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• NeuroPace is like **Medtronic**, but specializing in responsive 'smart pacemakers' for the brain to treat epilepsy.
• Think of it as **Dexcom**, but for continuously monitoring brain activity and actively delivering therapy to prevent epileptic seizures.

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• RNS System: A brain-responsive neurostimulation system designed to detect and prevent epileptic seizures by delivering customized electrical stimulation to the brain.

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NeuroPace (NPCE) sells primarily to other companies, specifically healthcare providers and institutions.

While NeuroPace sells its RNS System to numerous hospitals, academic medical centers, and healthcare systems across the United States, it does not typically disclose specific "major customer companies" by name in its public filings, as sales are distributed across a wide network of these institutions rather than concentrated with a few large entities. Therefore, it is not possible to list specific public companies as major customers with their symbols.

However, the primary categories of institutional customers that purchase NeuroPace's products include:

• Hospitals and Academic Medical Centers: These are the primary sites for advanced neurological procedures, including the implantation of the RNS System. This includes facilities with comprehensive epilepsy centers, neurosurgery departments, and neurology departments.
• Specialized Epilepsy Centers: Many large hospitals and healthcare systems operate dedicated centers that specialize in the diagnosis and treatment of complex epilepsy. These centers are key targets for NeuroPace's technology due to their focus on patients with refractory epilepsy.
• Integrated Delivery Networks (IDNs) and Healthcare Systems: These are large organizations that own and operate multiple healthcare facilities (hospitals, clinics, etc.). Sales to these systems can facilitate broader adoption of the RNS System across their network of providers.

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Joel Becker, Chief Executive Officer, President and Director

Joel Becker was appointed CEO and President of NeuroPace in July 2023. He brings over 25 years of experience in successfully building, growing, and leading medical technology companies. Prior to joining NeuroPace, Mr. Becker served as President of the Cardiac Rhythm Management and Neuromodulation business at Integer Holdings LLC. He also held the position of President of the Americas Division for St. Jude Medical Inc., where he was responsible for leading significant commercial organizations. Additionally, Mr. Becker was one of the founding members of the Atrial Fibrillation Division management team at St. Jude Medical, contributing to its growth to over $700 million in revenue.

Patrick F. Williams, Chief Financial Officer

Patrick F. Williams was appointed as NeuroPace's Chief Financial Officer, effective June 20, 2025. He has over 25 years of financial and operational management experience, primarily with public medical device companies. Before joining NeuroPace, Mr. Williams most recently served as Chief Financial Officer at STAAR Surgical. His previous roles include serving as Chief Financial Officer of Sientra, after which he transitioned to General Manager of its miraDry® business unit. Notably, he was also the Chief Financial Officer of ZELTIQ, a medical device company that was acquired in 2017. Mr. Williams' experience also includes positions in strategy, finance, and investor relations at NuVasive, a spine medical device company.

Dr. Martha Morrell, M.D., Chief Medical Officer

Dr. Martha Morrell serves as the Chief Medical Officer at NeuroPace.

Brett Wingeier, Vice President of Research and Development

Brett Wingeier was appointed Vice President of Research and Development in September 2024. He brings over 20 years of experience in neurotech and biomedical engineering, including a decade as a key contributor to the development of NeuroPace's RNS System.

Katie Keller, Vice President of Marketing

Katie Keller was appointed Vice President of Marketing in September 2024. She possesses significant experience in medical device marketing, having previously led the global commercial marketing for Boston Scientific's Neuromodulation Deep Brain Stimulation franchise.

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The key business risks for NeuroPace (NPCE) are primarily centered around its reliance on a single product, the complexities of the regulatory environment, and the challenges related to reimbursement and pricing.

1. Reliance on a Single Product and Market Adoption: NeuroPace's financial success is heavily dependent on its RNS System, which currently serves as its primary revenue source and is approved for use only in adults with drug-resistant focal epilepsy in the U.S.. The company's growth strategy relies on expanding the RNS System's market presence, including increasing adoption within and outside Level 4 Epilepsy Centers, as well as securing approvals for new indications such as pediatric use or generalized epilepsy treatment. However, achieving broader market adoption is contingent on clinician and patient education and navigating competition from alternative therapies like VNS and DBS.
2. Regulatory Risks: The evolving and highly regulated medical device industry poses significant risks for NeuroPace. Obtaining FDA approvals for expanded indications, such as for idiopathic generalized epilepsy (IGE) and pediatric patients, is a lengthy, costly, and uncertain process. Any delays or failures in securing these approvals could materially impact the company's future growth and revenue potential. Furthermore, modifications to existing products may necessitate new FDA clearances or premarket approvals (PMAs), and non-compliance with regulatory requirements, particularly concerning data privacy and security, could lead to substantial penalties, marketing cessation, or product recalls.
3. Reimbursement and Pricing Risks: NeuroPace's ability to generate revenue and achieve profitability is significantly influenced by reimbursement rates from third-party payors. Fluctuations in these rates or inadequate reimbursement for RNS System procedures and ongoing patient care could adversely affect the company's pricing and profit margins. Non-compliance with healthcare laws and regulations related to reimbursement practices could also result in significant financial penalties or even exclusion from federal programs.

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The addressable market for NeuroPace's main product, the RNS System, is significant. The RNS System is a brain-responsive neurostimulator for the treatment of drug-resistant focal epilepsy.

• For its currently indicated use in adult epilepsy patients (18 years or older) with drug-resistant focal epilepsy, NeuroPace estimates the total addressable market in the United States to be approximately $26 billion. This market comprises an estimated 575,000 adult drug-resistant focal epilepsy patients.
• NeuroPace intends to seek regulatory approval for expanded indications within the United States to include the entire population of approximately 1.2 million drug-resistant epilepsy patients.
• Globally, the company may seek to expand its operations to reach approximately 16.5 million drug-resistant epilepsy patients.
• The broader Responsive Neurostimulation (RNS) System market, which includes NeuroPace's product, is estimated at $500 million globally in 2025 and is projected to reach approximately $1.8 billion globally by 2033. North America currently holds the largest share of this market.

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NeuroPace (NPCE) anticipates several key drivers of revenue growth over the next two to three years:

1. Increased Adoption and Utilization of the RNS System: The RNS System continues to be the primary revenue driver, with NeuroPace expecting RNS implant growth to exceed 20%. This growth is fueled by expanded commercial activities, broader prescriber engagement, and increased adoption across various geographies, customers, and programs.
2. Expansion into New Indications: NeuroPace is on track to submit a Premarket Approval (PMA) supplement to the FDA by the end of 2025 for the NAUTILUS study, which evaluates RNS therapy for Idiopathic Generalized Epilepsy (IGE). This represents a significant opportunity to expand the treatable patient population.
3. Development of AI-enabled Tools and Next-Generation Platform: The company has submitted Seizure ID™, the first of its planned NeuroPace AI™ applications, to the FDA for approval. These AI-powered tools and the development of a next-generation platform are designed to enhance clinical outcomes, streamline the intracranial electroencephalography (iEEG) review process, and improve efficiency, which is expected to drive further adoption and margin improvement.
4. Expansion into Pediatric Focal Epilepsy: NeuroPace plans to expand into pediatric focal epilepsy as a new indication. While the submission for this indication is anticipated beyond 2025, it represents a future growth opportunity by addressing an underserved patient population.
5. Site of Service Expansion through Project CARE: Through initiatives like Project CARE, NeuroPace is working to expand its site of service, aiming to increase market penetration and broader adoption of its RNS System within epilepsy centers.

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Share Repurchases

• NeuroPace completed a repurchase of 5,270,845 shares of its common stock from KCK Ltd. on February 20, 2025.
• Approximately $49.5 million of the net proceeds from a February 2025 public offering was used to fund this share repurchase from KCK Ltd.
• The shares acquired in this repurchase are intended to become authorized but unissued stock.

Share Issuance

• In February 2025, NeuroPace completed an underwritten public offering of 7,475,000 shares of its common stock at $10.00 per share, generating approximately $74.8 million in gross proceeds.
• This offering included the full exercise of the underwriters' option to purchase an additional 975,000 shares.

Inbound Investments

• In February 2025, NeuroPace conducted a public offering of common stock, raising approximately $74.8 million in gross proceeds.
• The company secured up to $75 million in debt financing in June 2025, establishing a new MidCap term loan maturing in 2030, which included repaying a previous CRG term loan.

Outbound Investments

• No significant outbound investments in other companies by NeuroPace were identified within the last 3-5 years.

Capital Expenditures

• Research and Development (R&D) expenses were $24 million in 2024, $21 million in 2023, and $22 million in 2022.
• R&D expenses in Q3 2025 were $6.6 million, an increase from $5.8 million in Q3 2024, driven by personnel-related expenses for developing a Next Generation platform, AI-enabled tools, and ongoing clinical trials.
• Free cash flow, defined as operating cash flow less capital expenditures, was negative $2 million in Q3 2025, compared to negative $1.8 million in Q3 2024, primarily reflecting higher revenue and gross margins partially offset by an increase in inventory due to final orders for the DIXI product line.