NPCE on Nasdaq
NeuroPace Inc
Logo: neuropace.com3
American surgical and medical instruments and apparatus company1
In its 2026 annual report the company says: “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.”5 It is headquartered in Mountain View.1 Its shares trade on Nasdaq under the symbol NPCE.1
Price unavailable
Last updated Oct 21, 2026.
Overview
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- TickerNPCE on Nasdaq1
- IndustrySurgical & Medical Instruments & Apparatus1
- HeadquartersMountain View1
- Websitewww.neuropace.com
- Legal formcorporation1
- Incorporated inDE4
- Business address455 N. Bernardo Avenue, Mountain View, Ca 940434
- Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company4
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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 acti…5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
77.2%Gross margin6
-16.3%Operating margin6
-21.5%Net margin6
25.1%Revenue growth, 20256
-112.8%Return on equity6
3.09×Debt to equity6
-$11.3MFree cash flow6
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue23¢$22.8M
- Research and development28¢$27.9M
- Other costs49¢$49.3M
Out of $100.0M in revenue.6 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $100.0M | $79.9M |
| Cost of goods sold | $22.8M | $20.8M |
| Gross profit | $77.2M | $59.1M |
| Sales and marketing | $46.6M | $39.7M |
| Research and development | $27.9M | $23.7M |
| General and administrative | $19.1M | $17.4M |
| Total operating expenses | $93.6M | $80.8M |
| Loss from operations | -$16.3M | -$21.7M |
| Interest income | $2.8M | $3.0M |
| Interest expense | -$7.5M | -$8.8M |
| Other income (expense), net | -$486.0K | $304.0K |
| Net loss and comprehensive loss | -$21.5M | -$27.1M |
| Net loss per share attributable to common stockholders, basic (in dollars per share) | -$0.66 | -$0.93 |
| Net loss per share attributable to common stockholders, diluted (in dollars per share) | -$0.66 | -$0.93 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) | 32.7M shares | 29.1M shares |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) | 32.7M shares | 29.1M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.6
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $21.7M | $13.4M | |
| Short-term investments | $39.4M | $39.3M | |
| Accounts receivable | $14.7M | $12.9M | |
| Inventory | $16.9M | $13.4M | |
| Prepaid expenses and other current assets | $1.4M | $2.4M | |
| Total current assets | $94.1M | $81.3M | |
| Property and equipment, net | $1.1M | $1.1M | |
| Operating lease right-of-use asset | $10.1M | $11.8M | |
| Restricted cash | $122.0K | $122.0K | |
| Deferred offering costs | $0 | $276.0K | |
| Other assets | $113.0K | $15.0K | |
| Total assets | $105.6M | $94.6M | |
| Accounts payable | $2.2M | $3.0M | |
| Accrued liabilities | $13.3M | $9.8M | |
| Operating lease liability | $2.1M | $1.9M | |
| Deferred revenue | $141.0K | $555.0K | |
| Total current liabilities | $17.8M | $15.2M | |
| Long-term debt | $58.9M | $59.5M | |
| Operating lease liability, net of current portion | $9.8M | $12.0M | |
| Total liabilities | $86.5M | $86.6M | |
| 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 | |
| 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 | $34.0K | $30.0K | |
| Additional paid-in-capital | $571.4M | $538.9M | |
| Accumulated deficit | -$552.4M | -$531.0M | |
| Total stockholders equity | $19.0M | $8.0M | $20.7M |
| Total liabilities and stockholders equity | $105.6M | $94.6M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock shares authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock issued (in shares) | 0 shares | 0 shares | |
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | |
| Common stock par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock shares authorized (in shares) | 200.0M shares | 200.0M shares | |
| Common stock issued (in shares) | 33.6M shares | 30.1M shares | |
| Common stock outstanding (in shares) | 33.6M shares | 30.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $21.7M | $13.4M | |
| Short-term investments | $39.4M | $39.3M | |
| Accounts receivable | $14.7M | $12.9M | |
| Inventory | $16.9M | $13.4M | |
| Prepaid expenses and other current assets | $1.4M | $2.4M | |
| Total current assets | $94.1M | $81.3M | |
| Property and equipment, net | $1.1M | $1.1M | |
| Operating lease right-of-use asset | $10.1M | $11.8M | |
| Restricted cash | $122.0K | $122.0K | |
| Deferred offering costs | $0 | $276.0K | |
| Other assets | $113.0K | $15.0K | |
| Total assets | $105.6M | $94.6M | |
| Accounts payable | $2.2M | $3.0M | |
| Accrued liabilities | $13.3M | $9.8M | |
| Operating lease liability | $2.1M | $1.9M | |
| Deferred revenue | $141.0K | $555.0K | |
| Total current liabilities | $17.8M | $15.2M | |
| Long-term debt | $58.9M | $59.5M | |
| Operating lease liability, net of current portion | $9.8M | $12.0M | |
| Total liabilities | $86.5M | $86.6M | |
| 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 | |
| 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 | $34.0K | $30.0K | |
| Additional paid-in-capital | $571.4M | $538.9M | |
| Accumulated deficit | -$552.4M | -$531.0M | |
| Total stockholders equity | $19.0M | $8.0M | $20.7M |
| Total liabilities and stockholders equity | $105.6M | $94.6M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock shares authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock issued (in shares) | 0 shares | 0 shares | |
| Preferred stock outstanding (in shares) | 0 shares | 0 shares | |
| Common stock par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock shares authorized (in shares) | 200.0M shares | 200.0M shares | |
| Common stock issued (in shares) | 33.6M shares | 30.1M shares | |
| Common stock outstanding (in shares) | 33.6M shares | 30.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.6
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$21.5M | -$27.1M |
| Stock-based compensation expense | $11.1M | $10.3M |
| Depreciation | $238.0K | $207.0K |
| Amortization of debt discount and issuance costs | $237.0K | $228.0K |
| Non-cash interest expense | $538.0K | $954.0K |
| PIK interest incurred but not paid on term loan | $0 | $1.4M |
| Loss on debt extinguishment | $527.0K | $0 |
| Amortization of right-of-use asset | $1.7M | $1.6M |
| Gain on short-term investments | -$41.0K | -$229.0K |
| Inventory write-downs | $159.0K | $251.0K |
| Loss on disposal of property and equipment | $14.0K | $0 |
| Accounts receivable | -$1.8M | -$536.0K |
| Inventory | -$3.7M | -$2.4M |
| Prepaid expenses and other assets | $943.0K | $384.0K |
| Accounts payable | -$730.0K | $671.0K |
| Accrued liabilities | $3.6M | -$1.4M |
| Deferred revenue | -$414.0K | -$534.0K |
| Operating lease liabilities | -$1.9M | -$1.6M |
| Net cash used in operating activities | -$11.0M | -$17.9M |
| Acquisition of property and equipment | -$332.0K | -$306.0K |
| Proceeds from sale of short-term investments | $0 | $9.3M |
| Net cash (used in) provided by investing activities | -$332.0K | $9.0M |
| Repurchase of common stock from KCK Ltd. | -$49.5M | $0 |
| Proceeds from issuance of common stock under employee plans | $1.9M | $1.9M |
| Taxes withheld and paid related to net share settlement of equity awards | -$543.0K | -$881.0K |
| Net cash provided by financing activities | $19.6M | $4.3M |
| Net increase (decrease) in cash and cash equivalents | $8.3M | -$4.6M |
| Cash paid for interest | $6.2M | $6.2M |
| Deferred offering costs offset against additional paid-in capital | $277.0K | $110.0K |
| Purchase of property and equipment included in accounts payable | $13.0K | $19.0K |
| Net change in accrued liabilities from early exercise of options | $0 | -$1.0K |
No quarter-by-quarter statement was filed.
Corporate structure
NeuroPace Inc sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of NeuroPace Inc
- First Light Asset Management, LLC Filed SCHEDULE 13G/A on NeuroPace Inc, latest Sep 4, 2026 (2 filings since May 15, 2026)
- ORBIMED ADVISORS LLC Filed SCHEDULE 13G/A on NeuroPace Inc, latest Aug 14, 2026 (8 filings since Feb 11, 2022)
- Soleus Private Equity Fund I, L.P. Filed SCHEDULE 13G/A on NeuroPace Inc, latest Nov 7, 2025 (6 filings since Nov 1, 2021)
- KCK LTD. Filed SCHEDULE 13G/A on NeuroPace Inc, latest Sep 3, 2025 (5 filings since Oct 7, 2022)
- Soleus Capital Master Fund, L.P. Filed SCHEDULE 13G/A on NeuroPace Inc, latest Aug 5, 2025
- Polar Capital Holdings Plc Filed SCHEDULE 13G on NeuroPace Inc, latest May 15, 2025
- Kent Lake PR LLC Filed SCHEDULE 13G/A on NeuroPace Inc, latest Feb 14, 2025 (2 filings since Nov 4, 2024)
- Morgan Stanley Filed SCHEDULE 13G/A on NeuroPace Inc, latest Feb 4, 2025 (3 filings since Feb 10, 2023)
- FMR LLC Filed SC 13G/A on NeuroPace Inc, latest Feb 9, 2024 (2 filings since Feb 9, 2023)
- Accelmed Partners II L.P. Filed SC 13D/A on NeuroPace Inc, latest Nov 23, 2022 (2 filings since Nov 21, 2022)
- Medtronic plc Filed SC 13G on NeuroPace Inc, latest Jan 13, 2022
- NeuroPace Inc Mountain View
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What NeuroPace Inc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $9.3M6 Dec 31, 2025 | $9.0M6 Dec 31, 2024 | +3.4% |
| Accumulated depreciation | $8.2M6 Dec 31, 2025 | $8.0M6 Dec 31, 2024 | +2.9% |
| Property and equipment, net | $1.1M6 Dec 31, 2025 | $1.1M6 Dec 31, 2024 | +6.9% |
| Operating-lease assets (leased space) | $10.1M6 Dec 31, 2025 | $11.8M6 Dec 31, 2024 | −14.4% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $21.7M6 Dec 31, 2025 | $13.4M6 Dec 31, 2024 | +61.5% |
| Marketable securities, current | $39.4M6 Dec 31, 2025 | $39.3M6 Dec 31, 2024 | +0.1% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $16.9M6 Dec 31, 2025 | $13.4M6 Dec 31, 2024 | +26.3% |
| Raw materials | $6.2M6 Dec 31, 2025 | $3.9M6 Dec 31, 2024 | +60.4% |
| Work in process | $2.8M6 Dec 31, 2025 | $2.2M6 Dec 31, 2024 | +29.0% |
| Finished goods | $7.9M6 Dec 31, 2025 | $7.4M6 Dec 31, 2024 | +7.5% |
Properties, in its own words
We currently lease approximately 53,000 square feet for our corporate headquarters and manufacturing facility located in Mountain View, California under a lease agreement which terminates in 2030 and we have an option to extend for another five years. We believe that this facility is sufficient to meet our current and anticipated needs in the near term and that suitable additional or alternative space can be obtained in the future on commercially reasonable terms, as needed.
Item 2 of the 10-K filed Mar 3, 2026.5
Leadership
Who has led NeuroPace Inc, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerMichael Favet Apr 20, 2021 to Feb 22, 202313
- Chief financial officerRebecca Kuhn Apr 20, 2021 to now14
Board members and other officers (12)
- Chief Medical officerMartha Morrell Apr 20, 2021 to now15
- Board memberR. Scott Huennekens Jan 8, 2025 to now16
- Board memberUri Geiger Jan 9, 2023 to now17
- Board memberEvan Norton Apr 20, 2021 to Oct 8, 202118
- Board memberFrank M. Fischer Apr 20, 2021 to now19
- Board memberGreg Shaw Garfield Apr 20, 2021 to Jun 21, 202220
- Board memberJoe Lacob Apr 20, 2021 to now21
- Board memberMichael Favet Apr 20, 2021 to Feb 22, 202313
- Board memberRakhi Kumar Apr 20, 2021 to now22
- Board memberRenee Ryan Apr 20, 2021 to now23
- Board memberLisa Andrade Nov 2, 2021 to now24
- General counselIrina Ridley Apr 20, 2021 to Feb 22, 202325
Timeline
- Aug 11, 20268-K Results of operations26
- Jul 28, 20268-K Regulation FD disclosure27
- Jun 8, 20268-K Shareholder vote28
- May 12, 20268-K Results of operations29
- Mar 3, 20268-K Results of operations30
- Nov 4, 20258-K Results of operations31
- Aug 12, 20258-K Results of operations32
- Jun 24, 20258-K Executive or director change; Regulation FD disclosure33
- Jun 12, 20258-K Shareholder vote34
- Jun 4, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation35
- May 27, 20258-K Regulation FD disclosure; Other events36
- May 13, 20258-K Results of operations37
- Apr 20, 2021New chief executive Michael Favet becomes CEO13
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.11) a share, on Nov 4, 2025.38
When it reported results
- Aug 11, 2026Reported quarterly or annual results26
- May 12, 2026Reported quarterly or annual results29
- Mar 3, 2026Reported quarterly or annual results30
- Nov 4, 2025Reported quarterly or annual results31
- Aug 12, 2025Reported quarterly or annual results32
- May 13, 2025Reported quarterly or annual results37
- Mar 4, 2025Reported quarterly or annual results39
- Jan 28, 2025Reported quarterly or annual results40
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
284 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 46 major events, 150 insider forms, 33 large holders, 35 other. The latest 20:
- Sep 25, 20264 EDGAR
- Sep 21, 20264 EDGAR
- Sep 4, 2026SCHEDULE 13G/A EDGAR
- Sep 4, 20264 EDGAR
- Aug 28, 20264 EDGAR
- Aug 28, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 202610-Q EDGAR
- Aug 11, 20268-K EDGAR
- Jul 28, 20268-K EDGAR
- Jun 25, 20264 EDGAR
- Jun 22, 20264 EDGAR
- Jun 22, 20264 EDGAR
- Jun 22, 20264 EDGAR
- Jun 8, 20268-K EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
- Jun 5, 20264 EDGAR
The 284 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
70 open-market trades by officers, directors and large owners since October 2021: 2 buys and 68 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 15, 2025 | Morrell MarthaCHIEF MEDICAL OFFICER | Sale | 25,000 | $15.97 | $399.2K | Form 4 |
| May 14, 2025 | ORBIMED ADVISORS LLC10% owner | Sale | 168,136 | $15.85 | $2.7M | Form 4 |
| Feb 21, 2025 | Morrell MarthaCHIEF MEDICAL OFFICER | Sale | 78,334 | $13.72 | $1.1M | Form 4 |
| Feb 20, 2025 | KCK LTD.10% owner | Sale | 5,270,845 | $9.40 | $49.5M | Form 4 |
| Jan 30, 2025 | Morrell MarthaCHIEF MEDICAL OFFICER | Sale | 200 | $15.00 | $3.0K | Form 4 |
| Jan 29, 2025 | Morrell MarthaCHIEF MEDICAL OFFICER | Sale | 100 | $15.00 | $1.5K | Form 4 |
| Jan 24, 2025 | Morrell MarthaCHIEF MEDICAL OFFICER | Sale | 3,200 | $15.01 | $48.0K | Form 4 |
| Oct 25, 2024 | KCK LTD.10% owner | Sale | 223,991 | $5.45 | $1.2M | Form 4 |
| Oct 23, 2024 | KCK LTD.10% owner | Sale | 147 | $6.02 | $885 | Form 4 |
| Oct 22, 2024 | KCK LTD.10% owner | Sale | 4,082 | $6.09 | $24.9K | Form 4 |
| Oct 21, 2024 | KCK LTD.10% owner | Sale | 3,720 | $6.10 | $22.7K | Form 4 |
| Oct 18, 2024 | KCK LTD.10% owner | Sale | 4,878 | $6.29 | $30.7K | Form 4 |
| Oct 17, 2024 | KCK LTD.10% owner | Sale | 3,294 | $6.28 | $20.7K | Form 4 |
| Oct 16, 2024 | KCK LTD.10% owner | Sale | 6,900 | $6.57 | $45.3K | Form 4 |
| Oct 15, 2024 | KCK LTD.10% owner | Sale | 4,017 | $6.50 | $26.1K | Form 4 |
| Oct 14, 2024 | KCK LTD.10% owner | Sale | 4,031 | $6.54 | $26.4K | Form 4 |
| Oct 11, 2024 | KCK LTD.10% owner | Sale | 2,572 | $6.35 | $16.3K | Form 4 |
| Oct 10, 2024 | KCK LTD.10% owner | Sale | 2,504 | $6.12 | $15.3K | Form 4 |
| Oct 9, 2024 | KCK LTD.10% owner | Sale | 3,123 | $6.10 | $19.1K | Form 4 |
| Oct 8, 2024 | KCK LTD.10% owner | Sale | 6,000 | $6.43 | $38.6K | Form 4 |
All 70 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- First Light Asset Management, LLCSCHEDULE 13G/A, 2 filings May 15, 2026 to Sep 4, 202641
- ORBIMED ADVISORS LLCSCHEDULE 13G/A, 8 filings Feb 11, 2022 to Aug 14, 202642
- Soleus Private Equity Fund I, L.P.SCHEDULE 13G/A, 6 filings Nov 1, 2021 to Nov 7, 202543
- KCK LTD.SCHEDULE 13G/A, 5 filings Oct 7, 2022 to Sep 3, 202544
- Soleus Capital Master Fund, L.P.SCHEDULE 13G/A, 1 filing Aug 5, 202545
- Polar Capital Holdings PlcSCHEDULE 13G, 1 filing May 15, 202546
- Kent Lake PR LLCSCHEDULE 13G/A, 2 filings Nov 4, 2024 to Feb 14, 202547
- Morgan StanleySCHEDULE 13G/A, 3 filings Feb 10, 2023 to Feb 4, 202548
- FMR LLCSC 13G/A, 2 filings Feb 9, 2023 to Feb 9, 202449
- Accelmed Partners II L.P.SC 13D/A, 2 filings Nov 21, 2022 to Nov 23, 202250
- Medtronic plcSC 13G, 1 filing Jan 13, 202251
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Joel BeckerPresident and Chief Executive Officer | 58 | $567.6K | $2.4M52 |
| 2025 | Patrick WilliamsChief Financial Officer | 53 | $263.5K | $1.6M52 |
| 2025 | Martha Morrell, M.D.Chief Medical Officer | 70 | $489.8K | $1.0M52 |
| 2025 | Rebecca KuhnFormer Chief Financial Officer, Vice President, Finance and Administration | $268.2K | $846.3K52 | |
| 2024 | Joel BeckerPresident and Chief Executive Officer | 58 | $528.7K | $3.0M52 |
| 2024 | Martha Morrell, M.D.Chief Medical Officer | 70 | $486.7K | $1.2M52 |
| 2024 | Rebecca KuhnFormer Chief Financial Officer, Vice President, Finance and Administration | $416.2K | $1.1M52 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Polar Capital Holdings Plc | 3,298,104 | $52.4M | 0.1% | No change |
| Soleus Capital Management, L.P. | 2,911,122 | $46.3M | 1.6% | −21,085 |
| First Light Asset Management, LLC | 2,861,167 | $45.5M | 2.8% | +401,201 |
| Morgan Stanley | 2,654,391 | $42.2M | 0.0% | +87,552 |
| BlackRock, Inc. | 2,477,603 | $39.4M | 0.0% | +131,270 |
| Orbimed Advisors LLC | 1,505,125 | $23.9M | 0.5% | −591,402 |
| Driehaus Capital Management LLC | 1,447,391 | $23.0M | 0.1% | −4,220 |
| Vanguard Capital Management LLC | 1,227,072 | $19.5M | 0.0% | +103,361 |
| Deutsche Bank Ag\ | 938,919 | $14.9M | 0.0% | +6,829 |
| Armistice Capital, LLC | 692,000 | $11.0M | 0.3% | No change |
| Geode Capital Management, LLC | 666,300 | $10.6M | 0.0% | +48,181 |
| Fmr LLC | 554,771 | $8.8M | 0.0% | +1,242 |
| State Street Corp | 550,132 | $8.7M | 0.0% | +52,586 |
| Silvercrest Asset Management Group LLC | 344,124 | $5.5M | 0.0% | −15,941 |
| Northern Trust Corp | 260,025 | $4.1M | 0.0% | +20,185 |
| Qube Research & Technologies Ltd | 221,237 | $3.5M | 0.0% | +35,048 |
| Vanguard Portfolio Management LLC | 220,371 | $3.5M | 0.0% | +32,942 |
| Palumbo Wealth Management LLC | 209,199 | $3.3M | 0.7% | −1,270 |
| Essex Investment Management Co LLC | 208,703 | $3.3M | 0.4% | −9,035 |
| Algert Global LLC | 184,774 | $2.9M | 0.0% | +5,218 |
| Vanguard Fiduciary Trust Co | 182,534 | $2.9M | 0.0% | +3,888 |
| Jpmorgan Chase & Co | 173,311 | $2.9M | 0.0% | +32,170 |
| HighMark Wealth Management LLC | 163,000 | $2.6M | 0.9% | +100,000 |
| Russell Investments Group, Ltd. | 162,164 | $2.6M | 0.0% | −16,857 |
| D. E. Shaw & Co., Inc. | 161,081 | $2.6M | 0.0% | +117,456 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How NeuroPace Inc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARNeuroPace Inc2
- CIK0001528287
- Employer ID (EIN)22-35502305
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company5
- Incorporated inDelaware5
- Fiscal year endsDecember 312
- Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus2
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
- Business address455 N. Bernardo Avenue, Mountain View, CA 940432
- Phone65023727002
- Shares outstanding34,324,274 as of Aug 7, 202612
- Public float$306.2M as of Jun 30, 20255
- AuditorPricewaterhouseCoopers, San Jose, California PCAOB ID 238; no auditor attestation of internal control over financial reporting5
- On EDGAR sinceAug 30, 20112
- Filings353 in all: 4 (163), 8-K (50), 3 (18), 10-Q (17), SC 13G/A (12), 144 (11), SCHEDULE 13G/A (11), CORRESP (7)2
All 33 form types
S-8 (7), SC 13G (7), 10-K (5), DEF 14A (5), DEFA14A (5), 4/A (4), ARS (4), D (4), EFFECT (3), SCHEDULE 13G (3), 424B5 (2), UPLOAD (2), 424B4 (1), 8-A12B (1), CERT (1), D/A (1), DRS (1), FWP (1), POS AM (1), S-1 (1), S-1/A (1), S-1MEF (1), S-3 (1), SC 13D (1), SC 13D/A (1)
- Latest filingsAnnual report (10-K) Mar 3, 2026
Quarterly report (10-Q) Aug 11, 2026
Proxy statement (DEF 14A) Apr 21, 2026
Latest 8-K (8-K) Aug 11, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.001 par value per share | NPCE | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks NeuroPace Inc names in Item 1A of its 10-K filed Mar 3, 2026: 72 risks under these headings, as written.5
- Risks related to operational, regulatory, commercial and manufacturing matters
- We currently rely on our RNS System, which can only be marketed in the United States for use in adults with drug-resistant focal epilepsy, as our primary source of revenue. If we fail to successfully market and sell our RNS System cost effectively and maintain and expand our market share, our sales, business, financial condition and results of operations will be negatively affected.
- Our commercial success will continue to depend on attaining significant market acceptance of our products and increasing the number of patients treated. If we are unable to successfully achieve substantial market acceptance and increase adoption of our RNS System both within Level 4 CECs and in the community, our sales, business, financial condition and results of operations would be harmed.
- Our commercial success will depend on a continued flow of patient referrals to CECs from treating primary care physicians, neurologists, and other healthcare providers and from caregiver support of such referrals. If we are unable to successfully expand our referral pathways to achieve an increased patient referral pipeline into CECs or develop opportunities outside of Level 4 CECs, in the community setting, our sales, business, financial condition and results of operations would be harmed.
- Various factors outside our direct control may negatively impact our manufacturing of our RNS System, which could harm our business, financial condition, and results of operations.
- We depend on a limited number of single-source suppliers and vendors in connection with the manufacture of our RNS System, which makes us vulnerable to supply shortages and price fluctuations that could harm our business, financial condition, and results of operations.
- Our results of operations may be harmed if we are unable to accurately forecast customer demand for our products.
- If we fail to optimize our sales and marketing capabilities and develop widespread brand awareness cost-effectively, our growth will be impeded and our business may suffer.
- We may be unable to compete successfully with other treatment options for drug-resistant focal epilepsy, which could harm our sales, business, financial condition and results of operations.
- Adoption of our RNS System depends on positive clinical data as well as clinician acceptance of the data and our products, and negative clinical data or perceptions among these clinicians would harm our sales, business, financial condition, and results of operations.
- If adequate reimbursement becomes unavailable for the procedures to implant our RNS System and for clinicians to provide ongoing care for patients treated with our RNS System, it could diminish our sales or affect our ability to sell our RNS System profitably.
- Use of our RNS System requires appropriate neurosurgeon training for implantation and epileptologist training for prescribing, programming and ongoing patient care, and inadequate training may lead to negative patient outcomes, which could harm our business, financial condition, and results of operations.
The other 61 risks
- We are highly dependent on our senior management team and key personnel, and our business could be harmed if we are unable to attract and retain personnel necessary for our success.
- We expect to increase the size of our organization in the future, and we may experience difficulties in managing the operational elements or timing of this growth. If we are unable to manage or appropriately time the anticipated growth of our business, our future revenue and operating results may be harmed.
- We may not be able to achieve or maintain satisfactory pricing and margins for our RNS System, which could harm our business and results of operations.
- The current administration’s new and changing tariff framework could inhibit our ability to maintain the RNS System’s gross margin at the historical rates, which could negatively impact our long-range revenue forecast, and the results of operations. In addition, trade restrictions or other political tensions may exacerbate unfavorable macroeconomic conditions, which could adversely affect our business, results of operations, financial condition and prospects.
- We are seeking expanded FDA labeling for our RNS System to be able to treat patients with generalized drug-resistant epilepsy as well as patients between the age of 12 and 17 with drug-resistant focal epilepsy, but if we are unable to broaden the indications for our RNS System to include these patients, or if the recent FDA staffing changes delay reviews of our applications for indication expansion, our growth potential could be harmed.
- Our growth prospects may be harmed if we are unable to successfully use our unique data asset and analysis capabilities, either internally or through collaboration, or if our expectations with respect to our ability to leverage our unique data asset prove to be incorrect.
- We may expand sales of our RNS System internationally in the future, but we may experience difficulties in obtaining regulatory clearance or approval or in successfully marketing our RNS System internationally even if
- approved. A variety of risks associated with marketing our RNS System internationally could harm our growth potential.
- Risks related to government regulation and our industry
- If we fail to comply with U.S. federal and state laws and regulations, including fraud and abuse and other healthcare laws and regulations, such as those relating to kickbacks and false claims for reimbursement, we could face substantial penalties and our business, financial condition and results of operations could be harmed.
- Our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could harm our business, financial condition and results of operations.
- Regulatory compliance is expensive, complex and uncertain, and a failure to comply could lead to enforcement actions against us and other negative consequences for our business.
- Our operations are subject to pervasive and continuing FDA regulatory requirements, and failure to comply with these requirements could harm our growth potential, and our business, financial condition and results of operations.
- Modifications to our products or products we sell may require new 510(k) clearances or PMAs or may require us to recall or cease marketing these products until clearances or approvals are obtained, which could harm our business, financial condition and results of operations.
- Our products or products we distribute may be subject to recalls after receiving FDA approval or clearance, which could divert managerial and financial resources, harm our reputation and our business.
- If any of our products or products that we distribute cause or contribute to a death or a serious injury or malfunction in certain ways, we will be required to report under applicable medical device reporting regulations which can result in voluntary corrective actions or agency enforcement actions and harm our reputation, business, financial condition and results of operations.
- From time to time, we engage outside parties to perform services related to certain of our clinical studies. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to complete our clinical studies on our planned timelines, or at all, and may incur significant additional costs.
- Healthcare reform initiatives and other administrative and legislative proposals may harm our business, financial condition, results of operations and cash flows in our key markets.
- Compliance with environmental laws and regulations could be expensive, and the failure to comply with these laws and regulations could subject us to significant liability.
- Clinical studies may be delayed, suspended or terminated for many reasons, which will increase our expenses and delay the time it takes to support label expansion for additional indications.
- We may become subject to numerous laws and regulations related to anti-bribery and anti-corruption laws, such as the FCPA and the U.K. Bribery Act, in which violations of these laws could result in substantial penalties and prosecution.
- Risks related to privacy, information technology and cybersecurity
- reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse consequences, which could have a material and adverse impact on our business, financial condition and results of operations.
- We face potential liability related to the privacy of health information we obtain.
- Risks related to our intellectual property
- If we are unable to obtain, maintain, protect, enforce and defend patent or other intellectual property protection for our products, or if the scope of the patent and other intellectual property protection obtained is not sufficiently broad, or as a result of our existing or any future out-licenses of our intellectual property, our competitors could develop and commercialize products similar to or competitive with our products, our ability to continue to commercialize our RNS System, or our other products, may be harmed.
- We may not be successful in obtaining necessary rights to any products or processes we may develop through acquisitions and in-licenses.
- Patents covering our products, including our RNS System could be found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad, which could harm our business, financial condition and results of operations.
- The medical device industry is characterized by patent litigation and in the future we could become subject to patent or other intellectual property litigation that could be costly, result in the diversion of management’s time and efforts, require us to pay damages or prevent us from marketing our existing or future products.
- Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
- Certain of our patents are, and our future owned and in-licensed patents may be, discovered through government funded programs and thus may subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit our exclusive rights and limit our ability to contract with non-U.S. manufacturers.
- If we fail to comply with our obligations in any current or future agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
- If we are unable to obtain patent term extension under the Hatch-Waxman Amendments, our business may be materially harmed.
- We have limited foreign intellectual property rights and may not be able to protect our intellectual property and proprietary rights throughout the world, which could harm our business, financial condition and results of operations.
- Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
- We may be subject to claims, including third-party claims of intellectual property infringement, misappropriation or other violations against us or our collaborators, challenging the ownership or inventorship of our intellectual property and, if unsuccessful in any of these proceedings, we may be required to obtain licenses from third parties, which may not be available on commercially reasonable terms, or at all, or to cease the development, manufacture and commercialization of one or more of our products.
- We may become involved in lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful.
- If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be harmed.
- Intellectual property rights do not necessarily address all potential threats, and limitations in intellectual property rights could harm our business, financial condition and results of operations.
- If we are unable to protect the confidentiality of our other proprietary information, our business and competitive position may be harmed.
- Our inability to use software licensed from third parties, or our use of open-source software under license terms that interfere with our proprietary rights, could disrupt our business.
- Risks related to financial matters
- We have a history of net losses, and we expect to continue to incur losses for the foreseeable future. If we do achieve profitability, we may not be able to sustain it.
- Our MidCap Term Loan contains restrictive covenants as well as financial maintenance covenants, and if we are unable to comply with these covenants then the lenders could declare an event of default and we may need to immediately repay the amounts due under the MidCap Term Loan.
- With the expiration of our exclusive distribution agreement with DIXI Medical, our revenue growth, financial condition and results of operations may be materially affected.
- Our actual operating results may differ significantly from any guidance provided.
- Our operating results may fluctuate across periods, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations.
- To support our continued operations and the growth of our business, we may need to seek additional capital through new equity or debt financings, which sources of additional capital may not be available to us on acceptable terms or at all. If we are unable to obtain, if needed, adequate financing or financing on terms satisfactory to us, it could harm our business and growth prospects.
- Our ability to use our net operating losses to offset future taxable income may be subject to certain limitations.
- If we identify any material weaknesses or otherwise fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations.
- Our history of recurring losses and anticipated expenditures as well as the significant amount of debt that we have incurred may affect our ability to operate our business and secure additional financing in the future.
- Other risks facing our company
- Our estimates of market opportunity and forecasts of market and revenue growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all.
- If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit or halt the marketing and sale of our products. The expense and potential unavailability of insurance coverage for liabilities resulting from our products could harm our business and our ability to sell our products, including our RNS System.
- The failure of third parties to meet their contractual, regulatory and other obligations could adversely affect our business.
- Future legislation, potential changes in federal regulatory agency leadership, and new policies and priorities under the current Administration may adversely impact our company.
- Risks related to ownership of our common stock
- If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price may decline.
- Sales of a substantial number of shares of our common stock in the public market could cause the market price of our common stock to decline.
- Concentration of ownership of our common stock among our executive officers, directors and principal stockholders may prevent new investors from influencing significant corporate decisions.
- Our stock price has been volatile, an active or liquid market in our common stock may not be sustainable and the value of our common stock may decline.
- We are an emerging growth company and a smaller reporting company, and our compliance with the reduced reporting and disclosure requirements applicable to emerging growth companies and smaller reporting companies could make our common stock less attractive to investors.
- Provisions in our corporate charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
- Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware or, under certain circumstances, the federal district courts of the United States of America be the exclusive forums for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
- General risk factors
- Disruptions at the FDA, the SEC and other government agencies and regulatory authorities caused by funding shortages or governmental shutdowns could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
- Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and share price.
- Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
Legal proceedings
Legal Proceedings
From time to time, we may be subject to litigation and claims arising in the ordinary course of business. While the results of any litigation or other legal proceedings are uncertain, we are not currently a party to any material legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, financial position, results of operations or cash flows.
The opening of Item 3, Legal Proceedings.5
Links
- Websitewww.neuropace.com1
- WikidataQ63969967
- SEC EDGARCIK 1528287
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataNeuroPace Inc on Wikidata
- 2SEC EDGARNeuroPace Inc filings on SEC EDGAR
- 3Company websiteNeuroPace Inc logo
- 4SEC EDGARNeuroPace Inc filings on SEC EDGAR
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- 6SEC EDGARNeuroPace Inc 10-K for fiscal 2025
- 7SEC EDGARNeuroPace Inc 10-K for fiscal 2020
- 8SEC EDGARNeuroPace Inc 10-K for fiscal 2021
- 9SEC EDGARNeuroPace Inc 10-K for fiscal 2022
- 10SEC EDGARNeuroPace Inc 10-K for fiscal 2023
- 11SEC EDGARNeuroPace Inc 10-Q for fiscal 2026
- 12SEC EDGARNeuroPace Inc 10-Q for fiscal 2026
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- 16SEC EDGARR. Scott Huennekens, Board member
- 17SEC EDGARUri Geiger, Board member
- 18SEC EDGAREvan Norton, Board member
- 19SEC EDGARFrank M. Fischer, Board member
- 20SEC EDGARGreg Shaw Garfield, Board member
- 21SEC EDGARJoe Lacob, Board member
- 22SEC EDGARRakhi Kumar, Board member
- 23SEC EDGARRenee Ryan, Board member
- 24SEC EDGARLisa Andrade, Board member
- 25SEC EDGARIrina Ridley, General counsel
- 26SEC EDGARResults of operations
- 27SEC EDGARRegulation FD disclosure
- 28SEC EDGARShareholder vote
- 29SEC EDGARResults of operations
- 30SEC EDGARResults of operations
- 31SEC EDGARResults of operations
- 32SEC EDGARResults of operations
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- 34SEC EDGARShareholder vote
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- 37SEC EDGARResults of operations
- 38NasdaqNasdaq calendar
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- 49SEC EDGARFMR LLC SC 13G/A on NeuroPace Inc
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