | $20.8M | $21.9M | $18.2M | $15.7M | — |
| SG&A | $19.1M | $17.4M | $54.5M | $51.3M | $39.0M | $27.6M | — |
| Total operating expenses | $93.6M | $80.8M | $75.3M | $73.3M | $57.2M | $43.3M | — |
| Operating income | -$16.3M | -$21.7M | -$27.2M | -$40.8M | -$23.7M | -$13.1M | — |
| Interest expense | $7.5M | $8.8M | $8.5M | $7.5M | $7.4M | $11.5M | — |
| Pre-tax income | -$21.5M | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — |
| Net income | -$21.5M | -$27.1M | -$33.0M | -$47.1M | -$36.1M | -$24.3M | — |
| EPS, basic | -0.66 | -0.93 | -1.27 | -1.91 | -2.17 | -117.85 | — |
| EPS, diluted | -0.66 | -0.93 | -1.27 | -1.91 | -2.17 | -117.85 | — |
| Shares, diluted (wtd. avg.) | 32.7M | 29.1M | 25.9M | 24.6M | 16.6M | 204,068 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.7M | $13.4M | $18.2M | $6.7M | $19.3M | $26.8M | $4.1M |
| Short-term investments | $39.4M | $39.3M | $48.4M | $70.8M | $96.4M | $11.7M | — |
| Receivables | $14.7M | $12.9M | $12.3M | $7.5M | $7.1M | $8.4M | — |
| Inventory | $16.9M | $13.4M | $11.2M | $9.7M | $7.8M | $6.9M | — |
| Total current assets | $94.1M | $81.3M | $92.7M | $97.7M | $132.8M | $54.6M | — |
| Property, plant and equipment | $1.1M | $1.1M | $1.0M | $1.1M | $603.0K | $515.0K | — |
| Total assets | $105.6M | $94.6M | $107.7M | $114.1M | $133.6M | $56.0M | — |
| Accounts payable | $2.2M | $3.0M | $2.3M | $2.1M | $1.4M | $949.0K | — |
| Short-term debt | — | — | — | — | $0 | $2.0M | — |
| Total current liabilities | $17.8M | $15.2M | $16.2M | $11.0M | $9.3M | $9.6M | — |
| Long-term debt | $58.9M | $59.5M | $57.0M | $52.9M | $49.8M | $50.8M | — |
| Total liabilities | $86.5M | $86.6M | $87.0M | $79.3M | $60.1M | $62.4M | — |
| Retained earnings | -$552.4M | -$531.0M | -$503.8M | -$470.9M | -$423.8M | -$387.7M | — |
| Total equity | $19.0M | $8.0M | $20.7M | $34.8M | $73.5M | -$147.8M | -$129.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11.0M | -$17.9M | -$19.7M | -$36.9M | -$24.6M | -$21.6M | — |
| Depreciation and amortisation | $238.0K | $207.0K | $172.0K | $267.0K | $296.0K | $312.0K | — |
| Stock-based compensation | $11.1M | $10.3M | $9.6M | $8.3M | $4.3M | $1.4M | — |
| Capital expenditure | $332.0K | $306.0K | $173.0K | $603.0K | $384.0K | $62.0K | — |
| Investing cash flow | -$332.0K | $9.0M | $23.0M | $23.8M | -$85.4M | -$10.8M | — |
| Financing cash flow | $19.6M | $4.3M | $8.1M | $490.0K | $102.5M | $55.0M | — |
| Buybacks | $49.5M | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001528287-26-000011.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $41.1M | $45.2M | $45.5M | $65.4M | $79.9M | $100.0M |
| Gross profit | — | $30.3M | $33.4M | $32.5M | $48.1M | $59.1M | $77.2M |
| Net income | — | -$24.3M | -$36.1M | -$47.1M | -$33.0M | -$27.1M | -$21.5M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Results announced Item 2.02
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Shareholder vote Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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