NPCE

MKT CAP:$569M

NeuroPace, Inc.

Market Cap

$569M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$17.49+$2.32 (+15.29%)

Apr 23, 2026

Company Details

NeuroPace, Inc. operates as a medical device company in the United States. It develops and sells RNS system, a brain-responsive neuromodulation system for treating medically refractory focal epilepsy by delivering personalized real-time tre...

CEO

Joel D. Becker

IPO Date

Apr 22, 2021

Website

www.neuropace.com

Key Metrics TTM

Revenue

$100M

+25.1% YoY

Net Income

-$21M

EPS (Diluted)

-$0.66

Free Cash Flow

-$11M

Revenue / Share

$3.06

Gross Margin

77.2%

Operating Margin

-16.3%

Net Margin

-21.5%

FCF Margin

-11.3%

P/S

5.7x

P/E

—

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Mar 3, 2026

$100M+25.1%EPS -$0.66

Q4 2025

Mar 3, 2026

$27M+23.9%EPS -$0.08

Q3 2025

Nov 4, 2025

$27M+29.9%EPS -$0.11

Q2 2025

Aug 12, 2025

$24M+22.1%EPS -$0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$11M	$8M	-$10M
Q2 22	$10M	$7M	-$11M
Q3 22	$11M	$8M	-$10M
Q4 22	$13M	$9M	-$10M
Q1 23	$14M	$10M	-$8M
Q2 23	$17M	$12M	-$8M
Q3 23	$16M	$12M	-$6M
Q4 23	$18M	$14M	-$5M
Q1 24	$18M	$13M	-$8M
Q2 24	$19M	$14M	-$6M
Q3 24	$21M	$15M	-$4M
Q4 24	$21M	$16M	-$4M
Q1 25	$23M	$17M	-$5M
Q2 25	$24M	$18M	-$7M
Q3 25	$27M	$21M	-$3M
Q4 25	$27M	$21M	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	12.6x	—
Q2 22	13.3x	—
Q3 22	13.0x	—
Q4 22	12.5x	—
Q1 23	11.7x	—
Q2 23	10.4x	—
Q3 23	9.5x	—
Q4 23	8.7x	—
Q1 24	8.2x	—
Q2 24	7.9x	—
Q3 24	7.4x	—
Q4 24	7.1x	—
Q1 25	6.8x	—
Q2 25	6.4x	—
Q3 25	6.0x	—
Q4 25	5.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$12M
Q2 22	-$11M	-$11M
Q3 22	-$7M	-$7M
Q4 22	-$8M	-$8M
Q1 23	-$10M	-$10M
Q2 23	-$4M	-$4M
Q3 23	-$2M	-$2M
Q4 23	-$3M	-$3M
Q1 24	-$8M	-$8M
Q2 24	-$4M	-$4M
Q3 24	-$2M	-$2M
Q4 24	-$5M	-$5M
Q1 25	-$7M	-$8M
Q2 25	-$2M	-$2M
Q3 25	-$2M	-$2M
Q4 25	$506.0K	$409.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$306.0K
Q2 22	$164.0K
Q3 22	$31.0K
Q4 22	$102.0K
Q1 23	$132.0K
Q2 23	$0
Q3 23	$9.0K
Q4 23	$32.0K
Q1 24	$104.0K
Q2 24	$63.0K
Q3 24	$100.0K
Q4 24	$39.0K
Q1 25	$37.0K
Q2 25	$168.0K
Q3 25	$30.0K
Q4 25	$97.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+1.4%	+40.1%
Q2 22	-19.2%	+22.9%
Q3 22	+7.9%	+28.8%
Q4 22	+16.3%	+13.2%
Q1 23	+27.2%	+7.8%
Q2 23	+61.9%	+15.1%
Q3 23	+47.2%	+4.8%
Q4 23	+40.8%	+1.8%
Q1 24	+25.2%	+12.6%
Q2 24	+16.6%	+4.6%
Q3 24	+28.2%	+13.1%
Q4 24	+19.2%	+8.9%
Q1 25	+24.3%	+7.8%
Q2 25	+22.1%	+19.1%
Q3 25	+29.9%	+18.4%
Q4 25	+23.9%	+12.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	13.1%
Q2 22	$3M	25.5%
Q3 22	$2M	19.6%
Q4 22	$2M	16.2%
Q1 23	$2M	14.7%
Q2 23	$3M	16.1%
Q3 23	$2M	14.7%
Q4 23	$2M	13.1%
Q1 24	$3M	14.0%
Q2 24	$3M	13.2%
Q3 24	$3M	12.3%
Q4 24	$3M	12.1%
Q1 25	$3M	11.7%
Q2 25	$3M	13.7%
Q3 25	$3M	9.6%
Q4 25	$3M	9.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$6M	—	—	$12M
Q2 22	$6M	—	—	$13M
Q3 22	$6M	—	—	$13M
Q4 22	$5M	—	—	$14M
Q1 23	$5M	—	—	$13M
Q2 23	$5M	—	—	$14M
Q3 23	$5M	—	—	$13M
Q4 23	$5M	—	—	$13M
Q1 24	$6M	—	—	$15M
Q2 24	$6M	$5M	$10M	—
Q3 24	$6M	—	—	$14M
Q4 24	$6M	—	—	$14M
Q1 25	$7M	—	—	$15M
Q2 25	$7M	$6M	$12M	—
Q3 25	$7M	$5M	$13M	—
Q4 25	$7M	$4M	$11M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$7M	$96M	$103M
Q2 22	$6M	$87M	$92M
Q3 22	$6M	$80M	$85M
Q4 22	$7M	$71M	$77M
Q1 23	$7M	$61M	$68M
Q2 23	$8M	$56M	$64M
Q3 23	$10M	$52M	$61M
Q4 23	$18M	$48M	$66M
Q1 24	$13M	$46M	$59M
Q2 24	$13M	$43M	$56M
Q3 24	$15M	$41M	$57M
Q4 24	$13M	$39M	$53M
Q1 25	$27M	$39M	$66M
Q2 25	$23M	$39M	$62M
Q3 25	$21M	$39M	$60M
Q4 25	$22M	$39M	$61M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	24M	+0.6%	+9.3%
Q2 22	25M	+0.8%	+39.6%
Q3 22	25M	+0.9%	+2.6%
Q4 22	25M	+0.4%	+2.8%
Q1 23	25M	+1.1%	+3.2%
Q2 23	25M	+1.5%	+4.0%
Q3 23	26M	+2.1%	+5.2%
Q4 23	26M	-0.3%	+4.4%
Q1 24	28M	+9.1%	+12.7%
Q2 24	29M	+2.0%	+13.3%
Q3 24	29M	+2.0%	+13.2%
Q4 24	30M	+1.6%	+15.3%
Q1 25	31M	+5.2%	+11.3%
Q2 25	33M	+4.4%	+13.9%
Q3 25	33M	+0.8%	+12.5%
Q4 25	33M	-1.2%	+9.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$68.5K	166
Q2 22	$61.4K	166
Q3 22	$67.2K	166
Q4 22	$76.6K	167
Q1 23	$86.7K	167
Q2 23	$98.9K	167
Q3 23	$98.4K	167
Q4 23	$105.3K	171
Q1 24	$106.0K	171
Q2 24	$112.6K	171
Q3 24	$123.2K	171
Q4 24	$116.7K	184
Q1 25	$122.4K	184
Q2 25	$127.8K	184
Q3 25	$148.7K	184
Q4 25	$127.2K	209

Revenue / Employee