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Here are 1-3 brief analogies for NeuroPace:

• Medtronic for epilepsy.

• Boston Scientific for brain-responsive seizure control.

• Abbott for advanced epilepsy therapy.

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• RNS System: A brain-responsive neuromodulation system designed to treat medically refractory focal epilepsy by delivering personalized, real-time therapy at the seizure source, while also recording continuous brain activity data for patient monitoring.

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NeuroPace (NPCE) primarily sells its products to other organizations, not individuals.

Based on the provided background, NeuroPace's major customers are hospital facilities.

The company sells its RNS system to these facilities for initial RNS system implant procedures and for replacement procedures. The provided information does not disclose the specific names of individual hospital customers or their public symbols.

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Major Suppliers:

• Spectrum Plastics Group
• Cirtronics Corporation

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Joel Becker, CEO and Board Member

Mr. Becker is a global medical device executive with over two decades of experience. He has over 25 years of diverse experience developing markets, driving growth, and leading innovation in medical technologies, from product development to corporate strategy and commercial execution. His prior experience includes leadership roles at Viking North Venturers, the Cardiac Rhythm Management and Neuromodulation business for Integer, and St. Jude Medical.

Patrick F. Williams, Chief Financial Officer

Mr. Williams has over 25 years of financial and operational management experience with public medical device companies. He most recently served as Chief Financial Officer at STAAR Surgical. Prior to STAAR, he was Chief Financial Officer of Sientra before transitioning to General Manager of the miraDry® business unit. Before Sientra, he was Chief Financial Officer of ZELTIQ, a medical device company that was acquired in 2017. He has also served as Vice President at NuVasive in strategy, finance, and investor relations roles.

Martha Morrell, MD, Chief Medical Officer

Dr. Morrell serves as NeuroPace's Chief Medical Officer. Her role involves overseeing the medical and clinical aspects of the company's operations, consistent with the company's focus on epilepsy treatment with its RNS system.

Dylan St. John, Chief, Operations and Development

Mr. St. John holds the position of Chief, Operations and Development at NeuroPace. His responsibilities include leading the company's operational strategies and development initiatives.

Brett Wingeier, PhD, Vice President, Research and Development

Dr. Wingeier is a proven innovator and developer of advanced medical devices, including NeuroPace's RNS technology. He served as CEO, CTO, and co-founder of Magnus Medical, which gained FDA clearance for a data-driven platform for major depression. Prior to Magnus, he was CTO, CEO, and co-founder of Halo Neuroscience, a venture-backed company focusing on non-invasive neuromodulation for human performance, from 2013 to 2019. Dr. Wingeier also previously served as a Principal Engineer at NeuroPace from 2001 to 2013, where he was instrumental in projects including the development of the RNS System and the analysis of the company's earliest clinical data.

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Here are the key risks to NeuroPace's business:

1. Regulatory Approval and Payer Coverage for Market Expansion: NeuroPace's growth strategy heavily relies on expanding the approved indications for its RNS System, particularly for conditions such as idiopathic generalized epilepsy (IGE) and pediatric use. The process of obtaining FDA approvals for these new indications is lengthy and costly. Furthermore, even with regulatory approval, there is a significant risk in securing adequate coverage and reimbursement from private payers, as well as establishing effective referral pathways and physician training to ensure broad market adoption. Delays or unfavorable outcomes in these areas could materially constrain the company's growth and market access.
2. Sustained Profitability and Cash Management: NeuroPace has historically experienced operating losses and negative free cash flow. While the company has shown revenue growth, there is a risk that operating expenses could be higher than anticipated, leading to a faster depletion of cash resources and continued unprofitability. Managing financial stability during a critical growth phase, which requires substantial investment in marketing, training, and research and development for new products and expanded indications, presents an ongoing challenge.
3. Intense Competition and the Need for Continuous Innovation: The medical device industry is highly competitive. NeuroPace operates in a rapidly evolving environment and must continuously innovate its RNS System technology to maintain its differentiated market position and drive adoption. The company faces potential competition from other medical device companies offering alternative epilepsy treatments. Failure to innovate effectively or to compete successfully against existing and emerging technologies could hinder market share growth and impact the company's long-term viability.

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NeuroPace's RNS System, which treats medically refractory focal epilepsy, has an addressable market of approximately $26 billion to $27 billion in the United States. This market specifically targets adult epilepsy patients with drug-resistant focal epilepsy.

This U.S. market opportunity corresponds to an estimated 575,000 adults who have drug-resistant focal epilepsy.

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NeuroPace (NPCE) anticipates several key drivers for its revenue growth over the next 2-3 years, focusing on expanding the reach and utilization of its RNS System:

1. Increased Adoption and Utilization of the RNS System: NeuroPace expects continued revenue growth from the increasing sales and deeper penetration of its RNS System within its current adult focal epilepsy indication. The company is actively working to expand access to RNS therapy through community pathways and deepening adoption and utilization within its existing customer base, including Level 4 Comprehensive Epilepsy Centers.
2. Expansion into New Indications – Idiopathic Generalized Epilepsy (IGE): A significant driver is the potential expansion of the RNS System's labeled indication to include patients with drug-resistant idiopathic generalized epilepsy (IGE) with generalized tonic-clonic seizures. NeuroPace submitted a Premarket Approval Supplement (PMA-S) application to the FDA, supported by positive NAUTILUS trial data, with potential approval expected in the second half of 2026.
3. Launch of AI-Enabled Software Products and Platform Advancements: NeuroPace is developing and launching new software tools, such as the AI-enabled Seizure ID. This tool is designed to analyze brain activity data, rapidly identify seizures and trends, and provide clinicians with clinically relevant data more efficiently, thereby enhancing the RNS platform and expanding clinician capacity. Future advancements include remote care capabilities for telehealth programming and follow-up. Seizure ID is expected to receive FDA approval in the first half of 2026.
4. Expansion into the Pediatric Focal Epilepsy Population: The company is also pursuing an indication expansion for the RNS System into the drug-resistant pediatric focal epilepsy patient population, which represents a new market opportunity for future growth.
5. Favorable Medicare Payment Changes: Changes in Medicare payment policies, effective in 2026, are anticipated to improve hospital and physician economics related to RNS System replacement procedures, which could act as a catalyst for increased adoption and utilization.

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Share Repurchases

• In February 2025, NeuroPace completed the repurchase of 5,270,845 shares of its common stock from KCK Ltd. at $9.40 per share, totaling approximately $49.5 million.
• This repurchase facilitated the organized exit of KCK Ltd. as a significant shareholder.
• The company also terminated its at-the-market (ATM) offering program around February 2025.

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, including the full exercise of the underwriters' option to purchase additional shares.
• The aggregate gross proceeds from this offering were approximately $74.8 million.

Inbound Investments

• In February 2025, NeuroPace raised approximately $74.8 million in gross proceeds through a public offering of common stock.

Capital Expenditures

• NeuroPace reported capital expenditures of $97K in Q4 2025, representing a 223.3% increase from the prior quarter.
• For the fiscal year 2025, capital expenditures consumed approximately $332K.
• The primary focus of these capital expenditures is to fund long-term assets and infrastructure.