Neuropace Inc.
NPCE evidence brief
What we can confirm
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. (NPCE) is a medical device company focused on its RNS System, a closed-loop neurostimulation platform for drug-resistant epilepsy, with ongoing clinical trials and regulatory efforts to expand its approved indications.
Key risk: High debt burden
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 4 clinical trials for Neuropace Inc..
Neuropace Inc. (NPCE) is a medical device company focused on its RNS System, a closed-loop neurostimulation platform for drug-resistant epilepsy, with ongoing clinical trials and regulatory efforts to expand its approved indications.
- Neuropace's RNS System is a closed-loop neurostimulation device for drug-resistant epilepsy, with ongoing efforts to expand indications to pediatric and idiopathic generalized epilepsy patients [sec_mda · as of 2026-08-11].
- As of 2026-06-30, the company reported cash & equivalents of $12.8M, total revenue of $22.8M, net income of -$6.2M, shareholders' equity of $19.4M, and total debt of $59.0M [sec].
- The company expects to fund operating expenses for at least twelve months from the issuance of its unaudited condensed financial statements as of 2026-05-12 [sec_mda · as of 2026-05-12].
- Neuropace has an accumulated deficit of $549.7M as of September 30, 2025 [sec_mda · as of 2025-11-04].
- The company is collaborating with NEST and the FDA to use real-world data from PERC to support an expanded label submission for pediatric focal epilepsy [sec · filed 2025-01-28].
What works
- Neuropace has a commercially approved product (RNS System) and is pursuing label expansion into pediatric and idiopathic generalized epilepsy, which could broaden its addressable market [sec_mda · as of 2026-08-11].
- The company is collaborating with NEST and the FDA to leverage real-world data from PERC, potentially accelerating regulatory submission for pediatric focal epilepsy [sec · filed 2025-01-28].
- The NAUTILUS pivotal trial is on track, with data lock and analysis expected in Q2 2025, supporting a planned FDA submission in the second half of 2025 [sec · filed 2025-01-28].
What to weigh
- Neuropace has a significant accumulated deficit of $549.7M as of September 30, 2025, reflecting a history of losses [sec_mda · as of 2025-11-04].
- The company has high debt levels, with total debt of $59.0M as of 2026-06-30 and future minimum payments of $85.6M on the MidCap Term Loan as of March 31, 2026 [sec_mda · as of 2026-05-12].
- Cash and equivalents of $12.8M as of 2026-06-30 are relatively low compared to debt obligations and ongoing R&D/commercial expenses [sec].
- The company's ability to fund operations depends on assumptions that may prove wrong, and capital could be consumed sooner than expected [sec_mda · as of 2026-05-12].
From the filings
Quoted directly from source documents.
Neuropace expects to fund operating expenses for at least twelve months from the issuance of its unaudited condensed financial statements.
“that our cash, cash equivalents and short-term investments will e nable us to fund our operating expenses for at least twelve months fr om the issuance of our unaudited condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q.”
SEC MD&A · May 12, 2026
The company has an accumulated deficit of $549.7 million as of September 30, 2025.
“As of September 30, 2025, we had an accumulated deficit of $549.7 million”
SEC MD&A · November 4, 2025
Neuropace is collaborating with NEST and the FDA to use real-world data from PERC for an expanded label submission.
“The Company announced its collaboration with the National Evaluation System for Health Technology ("NEST") and the FDA to pursue the use of real-world data from the Pediatric Epilepsy Research Consortium ("PERC") to support the Company's planned expanded label submission to t”
SEC filings · January 28, 2025
The NAUTILUS trial data lock and analysis are expected in Q2 2025.
“Data lock and subsequent trial data analysis are expected to commence in the second quarter of 2025.”
SEC filings · January 28, 2025
Risks & what to watch (4)›
Key risks
- High debt burden — Total debt of $59.0M as of 2026-06-30 with future minimum payments of $85.6M on the MidCap Term Loan [sec_mda · as of 2026-05-12].
- Limited cash runway — Cash & equivalents of $12.8M as of 2026-06-30 may be insufficient if assumptions about capital needs prove wrong [sec].
- Regulatory and clinical risk — Expanded label submissions depend on successful trial data and FDA approval, which are uncertain [sec · filed 2025-01-28].
- History of losses — Accumulated deficit of $549.7M as of September 30, 2025, indicating sustained unprofitability [sec_mda · as of 2025-11-04].
What to watch
- Completion of one-year follow-up for NAUTILUS trial by March 2025 and data lock in Q2 2025 [sec · filed 2025-01-28].
- FDA submission for expanded label in the second half of 2025 [sec · filed 2025-01-28].
- Progress of collaboration with NEST and FDA for real-world data use in pediatric focal epilepsy [sec · filed 2025-01-28].
- Cash burn rate and any additional financing needs given low cash reserves [sec_mda · as of 2026-05-12].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
46.3 months
D/E 7.16 · 0% dilution
Lead: Phase 3
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
110
Total value held
$287.6M
| Holder | Shares | Value |
|---|---|---|
| polar capital holdings plc | 3,298,104 | $43.4M |
| morgan stanley | 2,566,839 | $33.8M |
| blackrock, inc. | 2,346,333 | $30.9M |
| vanguard capital management llc | 2,247,422 | $29.6M |
| orbimed advisors llc | 2,096,527 | $27.6M |
| driehaus capital management llc | 1,451,611 | $19.1M |
| deutsche bank ag\ | 932,090 | $12.3M |
| armistice capital, llc | 692,000 | $9.1M |
| geode capital management, llc | 618,119 | $8.1M |
| fmr llc | 553,529 | $7.3M |
Showing top 10 of 110 institutional holders of Neuropace Inc.. Open the full 13F history after sign-in.
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. (NPCE) is a medical device company focused on its RNS System, a closed-loop neurostimulation platform for drug-resistant epilepsy, with ongoing clinical trials and regulatory efforts to expand its approved indications.
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.