NeuroPace Inc
NPCE · Surgical & Medical Instruments & Apparatus · 34.1M shares · +246%/yr ↑ dilution · EDGAR filings ↗
Reference price $15.97 · est. market cap ~$544M — last insider sale, 2025-12-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Medical-device company (RNS epilepsy neurostimulation) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 5.3 (76th)
Risks
- Operating/net losses & cash burn — per metrics
- leverage (D/E 3.1) compounds the burn — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- High leverageHigh leverage (debt/equity 3.09)
- Net lossNet loss (net margin -21.5%)
- Cash burnNegative free cash flow (-11.3M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +246%/yr over 4y (dilution, book value/share -100%)
- FDA approvalFDA clearance/approval — NeuroPace® RNS® System (2026-05-28)
- Revenue declineRevenue -17.0% YoY
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
77.2%
Operating margin
-16.3%
Net margin
-21.5%
Return on equity
-112.8%
Return on assets
-20.3%
ROIC
-16.6%
Revenue growth (QoQ)
-17.0%
Debt / equity
3.1×
Current ratio
5.3×
Free cash flow
-$11M
Tangible book value
$19M
Cash & investments
$61M
Cash runway
22q
Stock comp / revenue
11.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Morrell Martha | Tax withheld | 335 | $16.22 |
| 2026-06-19 | Kumar Rakhi | Grant | 989 | $15.63 |
| 2026-06-19 | Geiger Uri | Grant | 789 | $15.63 |
| 2026-06-19 | Fischer Frank M | Grant | 1.5K | $15.63 |
| 2026-06-05 | Andrade Lisa | Grant | 2.9K | — |
| 2026-06-05 | Geiger Uri | Grant | 2.9K | — |
| 2026-06-05 | Fischer Frank M | Grant | 2.9K | — |
| 2026-06-05 | Kumar Rakhi | Grant | 2.9K | — |
| 2026-06-05 | Ryan Renee | Grant | 2.9K | — |
| 2026-06-05 | Huennekens R Scott | Grant | 2.9K | — |
| 2026-06-03 | Becker Joel | Tax withheld | 1.3K | $15.88 |
| 2026-05-27 | Morrell Martha | Tax withheld | 358 | $17.06 |
| 2026-05-27 | Becker Joel | Tax withheld | 1.1K | $17.06 |
| 2026-05-15 | Becker Joel | Grant | 46K | — |
| 2026-05-15 | Morrell Martha | Grant | 5.5K | — |
| 2026-05-15 | Williams Patrick F. | Grant | 17K | — |
| 2026-03-24 | Morrell Martha | Tax withheld | 1.3K | $13.27 |
| 2026-03-20 | LACOB JOSEPH | Grant | 865 | $13.00 |
| 2026-03-20 | Geiger Uri | Grant | 913 | $13.00 |
| 2026-03-20 | Kumar Rakhi | Grant | 1.2K | $13.00 |
| 2026-03-20 | Fischer Frank M | Grant | 1.8K | $13.00 |
| 2026-03-03 | Morrell Martha | Tax withheld | 1.3K | $13.83 |
| 2026-03-03 | Becker Joel | Tax withheld | 5.0K | $13.83 |
| 2026-02-27 | Morrell Martha | Tax withheld | 358 | $14.58 |
| 2026-02-27 | Becker Joel | Tax withheld | 1.1K | $14.58 |
| 2026-02-20 | Morrell Martha | Tax withheld | 3.4K | $14.34 |
| 2025-12-19 | Fischer Frank M | Grant | 1.4K | $16.59 |
| 2025-12-19 | Kumar Rakhi | Grant | 904 | $16.59 |
| 2025-12-19 | Geiger Uri | Grant | 715 | $16.59 |
| 2025-12-19 | LACOB JOSEPH | Grant | 678 | $16.59 |
| 2025-12-15 | Morrell Martha | Sell | 25K | $15.97 |
| 2025-12-03 | Morrell Martha | Tax withheld | 1.3K | $16.66 |
| 2025-11-27 | Morrell Martha | Tax withheld | 357 | $16.50 |
| 2025-11-27 | Becker Joel | Tax withheld | 1.1K | $16.50 |
| 2025-11-20 | Morrell Martha | Tax withheld | 3.1K | $13.50 |
| 2025-09-19 | Kumar Rakhi | Grant | 1.5K | $9.94 |
| 2025-09-19 | Geiger Uri | Grant | 1.2K | $9.94 |
| 2025-09-19 | Fischer Frank M | Grant | 2.4K | $9.94 |
| 2025-09-19 | LACOB JOSEPH | Grant | 1.1K | $9.94 |
| 2025-09-03 | Morrell Martha | Tax withheld | 1.3K | $9.36 |
| 2025-08-27 | Morrell Martha | Tax withheld | 357 | $8.88 |
| 2025-08-27 | Becker Joel | Tax withheld | 1.1K | $8.88 |
| 2025-08-20 | Morrell Martha | Tax withheld | 3.1K | $8.66 |
| 2025-06-21 | Fischer Frank M | Grant | 2.3K | $10.41 |
| 2025-06-21 | Geiger Uri | Grant | 1.1K | $10.41 |
| 2025-06-21 | LACOB JOSEPH | Grant | 1.1K | $10.41 |
| 2025-06-21 | Kumar Rakhi | Grant | 1.4K | $10.41 |
| 2025-06-20 | Williams Patrick F. | Grant | 52K | — |
| 2025-06-03 | Kuhn Rebecca | Tax withheld | 1.3K | $13.54 |
| 2025-06-03 | Morrell Martha | Tax withheld | 1.3K | $13.54 |
| 2025-05-27 | Morrell Martha | Tax withheld | 357 | $12.66 |
| 2025-05-27 | Becker Joel | Tax withheld | 1.1K | $12.66 |
| 2025-05-27 | Kuhn Rebecca | Tax withheld | 357 | $12.66 |
| 2025-05-20 | Kuhn Rebecca | Tax withheld | 3.1K | $17.99 |
| 2025-05-20 | Morrell Martha | Tax withheld | 3.1K | $17.99 |
| 2025-05-14 | ORBIMED ADVISORS LLC | Sell | 34K | $15.94 |
| 2025-05-14 | ORBIMED ADVISORS LLC | Sell | 134K | $15.83 |
| 2025-04-22 | Kuhn Rebecca | Tax withheld | 237 | $10.94 |
| 2025-04-22 | Morrell Martha | Tax withheld | 237 | $10.94 |
| 2025-03-24 | Morrell Martha | Grant | 12K | — |
| 2025-03-21 | LACOB JOSEPH | Grant | 935 | $12.02 |
| 2025-03-21 | Geiger Uri | Grant | 987 | $12.02 |
| 2025-03-21 | Kumar Rakhi | Grant | 1.2K | $12.02 |
| 2025-03-21 | Fischer Frank M | Grant | 2.0K | $12.02 |
| 2025-03-10 | Becker Joel | Grant | 58K | — |
| 2025-03-10 | Kuhn Rebecca | Grant | 12K | — |
| 2025-03-03 | Kuhn Rebecca | Tax withheld | 1.3K | $11.81 |
| 2025-03-03 | Morrell Martha | Tax withheld | 1.3K | $11.81 |
| 2025-02-27 | Becker Joel | Tax withheld | 4.5K | $12.56 |
| 2025-02-27 | Kuhn Rebecca | Tax withheld | 1.4K | $12.56 |
| 2025-02-27 | Morrell Martha | Tax withheld | 1.4K | $12.56 |
| 2025-02-21 | Morrell Martha | Sell | 78K | $13.72 |
| 2025-02-20 | KCK LTD. | Sell | 5.3M | $9.40 |
| 2025-02-20 | Morrell Martha | Tax withheld | 3.4K | $14.23 |
| 2025-02-20 | Kuhn Rebecca | Tax withheld | 3.4K | $14.23 |
| 2025-01-30 | Morrell Martha | Sell | 200 | $15.00 |
| 2025-01-29 | Morrell Martha | Sell | 100 | $15.00 |
| 2025-01-24 | Morrell Martha | Sell | 3.2K | $15.01 |
| 2025-01-22 | Kuhn Rebecca | Tax withheld | 265 | $14.04 |
| 2025-01-22 | Morrell Martha | Tax withheld | 265 | $14.04 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-08 | Shareholder vote | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-03-03 | ResultsExhibits | filing ↗ |
| 2025-11-04 | ResultsExhibits | filing ↗ |
| 2025-08-12 | ResultsExhibits | filing ↗ |
| 2025-06-24 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-06-12 | Shareholder vote | filing ↗ |
| 2025-06-04 | Material agreement1.02Debt obligationReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-08 | 2026-06-05 | 0001193125-26-261965 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001528287-26-000022 ↗ |
| 8-K | 2026-05-12 | 2026-03-31 | 0001528287-26-000019 ↗ |
| 10-K | 2026-03-03 | 2025-12-31 | 0001528287-26-000011 ↗ |
| 8-K | 2026-03-03 | 2026-03-03 | 0001528287-26-000008 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001528287-25-000030 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0001528287-25-000032 ↗ |
| 10-Q | 2025-08-12 | 2025-06-30 | 0001528287-25-000022 ↗ |
| 8-K | 2025-08-12 | 2025-08-12 | 0001528287-25-000021 ↗ |
| 8-K | 2025-06-24 | 2025-06-20 | 0001193125-25-145738 ↗ |
| 8-K | 2025-06-12 | 2025-06-06 | 0001193125-25-139896 ↗ |
| 8-K | 2025-06-04 | 2025-06-04 | 0001193125-25-134946 ↗ |