Neuropace Inc.
NPCE evidence brief
What we can confirm
- BioSniper Score:
- 5.6 / 10
- Market Cap:
- $485.7M
- Lead Asset:
- rns system (Phase 3)
What it means
What to watch
Prepared research question
What matters most for NPCE—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · NPCE
NeuroPace Inc. is a commercial-stage medical device company focused on its RNS System, a brain-responsive neuromodulation platform for drug-resistant epilepsy, with ongoing efforts to expand indications and commercial reach.
Key risk: Primary endpoint miss in NAUTILUS
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$485.7M
Cash Runway
—
Lead Asset
rns system (Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Neuropace Inc..
NeuroPace Inc. is a commercial-stage medical device company focused on its RNS System, a brain-responsive neuromodulation platform for drug-resistant epilepsy, with ongoing efforts to expand indications and commercial reach.
- Cash & equivalents of $12.5M as of 2026-06-30 [sec].
- Total revenue of $22.8M for the six months ended 2026-06-30 [sec].
- Net loss of $6.2M for the six months ended 2026-06-30 [sec].
- Shareholders' equity of $11.9M as of 2026-06-30 [sec].
- Filed a PMA-S in December 2025 to expand the RNS System label to drug-resistant idiopathic generalized epilepsy [sec_mda · as of 2026-05-12].
What works
- The RNS System has a favorable safety profile confirmed in the NAUTILUS study, meeting the primary safety endpoint [sec_mda · as of 2026-05-12].
- Pre-specified secondary endpoints in the NAUTILUS study showed meaningful and clinically significant seizure reduction [sec_mda · as of 2026-05-12].
- The company is expanding its commercial reach through a pilot program to new centers and clinicians following FDA approval of updated qualification criteria in 2023 [sec_mda · as of 2026-08-11].
- A collaboration with Rapport Therapeutics extends through the first half of 2028, providing data and biomarker monitoring services [sec_mda · as of 2026-08-11].
What to weigh
- The primary effectiveness endpoint of the NAUTILUS study did not reach statistical significance in the overall study [sec_mda · as of 2026-05-12].
- The company has generated significant losses since inception and expects to continue incurring expenditures for commercialization and R&D [sec_mda · as of 2026-08-11].
- Cash and equivalents of $12.5M as of 2026-06-30 may require additional financing to support operations beyond twelve months [sec_mda · as of 2026-05-12].
- Future funding requirements are uncertain due to risks associated with medical device development and commercialization [sec_mda · as of 2026-08-11].
From the filings
Quoted directly from source documents.
The NAUTILUS study met the primary safety endpoint but the primary effectiveness endpoint did not reach statistical significance.
“The study met the 12-week post-implant primary safety endpoint, demonstrating excellent safety outcomes and confirming the favorable safety profile of the RNS System. While the primary effectiveness endpoint did not reach statistical significance in the overall study, pre-specified secondary endpoints did show meaningful and clinically significant seizure reduction.”
SEC MD&A · May 12, 2026
NeuroPace filed a PMA-S in December 2025 to expand the RNS System label to drug-resistant idiopathic generalized epilepsy.
“In December 2025, we filed the Premarket Approval Supplement, or PMA-S, to support label expansion for our RNS System in patients who have drug-resistant idiopathic generalized epilepsy.”
SEC MD&A · May 12, 2026
The company has a collaboration with Rapport Therapeutics extending through the first half of 2028.
“continue to perform under our collaboration agreement with Rapport Therapeutics, Inc., or Rapport, including the extension executed in June 2025, to provide data, biomarker monitoring, and analysis services in support of Rapport's clinical trial. The arrangement is expected to continue through the first half of 2028.”
SEC MD&A · August 11, 2026
Risks & what to watch (4)›
Key risks
- Primary endpoint miss in NAUTILUS — The NAUTILUS study did not achieve statistical significance on the primary effectiveness endpoint, which may impact FDA label expansion [sec_mda · as of 2026-05-12].
- Limited cash runway — Cash of $12.5M as of 2026-06-30 may not sustain operations beyond twelve months without additional financing [sec_mda · as of 2026-05-12].
- History of significant losses — The company has generated significant losses since inception and expects continued expenditures for R&D and commercialization [sec_mda · as of 2026-08-11].
- Regulatory and commercial uncertainty — Future funding needs depend on many factors including commercialization costs and regulatory outcomes, which are uncertain [sec_mda · as of 2026-08-11].
What to watch
- FDA decision on the PMA-S for label expansion to drug-resistant idiopathic generalized epilepsy [sec_mda · as of 2026-05-12].
- Progress of the pilot program to expand commercial reach to new centers and clinicians [sec_mda · as of 2026-08-11].
- Cash burn rate and potential need for additional financing [sec_mda · as of 2026-05-12].
- Updates from the collaboration with Rapport Therapeutics through 2028 [sec_mda · as of 2026-08-11].
Sources: Pipeline · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 7.16 · 0% dilution
Lead: Phase 3
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Short Interest
as of May 21, 2026- % of float
- 2.6%
- Days to cover
- 4.7
- Shares short
- 773,845
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
NPCE short interestGovernance
Frequently asked questions
What is the AI investment thesis for Neuropace Inc.?
NeuroPace Inc. is a commercial-stage medical device company focused on its RNS System, a brain-responsive neuromodulation platform for drug-resistant epilepsy, with ongoing efforts to expand indications and commercial reach.
What is Neuropace Inc.'s lead drug candidate?
Neuropace Inc.'s most advanced tracked candidate is rns system (Phase 3) for drug-resistant idiopathic generalized epilepsy.
Who is the CEO of Neuropace Inc.?
Mr. Joel D. Becker is the chief executive officer of Neuropace Inc. (NPCE).
Where is Neuropace Inc. headquartered?
Neuropace Inc. (NPCE) is headquartered in Mountain View, CA, United States.
What therapeutic areas does Neuropace Inc. focus on?
Neuropace Inc. develops therapies across Neurology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.