# NeuroPace, Inc. (NPCE)

> Source: Nexqual · https://nexqual.com/NPCE · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, NeuroPace, Inc. (NPCE), nexqual.com/NPCE" · informational, not investment advice.

**Price:** USD 13.01 (+0.62% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 12.93 · day 12.94–13.45 · 52w 9.22–19.6 · market cap $447M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $98.8M, net income -$19.1M (-19.3% margin), free cash flow -$11.6M (SEC filings).
- Analysts: Buy (mean 1.90 on a 1–5 scale) (10 analysts), mean target USD 20 (range 18–22).
- Total return with dividends: 1Y +31.1% vs S&P 500 +14.8%; 5Y -14.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-12, EPS estimate USD -0.09, revenue estimate $27.2M. All companies reporting that day: https://nexqual.com/earnings/2026-11-12
- Dividend: NPCE paid no cash dividend in the last five years.
- Short interest: 2.97% of float (as of 2026-10-15), 7.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $45.2M | $45.5M | $65.4M | $79.9M | $100.0M | $98.8M |
| Gross profit | $33.4M | $32.5M | $48.1M | $59.1M | $77.2M | — |
| Operating income | -$23.7M | -$40.8M | -$27.2M | -$21.7M | -$16.3M | -$15.1M |
| Net income | -$36.1M | -$47.1M | -$33.0M | -$27.1M | -$21.5M | -$19.1M |
| EPS (diluted) | -$2.17 | -$1.91 | -$1.27 | -$0.93 | -$0.66 | — |
| Free cash flow | -$25.0M | -$37.5M | -$19.9M | -$18.3M | -$11.3M | -$11.6M |
| Gross margin | 74.0% | 71.4% | 73.6% | 73.9% | 77.2% | — |
| Operating margin | -52.5% | -89.6% | -41.5% | -27.1% | -16.3% | -15.3% |
| Net margin | -79.9% | -103.4% | -50.4% | -34.0% | -21.5% | -19.3% |
| Revenue growth | +9.8% | +0.7% | +43.7% | +22.1% | +25.1% | — |
| Cash + short-term investments | $116M | $77.4M | $66.5M | $52.8M | $61.1M | — |
| Total debt | $49.8M | $52.9M | $57.0M | $59.5M | $58.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 4.5x · EV/Sales 4.6x · P/B 37.6x · FCF yield -2.60% · Earnings yield -4.28% · Buyback yield (TTM) 0.00% · Net debt $7.3M · EV $454M

## Analysts
Consensus Buy (mean 1.90 on a 1–5 scale), 10 analysts; mean target USD 20 (low 18, high 22).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | Keybanc | Initiated | Overweight | $18 |
| 2026-07-29 | HC Wainwright & Co. | Reiterated | Buy | $20 |
| 2026-07-23 | Mizuho | Initiated | Outperform | $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +31.1% | -14.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +31.4% | -3.0% |
| Volatility (annualized) | 59.5% | 84.0% |
| Max drawdown | -36.5% (May 2026→Oct 2026) | -92.2% (Nov 2021→Dec 2022) |

## Dividends
NPCE paid no cash dividend in the last five years.

## Short interest
886,230 shares sold short, 2.97% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 956,221 shares (-7.3%). Days to cover: 7.0 (short shares ÷ average daily volume).

## Peers (Medical Devices)
ATEC (Alphatec Holdings, Inc.) USD 11.37 -0.70% · BFLY (Butterfly Network, Inc.) USD 7.51 -3.84% · ESTA (Establishment Labs Holdings Inc) USD 68.41 -0.81% · INSP (Inspire Medical Systems, Inc.) USD 71.18 +0.30% · UFPT (UFP Technologies, Inc.) USD 293.3 +2.55% · TMDX (TransMedics Group, Inc.) USD 67.12 +0.33%

## More
Full page: https://nexqual.com/NPCE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name NPCE in their own reports (relationship from NPCE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ClearPoint Neuro, Inc. (CLPT) | 10-K 2026-03-17 | "The only commercially available RNS system on the market is manufactured by NeuroPace." |
| partner | Rapport Therapeutics, Inc. (RAPP) | 10-K 2026-03-10 | "In November 2023, we established a collaboration with NeuroPace to leverage the RNS system's data to track responses of patients receiving RAP-219 in our Phase 2a proof-of-concept trial." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.10 | +$0.02 | $27.2M | 8 |
| Next quarter (ends 2026-12-31) | $-0.07 | $-0.08 | +$0.01 | $28.4M | 8 |
| Current fiscal year (ends 2026-12-31) | $-0.43 | $-0.54 | +$0.11 | $100.3M | 9 |
| Next fiscal year (ends 2027-12-31) | $-0.22 | $-0.29 | +$0.08 | $122.5M | 9 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.18 | −$0.19 | Beat +5.3% | — |
| — | Quarter ended Dec 31, 2025 | −$0.08 | −$0.15 | Beat +46.7% | — |
| — | Quarter ended Sep 30, 2025 | −$0.11 | −$0.19 | Beat +42.1% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-04 | Schedule 13G/A | First Light Asset Management, LLC, Mathew P. Arens: 12.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1528287/000199937126019957/0001999371-26-019957-index.htm |
| 2026-08-14 | Schedule 13G/A | OrbiMed Advisors LLC, OrbiMed Capital GP VI LLC: 4.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1528287/000094787126000802/0000947871-26-000802-index.htm |
| 2026-08-11 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1528287/000152828726000030/0001528287-26-000030-index.htm |
| 2026-08-11 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1528287/000152828726000027/0001528287-26-000027-index.htm |
| 2026-07-28 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1528287/000119312526321083/0001193125-26-321083-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.