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1 Investor Presentation August 2025
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2 Disclaimer This presentation may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “plans,” “possible,” “potential,” “seeks,” “will” and variations of these words or similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements in this presentation include, but are not limited to, statements regarding: information about NeuroPace's market opportunity, growth drivers, development timelines, including anticipated disclosure of data and regulatory filings, and market penetration; commercial strategy; future pipeline; forecasts of market and revenue growth; indication and TAM expansion opportunities; clinical and preliminary financial results. NeuroPace may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including: actual operating results may differ significantly from any guidance provided; risks that NeuroPace’s operating expenses could be higher than anticipated and that it could use its cash resources sooner than expected; risks that NeuroPace’s gross margin may be lower than forecast; uncertainties related to market acceptance and adoption of NeuroPace’s RNS System; risks related to the pricing of the RNS System and availability of adequate reimbursement for the procedures to implant the RNS System and for clinicians to provide ongoing care for patients treated with the RNS System; risks related to clinical trials, regulatory compliance and expectations for regulatory approvals to expand the market for NeuroPace’s RNS System, including risks related to the NAUTILUS clinical trial; risks related to product development, including risks related to the development of AI-powered software and the next generation device platform; NeuroPace’s reliance on contractors and other third parties, including single-source suppliers and vendors; and other important factors. These and other risks and uncertainties include those described more fully in the section titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in NeuroPace’s public filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended June 30, 2025 and its Current Reports on Form 8-K as well as any other reports that it may file with the SEC in the future. Forward-looking statements contained in this presentation are based on information available to NeuroPace as of the date hereof. NeuroPace undertakes no obligation to update such information except as required under applicable law. These forward-looking statements should not be relied upon as representing NeuroPace’s views as of any date subsequent to the date of this presentation and should not be relied upon as a prediction of future events. In light of the foregoing, investors are urged not to rely on any forward-looking statement in reaching any conclusion or making any investment decision about any securities of NeuroPace. This presentation discusses a product that is under clinical study and has not yet been approved for marketing in all of the studied indications by the U.S. Food and Drug Administration. No representation is made as to the safety or effectiveness of this product for the treatment of all of the indications for which such product is being studied. The information contained in this presentation is confidential and is being submitted to prospective investors solely for such investors’ confidential use with the express understanding that, without the Company’s prior express written permission, such investors will not release this presentation or discuss information contained herein or make reproductions or use of this presentation for any purpose other than evaluating a potential investment in the Company.
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3 NEUROPACE MISSION Transform the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures.
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4 Joel Becker Chief Executive Officer Martha Morrell, MD Chief Medical Officer Patrick Williams Chief Financial Officer Management Team Previous Experience Chris Reese SVP, Sales
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5 Large, underpenetrated market >$55B total U.S. addressable market1,2,3,5; >$2B annual core market opportunity within Comprehensive Epilepsy Centers with additional upside from expanding outside Level 4 centers4,5,6 Unique technology Closed loop, brain-responsive neuromodulation system Compelling clinical evidence Differentiated outcomes that continue to improve over time; additional clinical data from Post-approval study (PAS) and idiopathic generalized, pediatric focal, and LGS trials Operating execution Focused on revenue, gross margin and operating expense management Healthy balance sheet Sufficiently capitalized to support planned operations until achieving cash flow breakeven Future growth opportunities Market expansion within and outside of Level 4 centers; indication expansion into the generalized epilepsy and pediatric focal patient populations NeuroPace: Strong Fundamentals and Positioned for Growth 1U.S., Center for Disease Control, August 10, 2017; 2Hauser, et al., 1993. Incidence of Epilepsy and Unprovoked Seizures in Rochester, Minnesota: 1935-1984. Epilepsia 34, 453–458; DEFINITIVE HEALTHCARE CLAIMS DATA as of 12/31/20; 3 Chen, Z., et al., JAMA Neurology, 2017: 1.2 million patients with drug-resistant epilepsy in the US; 4 Definitive Healthcare Claims Database for Epilepsy Patients who received Inpatient VEEG in 2019: 50k DRE patients admitted to CEC centers annually; 5 Market size based on ~$47,000 ASP for RNS Systems initial implants; 6 Ostendorf, et al., 2022, United States Epilepsy Center Characteristics, Neurology, 451.
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6 Q2 2025 in Review Revenue $23.5M +22% YoY growth Gross Margin +77.1% +370 bps YoY¹ Operating Expenses $25.0M +23% growth YoY +13% excluding one-time items² RNS active prescribers increased to new record highs Project CARE demonstrated increasing momentum Disclosed preliminary NAUTILUS trial results demonstrating excellent safety and robust outcomes in clinically meaningful secondary endpoints³ ¹Compared to 73.4% in Q2 2024; ² Excludes $1.9 million in personnel expense related to severance and recruiting associated with executive transition; ³ Primary effectiveness endpoint did not meet statistical significance; please see May 27, 2025 Press Release regarding NAUTILUS preliminary results for more information.
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7 Epilepsy is a disorder in which abnormal electrical activity in the brain causes seizures 4th most common neurological disorder in the U.S.1 ~$28B direct medical costs in the U.S.1 2-3X higher unemployment among epilepsy patients2 1Examining the Economic Impact and Implications of Epilepsy, AJMC, February 13, 2020. 2Epilepsy Across the Spectrum 12.4.26: 3U.S. Center for Disease Control, August 10, 2017. 4Chen, Z., et al., JAMA Neurology, 2017. Drug therapy is unable to control seizures for 1 in 3 patients3,4 Drug-Resistant Epilepsy (DRE) is a Devastating, Highly Undertreated Disease with Significant Unmet Need
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8 1Chen, Z., et al., JAMA Neurology, 2017. 2U.S. Center for Disease Control, August 10, 2017. 3Jehi L, Jette N, Kwon C-S, Josephson CB, Burneo JG, Cendes F, Timing of referral to evaluate for epilepsy surgery: Expert Consensus Recommendations from the Surgical Therapies Commission of the International League Against Epilepsy. Epilepsia. 2022;00:1–16 U.S. Prevalence: 1/3 of Epilepsy Patients are Drug Refractory1 Drug-resistant epilepsy (DRE) defined as a patient failing to achieve sustained seizure freedom after trying two antiseizure medications3 DIAGNOSIS & FIRST LINE TREATMENT 3.4M People in the U.S.2 1.2M People in the U.S.1 Patients diagnosed with epilepsy Try multiple anti-epilepsy drugs ~1 in 3 have drug-resistant epilepsy (DRE) DRE patients who may not appear to be appropriate candidates for epilepsy surgery should still be referred to a tertiary epilepsy center to evaluate potential other interventions3
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9 Responsive Neuromodulation – The RNS® System
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10 RNS System Data Allows Physicians to Actively Manage and Customize Ongoing Patient Care Electrographic seizures Identify Seizure Triggers Therapy change Monitor Patient Progress See Effects of Therapy Changes Reveal Seizure Cycles Inform Future Surgeries
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11 Impressive Seizure Reductions Improve Over Time 1Morrell, M, et al. Neurology, 2011. 2Nair, D, et al., Neurology, 2020 and Heck et al., Epilepsia , 2014 . 3Szaflarski, JP, et al., Presented at American Epilepsy Society, 2019 44% 53% 58% 62% 63% 67% 72% 73% 75% 67% 75% 82% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Median % Reduction in Seizures Original FDA Study Results: • Statistically greater seizure reduction than sham therapy at 5 months1,2 • 75% median seizure reduction at 9 years1,2 • 28% of patients achieved > 6 months of seizure freedom1,2,3 FDA Post Approval Study Results: • 62% median seizure reduction at 1 year* • 69% median seizure reduction @ 2 years* • 82% median seizure reduction at 3+ years* 62% 69% 82% Improvements shown in: Cognitive Function | Quality of Life | Mental Health | SUDEP PAS 3-year follow-up data submitted to FDA* *Results presented at AAN on April 7, 2025
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12 Post-Approval Study: Patient Baseline Data 1Nair et al., Neurology 2020 PAS patients • 271 completed 3 years • Median baseline seizure frequency was 5.7/month Seizure onsets similar to Piv/LTT trials • 67% had two seizure foci • Lead locations • Mesial temporal only = 178 • Neocortical only = 110 • Mesial temporal plus neocortical = 36 One third of patients did not have intracranial monitoring • 67% had prior intracranial monitoring • 65% in PIV/LTT trials1 PAS patients more likely to receive RNS first • 19.4% had a prior epilepsy surgery • 34% in PIV/LTT trials1 • 7.7 % had prior treatment with VNS • 32% in PIV/LTT trials1
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13 Post-Approval Study Primary Efficacy Endpoint by Time from Implant Time after Implant N Median % Change in Seizure Frequency Compared to Baseline (1st quartile, 3rd quartile) Months 0-6 314 -62.5% (-91.6%, -11.8%) Months 6-12 292 -62.3% (-93.3%, -14.6%) Months 12-18 282 -68.2% (-97.4%, -15.5%) Months 18-24 273 -69.4% (-98.4%, -19.4%) Months 24-30 260 -75.0% (-99.2%, -25.8%) Months 30-36 255 -82.0% (-100.0%, -29.2 %) • 42.5% of patients were seizure free for at least 6 months • 22% of patients were seizure free for at least 1 year Effectiveness Conclusions Based on 3-Year Results RNS System therapy is observed to be effective for all types of focal epilepsy • Efficacy improves over time • Seizure reduction in upper quartile • Exceeds 90% within 6 months of implant • 100% at 3 years Results better than Pivotal Study because we learn from the data • Patterns that should be detected • Lead locations and stimulation targets • Initial stimulation strategies • Fine-tuning therapy based on clinical response and biomarkers
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14 Resection Laser Ablation Irreversible destructive procedure Carries neurocognitive risks: impaired memory, reduced naming ability, and loss of some part of their visual field ~20% of patients are ideal candidates1 Alternative Treatment Options Have Significant Risks and Side Effects 1Schiltz, et al., Temporal trends in pre-surgical evaluations and epilepsy surgery in the U.S. from 1998 to 2009, Epilepsy Research, Volume 103, Issues 2–3,2013,Pages 270-278; Dugan, et al., Derivation and initial validation of a surgical grading scale for the preliminary evaluation of adult patients with drug‐resistant focal epilepsy. Epilepsia, (2017) 58: 792-800. DBSVNS Fixed anatomical target Not responsive to brain activity Lengthy stimulation cycles result in side effects: depression, memory impairment, and sleep disruption No detailed iEEG recordings or event trending Therapy at seizure source only when needed Responds to patient specific abnormal events No stimulation related side effects Reduced risk of SUDEP Detailed iEEG recordings and event trending Neuromodulation CompetitorsEpilepsy Surgery RNS Therapy
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15 Closing the Treatment Gap CEC Growth Opportunity 1Chen, Z., et al., JAMA Neurology, 2017. 2Definitive Healthcare Claims Database for Epilepsy Patients who received Inpatient VEEG in 2019 3Ostendorf, et al, Epilepsia, 2022 4Jehi L, Jette N, Kwon C-S, Josephson CB, Burneo JG, Cendes F, Timing of referral to evaluate for epilepsy surgery: Expert Consensus Recommendations from the Surgical Therapies Commission of the International League Against Epilepsy. Epilepsia. 2022;00:1–16.; 5 Market size based on ~$47,000 ASP for RNS System initial implants 50K DRE patients admitted to CECs annually2 >$2B addressable market today with potential to increase as more patients are moved through specialist care5 MACRO TRENDS • Number of CECs increased from 151 in 2012 to 256 in 20193 • 150% increase in number of epileptologists per capita from 2012 to 20193 • Epilepsy monitoring unit (EMU) admissions increased 5% per year from 2016 to 20193 • Patient advocacy groups advocating for increased care • ILAE treatment recommendations for DRE encourage more/earlier evaluation of interventional treatment4 • Improved diagnostics and therapies lowering barriers for patients 1.2M people living with DRE in the US1
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16 RNS Addressable Market Segments: Current and Untapped 1 Chen, Z., et al., JAMA Neurology, 2017: 1.2 million patients with DRE in the US; 2 1.2 million patients x 60% with focal epilepsy x 80% age 18 or older = ~575,000 adult patients with focal DRE in the US; 2 ~575,000 adult patients with DRE in the US x ~$47,000 ASP for RNS System initial implants = $27 Bn; 3 1.2 million patients x 40% with generalized epilepsy = ~480,000 patients with generalized DRE in the US; 4 1.2 million patients with DRE in the US x 60% with focal epilepsy x 20% below age 18 = ~145,000 pediatric patients with focal DRE in the US; 5 Market size is based on ~$47,000 ASP for RNS system implants; 6 Kobau, et al., 2023, Active epilepsy prevalence among U.S. adults is 1.1% and differs by educational level – National Health Interview Survey, United States, 2021, Epilepsy and Behavior; 7 Zack, M. & Kobau, R, National and State Estimates of the Numbers of Adults and Children with Active Epilepsy – United States, CDC MMWR; August 11, 2017; Vol. 66, No. 31. AdultFocal Epilepsy Pediatric Focal Epilepsy Generalized Epilepsy T otal ~575K1,2,6,7, $27Bn5 ~480K1,3,6,7, $23Bn5 ~1.2MM1, $55Bn+ 5 ~145K1,4,6,7, $7Bn5 Total Pediatric Focal Epilepsy Generalized Epilepsy Adult Focal Epilepsy • PAS • Network Stimulation • DTC • CARE *Significant programs are underway to expand access to and develop RNS within each of these segments RNS Addressable Markets (Patients, $ market size) • NAUTILUS • LGS • DTC • CARE • NEST/PERC • DTC • CARE
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17 Multiple Growth Initiatives Underway Product Development • Annual AI SW Releases • Remote Programming • Next Generation Platform Clinical Development • PAS – Adult Focal • NAUTILUS – IGE • NEST – Pediatric Focal • LGS Market Development • Incremental Sales Force Expansion • Project CARE • Expanded Direct to Patient • Increased Professional Education
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18 Closing the Epilepsy Treatment Gap Through Expanded Therapy Access Expanded Patient Eligibility Increased Therapy Availability Expanded Therapy Utilization Increase Availability in Health Care Systems Near Patients (outside of CECs) Broaden the Indications of Patients Eligible for the RNS System Educate and Support Clinicians and Patients to Empower Them in Their Treatment Journey
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19 Expanded Therapy Utilization: Strategies for Focal, Refractory Epilepsy RNS® System Enables Diverse Treatment Approaches Bilateral & suspected bilateral MTL Dominant unilateral MTL Eloquent cortex Deep structures Regional neocortical stimulation Corticothalamic stimulation NETWORK STIMULATION For regional onsets TARGETED STIMULATION For discrete onsets THERAPY COMBINATIONS To augment surgery Large focal networks Multifocal onsets
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20 Market Expansion: Project CARE Community Expansion – Making the RNS System Accessible outside of Level 4 CECs • Plan to expand to additional 1,800 epileptologists and all functional neurosurgeons practicing outside of Level 4 CECs • Goal: more than double implants and referrals from CARE accounts in 2025 • New referral marketing materials • Digital marketing to referring physicians • Aim to expand professional education Expanding RNS System Access to Patients Outside of Level 4 CECs Facilitating Referrals of Appropriate Patients to Level 4 CECs Bringing the RNS System into the Community
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21 Indication Expansion: Generalized Epilepsy 1 Linehan C, Berg AT. Epidemiologic Aspects of Epilepsy. In: Wyllie, E. (2021). Wyllie's Treatment of Epilepsy: Principles and Practice (E. Wyllie, B. E. Gidal, H. P. Goodkin, L. Jehi, & T. Loddenkemper, Eds.; 7th ed.). Lippincott Williams & Wilkins. Generalized Epilepsy Clinical Trials • NAUTILUS o Breakthrough Device Designation status o Enrollment and implants complete o One-year follow-up completed in March 2025 • Lennox-Gastaut Syndrome (LGS) o NIH-funded feasibility study o Enrollment and implants complete Patient Eligibility Indication Expansion – RNS System indication for Generalized Epilepsy • 40% of DRE patients have generalized epilepsy1 • Shorter diagnostic process • Shorter time from patient identification to implant
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22 Closing the Treatment Gap: Enhanced RNS Therapy Access Community Expansion: RNS System Access outside of Level 4 Comprehensive Epilepsy Centers / building referral pathways CECs: Focus on Adoption Across Clinicians and Expanding Therapy Utilization by current prescribers Patient Indication Expansion: RNS Access for Generalized Epilepsy • Continue building on new patient implant growth • Network stimulation: potential growth driver • PAS: new clinical evidence • Expansion to additional +1,800 Epileptologists and all functional neurosurgeons within current indications • Significant expansion RNS TAM • H1 2024: Site Initiation / H2 2024: Site Expansion • Enrollment completed – Q4 2023 • Planned Implant follow up completion – H1 2025 • 40% of DRE Patients
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23 Closing the Treatment Gap: Enhanced RNS Therapy Access Community Expansion: RNS System Access outside of Level 4 CECs / building referral pathways Patient Indication Expansion: RNS Access for Generalized Epilepsy • Continue building on new patient implant growth • Network stimulation: potential growth driver • PAS: new clinical evidence • Aim to expand to additional 1,800 Epileptologists and all functional neurosurgeons within current indications • Expected expansion of RNS TAM • 2024: Pilot Activities / 2025: Planned Program Expansion • Enrollment completed – Q4 2023 • Planned Implant follow up completion – H1 2025 • 40% of DRE Patients CECs: Focus on Adoption Across Clinicians and Expanding Therapy Utilization by current prescribers
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24 Closing the Treatment Gap: Enhanced RNS Therapy Access Community Expansion: RNS System Access outside of Level 4 CECs / building referral pathways CECs: Focus on Adoption Across Clinicians and Expanding Therapy Utilization by current prescribers Patient Indication Expansion: RNS System Access for Generalized Epilepsy • 40% of DRE patients have generalized epilepsy • Completed implants in ongoing NAUTILUS trial • IGE submission after 1-year post-implant follow up • Potential to be first device in U.S. with generalized indication • Continue building on new patient implant growth • Network stimulation: potential growth driver • PAS: new clinical evidence • Aim to expand to additional 1,800 Epileptologists and all functional neurosurgeons within current indications • Expected expansion of RNS TAM • 2024: Pilot Activities / 2025: Program Expansion
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25 Closing the Treatment Gap to Drive Long-Term Growth Expand the number of prescribers Direct-to-patient digital marketing Referral marketing to epileptologists Community outreach and patient education Earlier patient education to increase pull through Broaden patient selection Broaden RNS adoption through CECs Indication and Market expansion: Generalized and Community Awareness & Demand Generation Grow the Market Take Share within CECs Commercial Execution
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26 Financial Performance NET REVENUE (USD, MILLIONS) GROSS PROFIT MARGIN OPERATING EXPENSES (USD, MILLIONS) CASH & SHORT-TERM INVESTMENTS Sufficient cash to reach cash flow breakeven $58.9 $55.5 $56.8 $52.8 $66.3 $62.1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $20.9 $20.4 $19.7 $19.8 $22.5 $25.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 73.6% 73.4% 73.2% 75.4% 77.0% 77.1% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $18.1 $19.3 $21.1 $21.5 $22.5 $23.5 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
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27 FY 2025 Guidance Revenue Guidance Margin Guidance Assumptions & Drivers FY 2025 Revenue $94M-$98M 18%- 23% growth FY Gross Margin 75%-76% FY Operating Expenses $92M-$95M 14%- 18% growth • Continued prescriber growth • Increased utilization within existing accounts • Positive awareness of new data • Contribution from CARE centers (implants + referrals) • Commitment to disciplined spend management while funding key programs Previously $93M-$97M Previously 73%-75% In-line with previous guidance
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28 Summary Positioned for growth and focused on revenue, operating discipline, and effective cash management Prioritizing utilization and adoption of the RNS System across existing and new clinicians Indication expansion efforts into IGE on track with NAUTILUS pivotal trial one-year follow-up complete Project CARE expected to expand access to the RNS System outside of Level 4 centers Transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures