{"url_path":"/sec/npce/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1528287/0001528287-26-000022-index.html","accession_number":"0001528287-26-000022","cik":"0001528287","ticker":"NPCE","issuer_name":"NeuroPace Inc","edgar_url":"https://www.sec.gov/Archives/edgar/data/1528287/0001528287-26-000022-index.html","primary_entity_key":"0001528287","primary_entity_name":"NeuroPace Inc"},"word_count":1591,"has_tables":true,"body_markdown":"npce-20260331\nfalse000152828712-312026Q1xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purenpce:segment00015282872026-01-012026-03-3100015282872026-05-0800015282872026-03-3100015282872025-12-3100015282872025-01-012025-03-310001528287us-gaap:CommonStockMember2025-12-310001528287us-gaap:AdditionalPaidInCapitalMember2025-12-310001528287us-gaap:RetainedEarningsMember2025-12-310001528287us-gaap:RetainedEarningsMember2026-01-012026-03-310001528287us-gaap:CommonStockMember2026-01-012026-03-310001528287us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001528287us-gaap:CommonStockMember2026-03-310001528287us-gaap:AdditionalPaidInCapitalMember2026-03-310001528287us-gaap:RetainedEarningsMember2026-03-310001528287us-gaap:CommonStockMember2024-12-310001528287us-gaap:AdditionalPaidInCapitalMember2024-12-310001528287us-gaap:RetainedEarningsMember2024-12-3100015282872024-12-310001528287us-gaap:RetainedEarningsMember2025-01-012025-03-310001528287npce:FollowOnOfferingMember2025-01-012025-03-310001528287npce:FollowOnOfferingMemberus-gaap:CommonStockMember2025-01-012025-03-310001528287npce:FollowOnOfferingMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001528287us-gaap:CommonStockMember2025-01-012025-03-310001528287us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001528287npce:AtTheMarketEquityOfferingMember2025-01-012025-03-310001528287npce:AtTheMarketEquityOfferingMemberus-gaap:CommonStockMember2025-01-012025-03-310001528287npce:AtTheMarketEquityOfferingMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001528287us-gaap:CommonStockMember2025-03-310001528287us-gaap:AdditionalPaidInCapitalMember2025-03-310001528287us-gaap:RetainedEarningsMember2025-03-3100015282872025-03-310001528287npce:FollowOnOfferingMember2026-01-012026-03-310001528287npce:AtTheMarketEquityOfferingMember2026-01-012026-03-310001528287npce:AtTheMarketEquityOfferingMember2022-11-012022-11-300001528287npce:AtTheMarketEquityOfferingMember2025-01-012025-01-310001528287npce:AtTheMarketEquityOfferingMember2025-02-280001528287npce:FollowOnOfferingMember2025-02-012025-02-280001528287us-gaap:OverAllotmentOptionMember2025-02-012025-02-280001528287npce:FollowOnOfferingMember2025-02-2800015282872025-02-012025-02-280001528287npce:MidCapAgreementMember2026-01-012026-03-310001528287npce:RNSSystemMember2026-01-012026-03-310001528287npce:RNSSystemMembersrt:ScenarioForecastMember2029-04-012030-03-310001528287us-gaap:AdditionalFundingAgreementTermsMember2026-03-310001528287us-gaap:FairValueInputsLevel1Member2026-03-310001528287us-gaap:FairValueInputsLevel2Member2026-03-310001528287us-gaap:FairValueInputsLevel3Member2026-03-310001528287us-gaap:FairValueInputsLevel1Member2025-12-310001528287us-gaap:FairValueInputsLevel2Member2025-12-310001528287us-gaap:FairValueInputsLevel3Member2025-12-310001528287npce:MachineryEquipmentFurnitureAndFixturesMember2026-03-310001528287npce:MachineryEquipmentFurnitureAndFixturesMember2025-12-310001528287npce:ComputerEquipmentAndSoftwareMember2026-03-310001528287npce:ComputerEquipmentAndSoftwareMember2025-12-310001528287us-gaap:LeaseholdImprovementsMember2026-03-310001528287us-gaap:LeaseholdImprovementsMember2025-12-310001528287npce:LeaseFacilityMember2026-03-3100015282872022-08-3100015282872022-08-012022-08-310001528287npce:DIXIMedicalUSACorpMember2026-03-310001528287us-gaap:PendingLitigationMember2026-03-310001528287us-gaap:PendingLitigationMember2025-12-310001528287npce:CRGTermLoanAgreementMember2020-09-012020-09-300001528287npce:CRGTermLoanAgreementMember2020-09-300001528287npce:CRGTermLoanAgreementMember2023-03-010001528287npce:CRGTermLoanAgreementMember2025-06-012025-06-300001528287npce:CRGTermLoanAgreementMember2025-06-300001528287npce:CRGTermLoanAgreementMember2025-05-310001528287npce:CRGTermLoanAgreementMember2025-01-012025-03-310001528287npce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-300001528287us-gaap:RevolvingCreditFacilityMembernpce:MidCapAgreementMember2025-06-300001528287us-gaap:SecuredOvernightFinancingRateSofrMembernpce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:SecuredOvernightFinancingRateFloorMembernpce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-012025-06-300001528287us-gaap:RevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrMembernpce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-012025-06-300001528287us-gaap:RevolvingCreditFacilityMembernpce:SecuredOvernightFinancingRateFloorMembernpce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-012025-06-300001528287us-gaap:RevolvingCreditFacilityMembernpce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:MidCapAgreementMemberus-gaap:DebtInstrumentRedemptionPeriodOneMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:MidCapAgreementMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:MidCapAgreementMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:MidCapAgreementMembernpce:DebtInstrumentRedemptionPeriodThereafterMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:MidCapAgreementMembernpce:MidTermNoteMember2025-06-012025-06-300001528287npce:MidCapAgreementMembernpce:MidTermNoteMember2026-01-012026-03-310001528287npce:MidCapAgreementMembernpce:MidTermNoteMember2026-03-310001528287npce:MidCapAgreementMembernpce:EstimatedInterestAndAdministrativeFeeMembernpce:MidTermNoteMember2026-03-310001528287npce:MidCapAgreementMembernpce:PrincipalAndExitFeeMembernpce:MidTermNoteMember2026-03-3100015282872025-01-012025-12-310001528287npce:OptionsAvailableForGrant2021PlanMember2026-03-310001528287npce:OptionsAvailableForGrant2021PlanMember2025-12-310001528287npce:OutstandingOptions2021PlanMember2026-03-310001528287npce:OutstandingOptions2021PlanMember2025-12-310001528287npce:OutstandingOptions2023InducementPlanMember2026-03-310001528287npce:OutstandingOptions2023InducementPlanMember2025-12-310001528287npce:CommonStockAvailableForESPPMember2026-03-310001528287npce:CommonStockAvailableForESPPMember2025-12-310001528287npce:OptionsRestrictedStockUnit2021PlanMember2026-03-310001528287npce:OptionsRestrictedStockUnit2021PlanMember2025-12-310001528287npce:A2021EquityIncentivePlanMember2025-12-310001528287npce:A2021EquityIncentivePlanMember2026-01-012026-03-310001528287npce:A2021EquityIncentivePlanMember2026-03-3100015282872021-04-012021-04-300001528287npce:A2021EmployeeStockPurchasePlanMember2021-04-300001528287npce:A2021EmployeeStockPurchasePlanMember2026-01-012026-01-310001528287npce:A2021EmployeeStockPurchasePlanMember2026-03-310001528287srt:ScenarioForecastMembernpce:A2021EmployeeStockPurchasePlanMember2025-12-072026-06-060001528287us-gaap:RestrictedStockUnitsRSUMember2025-12-310001528287us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001528287us-gaap:RestrictedStockUnitsRSUMember2026-03-310001528287us-gaap:CostOfSalesMember2026-01-012026-03-310001528287us-gaap:CostOfSalesMember2025-01-012025-03-310001528287us-gaap:SellingAndMarketingExpenseMember2026-01-012026-03-310001528287us-gaap:SellingAndMarketingExpenseMember2025-01-012025-03-310001528287us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001528287us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001528287us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001528287us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001528287npce:A2021EmployeeStockPurchasePlanMember2026-01-012026-03-310001528287us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001528287us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001528287us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001528287us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001528287us-gaap:EmployeeStockMember2026-01-012026-03-310001528287us-gaap:EmployeeStockMember2025-01-012025-03-310001528287us-gaap:NonUsMember2026-01-012026-03-310001528287us-gaap:NonUsMember2025-01-012025-03-310001528287npce:DIXIMedicalUSACorpMemberus-gaap:SubsequentEventMember2026-04-012026-05-120001528287npce:DIXIMedicalUSACorpMemberus-gaap:SubsequentEventMember2026-05-120001528287us-gaap:DiscontinuedOperationsDisposedOfBySaleMembernpce:DIXIMedicalMember2026-01-012026-03-310001528287us-gaap:DiscontinuedOperationsDisposedOfBySaleMembernpce:DIXIMedicalMember2025-01-012025-03-31\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor transition period from         to\n\nCommission File Number 001-40337\n\nNEUROPACE, INC.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware22-3550230\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification Number)\n\n455 N. Bernardo Avenue\n\nMountain View, CA 94043\n\n(650) 237-2700\n\n(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol\n\nName of each exchange on which registered\n\nCommon Stock, $0.001 par value per share\n\nNPCE\n\nThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging growth company\n\n☒\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒\n\nAs of May 8, 2026, there were approximately 34,093,745 shares of the Registrant's common stock outstanding.\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I. Financial Information](#id3d4ee6019554855ab4c192b81d2cc4b_13)\n\n[Item 1.](#id3d4ee6019554855ab4c192b81d2cc4b_16)\n\n[Financial Statements (Unaudited)](#id3d4ee6019554855ab4c192b81d2cc4b_16)\n\n[1](#id3d4ee6019554855ab4c192b81d2cc4b_13)\n\n[Condensed Balance Sheets](#id3d4ee6019554855ab4c192b81d2cc4b_19)\n\n[1](#id3d4ee6019554855ab4c192b81d2cc4b_19)\n\n[Condensed Statements of Operations and Comprehensive Loss](#id3d4ee6019554855ab4c192b81d2cc4b_22)\n\n[2](#id3d4ee6019554855ab4c192b81d2cc4b_22)\n\n[Condensed Statements of Stockholders' Equity](#id3d4ee6019554855ab4c192b81d2cc4b_25)\n\n[3](#id3d4ee6019554855ab4c192b81d2cc4b_25)\n\n[Condensed Statements of Cash Flows](#id3d4ee6019554855ab4c192b81d2cc4b_28)\n\n[4](#id3d4ee6019554855ab4c192b81d2cc4b_28)\n\n[Notes to Unaudited Interim Condensed Financial Statements](#id3d4ee6019554855ab4c192b81d2cc4b_31)\n\n[5](#id3d4ee6019554855ab4c192b81d2cc4b_31)\n\n[Item 2.](#id3d4ee6019554855ab4c192b81d2cc4b_70)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#id3d4ee6019554855ab4c192b81d2cc4b_70)\n\n[17](#id3d4ee6019554855ab4c192b81d2cc4b_70)\n\n[Item 3.](#id3d4ee6019554855ab4c192b81d2cc4b_100)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#id3d4ee6019554855ab4c192b81d2cc4b_100)\n\n[28](#id3d4ee6019554855ab4c192b81d2cc4b_100)\n\n[Item 4.](#id3d4ee6019554855ab4c192b81d2cc4b_103)\n\n[Controls and Procedures](#id3d4ee6019554855ab4c192b81d2cc4b_103)\n\n[29](#id3d4ee6019554855ab4c192b81d2cc4b_103)\n\n[Part II. Other Information](#id3d4ee6019554855ab4c192b81d2cc4b_106)\n\n[Item 1.](#id3d4ee6019554855ab4c192b81d2cc4b_109)\n\n[Legal Proceedings](#id3d4ee6019554855ab4c192b81d2cc4b_109)\n\n[30](#id3d4ee6019554855ab4c192b81d2cc4b_109)\n\n[Item 1A.](#id3d4ee6019554855ab4c192b81d2cc4b_112)\n\n[Risk Factors](#id3d4ee6019554855ab4c192b81d2cc4b_112)\n\n[31](#id3d4ee6019554855ab4c192b81d2cc4b_112)\n\n[Item 2.](#id3d4ee6019554855ab4c192b81d2cc4b_115)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#id3d4ee6019554855ab4c192b81d2cc4b_115)\n\n[88](#id3d4ee6019554855ab4c192b81d2cc4b_115)\n\n[Item 3.](#id3d4ee6019554855ab4c192b81d2cc4b_118)\n\n[Defaults Upon Senior Securities](#id3d4ee6019554855ab4c192b81d2cc4b_118)\n\n[89](#id3d4ee6019554855ab4c192b81d2cc4b_118)\n\n[Item 4.](#id3d4ee6019554855ab4c192b81d2cc4b_121)\n\n[Mine Safety Disclosures](#id3d4ee6019554855ab4c192b81d2cc4b_121)\n\n[90](#id3d4ee6019554855ab4c192b81d2cc4b_121)\n\n[Item 5.](#id3d4ee6019554855ab4c192b81d2cc4b_124)\n\n[Other Information](#id3d4ee6019554855ab4c192b81d2cc4b_124)\n\n[90](#id3d4ee6019554855ab4c192b81d2cc4b_124)\n\n[Item 6.](#id3d4ee6019554855ab4c192b81d2cc4b_130)\n\n[Exhibits](#id3d4ee6019554855ab4c192b81d2cc4b_130)\n\n[91](#id3d4ee6019554855ab4c192b81d2cc4b_130)\n\n[Signatures](#id3d4ee6019554855ab4c192b81d2cc4b_133)\n\nSPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements regarding results or events that may occur in the future contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial condition, as well as expectations of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions.\n\nWe have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, factors and assumptions more thoroughly described in “Risk Factors.” These risks are not exhaustive. Other sections of this Quarterly Report on Form 10-Q, as well as our other disclosures and filings, include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements.\n\nYou should not rely on these forward-looking statements as predictions of future events. We cannot assure you that the events and circumstances reflected in the forward-looking statements will be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q or to conform these statements to actual results or to changes in our expectations, whether as a result of any new information, future events, changed circumstances or otherwise. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about:\n\n•our expected future growth;\n\n•the size and growth potential of the markets for our products, and our ability to serve those markets;\n\n•our ability to accurately forecast demand for our products;\n\n•the rate and degree of market acceptance of our products;\n\n•coverage and reimbursement for procedures performed using our products, including pre-implant evaluations, implant procedures, and follow-up care;\n\n•the performance of third parties in connection with the manufacturing and development of our products, including single-source suppliers;\n\n•regulatory developments in the United States and in any foreign countries in which we may seek to do business;\n\n•our expected long-range revenue growth, our use of cash resources and our ability to achieve cash flow breakeven without revenues from the expired DIXI Medical distribution agreement;\n\n•our ability to retain regulatory approval for our products or obtain regulatory approval for updates to our products, or new products or indications in the United States and in any foreign countries in which we may seek to do business;\n\n•our research and development for existing products and new products, including our conduct of ongoing and future clinical trials for our existing products;\n\n•our expectations with respect to our existing products and their ability to be used without modification in those with generalized epilepsy and in pediatric patients;\n\n•our reliance on third-party suppliers for product components, some of which are single source suppliers;\n\n•our ability to manufacture our products in conformity with the U.S. Food and Drug Administration, or FDA, requirements and with regulatory requirements of any foreign countries in which we may seek to do business;\n\n•our ability to predict product performance;\n\n•our expectations regarding the impact that our sales and marketing initiatives will have on our sales;\n\n•our ability to retain or scale our organizational culture;\n\n•the development, regulatory approval, efficacy and commercialization of competing products;\n\n•our ability to attract and retain members of our board of directors, senior management, or operational personnel;\n\n•our expectations regarding the period during which we will qualify as an emerging growth company under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, and as a smaller reporting company under the federal securities laws;\n\n•our ability to develop and maintain our corporate infrastructure, including our ability to maintain an effective system of internal control;\n\n•our expectations regarding the impact of public health crises and geopolitical tensions, such as the Russia-Ukraine war and the U.S. war with Iran, on our business, our industry and the economy;\n\n•the impact of adverse economic conditions, including as a result of unfavorable global trade, economic and political conditions and policies, increased interest rates and inflation, and funding and human capital shortages at governmental and regulatory agencies on which we rely;\n\n•our financial performance and capital requirements; and\n\n•our expectations regarding our ability to obtain, maintain and enforce intellectual property protection for our products and technology, as well as our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of others.\n\nYou should read this Quarterly Report on Form 10-Q as well as the documents that we reference in, and have filed as exhibits to, this report with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.\n\nIn addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we believe that such information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on them.\n\nPART I. FINANCIAL INFORMATION"}