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1 Investor Presentation November 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. Including Seizure ID , 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 Quarterly Report on Form 10-Q for the quarter ended September 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 NeuroPace Investment Highlights Strong Fundamentals and Positioned for Growth First closed loop, brain- responsive neuromodulation system $79.9M 2024 Revenue +22% growth • Best-in-class, differentiated outcomes that continue to improve over time • Exclusive iEEG dataset enables AI and therapy personalization • Large, underpenetrated TAM with clear growth drivers in both existing and new channels • Platform with software + hardware pipeline expansion • Management team with execution track record 6k+ Patients received RNS System³ $3.5B+ Annual target market opportunity¹,² 20%+ LRP growth 1 NAEC Center Annual Report, 2025 ; 2Market size based on ~$50,000 ASP for RNS Systems initial implants ³ Internal data on cumulative implants to date through YE 2024
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6 Q3 2025 in Review Revenue $27.4M +30% YoY growth Gross Margin +77.4% +417 bps YoY¹ Operating Expenses $23.8M +21% growth YoY RNS active prescribers increased to new record highs Project CARE demonstrated increasing momentum On track to submit NAUTILUS PMA supplement before year-end ¹Compared to 73.2% in Q3 2024
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7 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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8 Responsive Neuromodulation Tailored to Each Patient Monitors brain activity continuously Recognizes & Responds with tailored stimulation in real-time Records ongoing iEEG data for review, insights and therapy optimization Detection and stimulation adjusted using patient-specific data leading to greater seizure reduction over time Patient remote monitor Physician programmer Implantable neurostimulator Targeted stimulation
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9 RNS® System Flexibility Enables Diverse Treatment Approaches Expanded Therapy Utilization: Strategies for Focal, Drug-Resistant Epilepsy 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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10 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 Improved data- driven strategies provide a more robust initial response Post-approval study: largest real-world evidence base in epilepsy neuromodulation
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11 The RNS System delivers greater seizure reduction than other neuromodulation therapies1- 3 82% Median seizure reduction at 3 years (n=255) Note: Therapies were studied using different study designs. Caution must be exercised when comparing results. 1. RNS System Post-approval Study Oral Presentation, American Academy of Neurology, April 2025. All outcomes are ITT, median seizure reduction is observed case data, seizure freedom at last follow-up is LOCF. 2. Morris et al, Neurology, 1999 3. Kaufmann et al., Epilepsia, 2024 82% 44% 40% RNS Post-Approval Study (n=255) VNS Study Group E01-E05 (n=93) DBS MORE Registry (n=101) 3 Year Median Seizure Reduction (%) RNS Post-Approval Study (n=255)1 VNS Study Group E01-E05 (n=93)2 DBS MORE Registry (n=101)3 RNS personalized therapy results in favorable outcomes versus other therapies
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12 Only RNS® System Delivers Truly Personalized Neuromodulation RNS System Vagus Nerve Stimulation (VNS) Deep Brain Stimulation (DBS) Surgical Resection/Ablation Closed-loop, responsive therapy n/a Personalized programming for targeted therapy Continuous iEEG data capture Flexible lead placement Therapy-related side effect profile 20% of patients are candidates¹ 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.
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13 The Power of RNS Data Today • Unmatched Dataset: 22M+ iEEG recordings, 26,000 patient implant years • RNS enables real-time monitoring, recording, and tailored therapy for drug-resistant epilepsy patients • Only NeuroPace collects and leverages iEEG data at scale • Current Impact: Drives best-in-class efficacy • Physicians optimize programming via patient-specific data, helping to continuously improve outcomes over time • Foundation for future AI-based therapy optimization • Near-term AI: Seizure classifier automates detection, reducing clinician workload • Leverages dataset to train AI for precise seizure identification, enhancing scalability • Market Advantage: Supports CARE program and community adoption by simplifying data review • Positions RNS as standard of care in Level 4 and Level 3 centers
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14 Building a Proprietary AI Ecosystem • Unique & Proprietary: largest epilepsy iEEG dataset growing daily • Unlike commoditized AI/ML/LLMs, proprietary data creates defensive moat • Every new patient adds to the data advantage; our lead compounds over time • Long-term vision: Network effect AI ecosystem for personalized therapy • AI to recommend treatment settings and parameters • Continuous learning from expanding dataset improves outcomes and attracts more patients • Strategic Value: therapy advantage compounds • Potential for monetization opportunities over time (e.g., biomarker discovery, new indication research, etc) thus increasing addressable market • Data-driven scalability supports profitable growth More Patients More iEEG Data Smarter AIgorithms More personalized therapy Better outcomes
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15 A large market opportunity with substantial runway for growth 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 (Drug-resistant patients, $ market size) • NAUTILUS • LGS • DTC • CARE • NEST/PERC • DTC • CARE NeuroPace growth initiatives
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16 Addressing a large, underpenetrated opportunity 1Chen, Z., et al., JAMA Neurology, 2017. 2NAEC Center Annual Report, 2025 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 >$3.5B addressable market today with potential to increase as more patients are moved through specialist care5 Massively underpenetrated versus opportunity (7k patients treated beyond drugs) 1.2M people living with DRE in the U.S. 16.5M global DRE patients Current Target Market 75K DRE patients admitted annually to CECs² Diagnosed U.S. TAM Global Opportunity Current indication: adult focal (575k patients) Growth initiatives focused on market development and clinical (indication) expansion unlocks remainder of a large U.S. market Opportunity to expand outside the US over time to address substantial global need in drug-resistant epilepsy
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17 Multiple Growth Initiatives Underway to Address This Opportunity 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 Marketing • Increased Professional Education Market Product Clinical
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18 Bringing the benefits of the RNS System to patients with Generalized Epilepsy NIH-funded feasibility study Enrollment and implants complete Interim Safety demonstrated Market Product Clinical Patient/Market CharacteristicsNeuroPace Programs Breakthrough Device Designation status NAUTILUS Enrollment and implants complete NAUTILUS 1-year follow-up completed in March 2025 Ongoing FDA engagement to discuss results Planned PMA-S submission Q4 2025 Devastating generalized epilepsy with frequent seizures and progressive cognitive decline Medically intractable, surgery not effective Often leads to intellectual disability, developmental delays and behavioral problems 40% of DRE patients have generalized epilepsy • ~480k DRE patients in the US Currently no approved neuromodulation therapies for IGE patients More often treated in Level 3 and community settings Shorter time from patient identification to implant Idiopathic Generalized Epilepsy (IGE) Lennox-Gastaut Syndrome (LGS)
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19 > 25 peer reviewed publications about RNS System use in pediatrics Use Real World Data to Expand RNS System Treatment to Pediatrics Advocacy Group Support • AES Pediatric Special Interest Group • Lennox-Gastaut Foundation • Epilepsy Foundation Market Product Clinical
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20 System proposes personalized settings based on seizure morphology and treatment history, for physician to review and finalize Improved efficiency means physicians can treat more patients with the RNS System Therapy settings sent and updated via remote programming A robust product pipeline with differentiated features Market Product Clinical Remote programming Next generation PDMS architecture Scalable for growth Platform enables cadence of data products and usability improvements AI-powered Seizure ID Simplifies review of iEEG data for physicians Brings precision, insight and efficiency Automated proposal of detection settings Remote programming System proposes personalized settings based on seizure and treatment history Increases programming efficiency and scales with remote care Enables treatment updates without in-person visits Expands access and efficiency through telehealth- enabled care Scalable programming model supports broader utilization
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21 Next-generation Platform for Effectiveness, Efficiency, and Innovation Automated, overnight data transfer improves patient experience and expands adoption Next-gen hardware supports future innovation in detection and therapy Adds BLE; modernizes microprocessor, ASIC Maintains MRI conditional labeling No change to mechanical envelope or RNS System compatibility Renderings; features not available in the approved RNS System. Next generation platforms and features are anticipated and no t yet approved. Market Product Clinical
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22 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 Market Product Clinical
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23 Market Product Clinical Market Expansion: Project CARE Community Expansion – Making the RNS System Accessible outside of Level 4 CECs • Efforts underway 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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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 Market Product Clinical
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25 FY 2025 Guidance Revenue Guidance Margin Guidance Assumptions & Drivers FY 2025 Revenue $97M-$98M 18%- 23% growth FY Gross Margin 76%-77% FY Operating Expenses $94M-$95M 16%- 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 $94M-$98M Previously 75%-76% Previously $92M-$95M
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26 Historical Revenue Breakout and Revised Guidance Revised Guidance (in $000s) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 RNS $14,380 $15,952 $17,210 $17,706 $65,248 $18,151 $18,564 $22,580 $20,000-$21,000 ~$79,300-$80,300 DIXI 3,180 3,150 3,696 3,473 13,499 4,204 4,019 4,003 ~$3,000 ~$15,200 Service 564 154 154 287 1,159 169 937 771 ~$750 ~$2,600 Total revenue $18,124 $19,256 $21,060 $21,466 $79,906 $22,524 $23,520 $27,354 ~$23,750-$24,750 ~$97,000-$98,000 Revenue
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27 Financial Performance NET REVENUE (USD, MILLIONS) GROSS PROFIT MARGIN $19.3 $21.1 $21.5 $22.5 $23.5 $27.4 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 73.4% 73.2% 75.4% 77.0% 77.1% 77.4% 71.0% 72.0% 73.0% 74.0% 75.0% 76.0% 77.0% 78.0% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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28 Financial Performance OPERATING EXPENSES (USD, MILLIONS) CASH & SHORT-TERM INVESTMENTS Sufficient cash to reach cash flow breakeven $20.4 $19.7 $19.8 $22.5 $25.0 $23.8 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 $55.5 $56.8 $52.8 $66.3 $60.3 $60.0 $0.0 $20.0 $40.0 $60.0 $80.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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29 Well-positioned for sustainable growth and value creation Only device with personalized therapy and real-time iEEG monitoring Clinically proven long-term seizure reduction and seizure freedom shown in robust clinical trials Market expansion into generalized epilepsy, pediatrics, and community channels Data advantage unlocks long-term software and product development Poised for continued value creation Mission: Transforming the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures