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PCEliquiditysentimentbreakoutsdowngradesP/E 28.4threadsAAPLSPXvolatilityNDXflowscyclesliquidityestimatesEPS 4.12

NPCE · NASDAQ · Medical - Devices

NeuroPace

Provides implanted brain-responsive stimulation and data tools for adults with drug-resistant focal epilepsy.

$14.41

After-hours close−0.00 (−0.03%)

At close$14.42(+2.02%)

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Profile

NeuroPace, Inc.NPCEHealth Care

Sells the RNS System to hospitals for adults with drug-resistant focal epilepsy, supported by data-management tools. Revenue is concentrated in system sales within a single operating segment, while hospital reimbursement and marketed indications shape care delivery.

The RNS System combines an implanted neurostimulator, cortical strip and depth leads, a Patient Remote Monitor, and clinician software. It records intracranial EEG, detects patient-specific abnormal patterns, and delivers responsive stimulation for adults with drug-resistant focal epilepsy.

Sales are made to hospital facilities, and the business is U.S.-focused. The PDMS, nSight Platform, and FDA-approved ECoG Assistant help clinicians review RNS data; ECoG Assistant identifies ECoGs of interest.

Operations remain a single reportable segment centered on RNS. Hospital reimbursement for implantation and ongoing care shapes access, while the current marketed indication excludes generalized epilepsy and patients aged 12–17.

Company facts

CEOJoel Becker

ListedApr 22, 2021

ExchangeNASDAQ

HeadquartersMountain View, CA

CountryUnited States

Employees209

CIK0001528287

ISINUS6412881053

Key statistics

Market cap$491.3M

EPS (ttm)−$0.5717

P/E (ttm)−25.21

ROE-119.7%

P/B41.36

P/S4.97

Dividend yield—

Beta1.46vs XLV 0.85

Year to date −5.0% · Average volume (30d) 214.1K

Analysts

Price target, next 12 months$21.00+45.7%Median of 10 analysts · vs the Aug 28 close

ConsensusBuy9 of 10 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $14.41

High$22.00+52.7%

Median$21.00+45.7%

Low$20.00+38.8%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Jul 23, 2026	Mizuho Securities	Target			$22
May 15, 2026	H.C. Wainwright	Target		$19	$20
Jan 27, 2026	H.C. Wainwright	Target			$19
Dec 16, 2025	UBS	Reiterate	Buy	$18	$22
Dec 9, 2025	UBS	Target			$18

Earnings

EPS

Estimate−$0.11

ReportedDue Nov 3, 2026

Revenue

Estimate$27.1M

ReportedDue Nov 3, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 11, 2026Q2 FY26	−$0.22	−$0.18	+17.4%	$22.6M	$22.8M	+0.9%	−3.26%
May 12, 2026Q1 FY26	−$0.19	−$0.13	+31.6%	$21.6M	$22.0M	+1.6%	+0.06%
Mar 3, 2026Q4 FY25	−$0.14	−$0.08	+42.9%	$24.7M	$26.6M	+7.4%	+0.87%
Nov 4, 2025Q3 FY25	−$0.20	−$0.11	+45.0%	$25.0M	$27.4M	+9.3%	+38.09%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$22.5M	$23.5M	$27.4M	$26.6M	$22.1M	$22.8M
Gross profit	$17.3M	$18.1M	$21.2M	$20.6M	$18.0M	$18.9M
Operating income	−$5.1M	−$6.8M	−$2.6M	−$1.8M	−$5.6M	−$5.1M
Net income	−$6.6M	−$8.7M	−$3.5M	−$2.7M	−$6.7M	−$6.2M
Diluted EPS	−$0.21	−$0.26	−$0.11	−$0.08	−$0.20	−$0.18
Gross margin	77.0%	77.1%	77.4%	77.4%	81.8%	82.8%
Operating margin	-22.9%	-29.0%	-9.5%	-6.6%	-25.2%	-22.5%

Fiscal years (4-quarter sums)FY21 $45.2M · FY22 $45.5M · FY23 $65.4M · FY24 $79.9M · FY25 $100.0M

Revenue by geography · Q2 FY26

Non-US$400.0K · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $51.7M · Total debt $69.9M · Total assets $97.0M · Shareholders' equity $11.9M

Dividends

No dividends on record.

Ownership

Institutions 78.21%26.66M sharesInsiders 3.10%1.06M sharesOther 18.69%6.37M shares

Shares outstanding 34.09M · Float 23.29M · 68.3% free float

A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Polar Capital Holdings PLC	3.30M	9.67%	13F	Aug 14, 2026
Soleus Capital Management, L.P.	2.91M	8.54%	13F	Aug 11, 2026
First Light Asset Management, LLC	2.86M	8.39%	13F	Aug 14, 2026
Morgan Stanley	2.65M	7.79%	13F	Aug 13, 2026
BlackRock, Inc.	2.48M	7.27%	13F	Aug 7, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Dec 15, 2025	Martha Morrell	officer: CHIEF MEDICAL OFFICER	−25,000	$15.97