NeuroPace
NPCE on Nasdaq. NeuroPace sells a brain implant that reduces seizures to people with epilepsy. Market value $454m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-2.67 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -32 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$12.67 a share, 37% above its 1-year low
Over the past year the price has ranged from $9.22 to $19.60.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $45m | $46m | $65m | $80m | $100m |
| Operating margin | |||||
| Operating margin | -52.5% | -89.6% | -41.5% | -27.1% | -16.3% |
| Debt to equity | |||||
| Debt to equity | 0.68 | 1.52 | 2.76 | 7.43 | 3.09 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt3.09× equity
- Revenue growth, five yearsStrong, 22.0% a year
- Buying back its own sharesNo, 38% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $23 million last quarter, up 17% on a year ago.
- A loss of $6 million, compared with a loss of $9 million a year ago.
- Over the past 12 months it spent $12 million more cash than it brought in, compared with $16 million a year earlier.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $46 million more than cash, up from $36 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $21m |
| December 2024 | $21m |
| March 2025 | $23m |
| June 2025 | $20m |
| September 2025 | $27m |
| December 2025 | $27m |
| March 2026 | $22m |
| June 2026 | $23m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | -$5m |
| March 2025 | -$7m |
| June 2025 | -$9m |
| September 2025 | -$3m |
| December 2025 | -$3m |
| March 2026 | -$7m |
| June 2026 | -$6m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 March 2026
- Next quarterly (estimated, 10-Q)
- 10 November 2026
Who owns it
None of the long-term investors we follow own it. 113 funds in all.
Largest holders overall
- Polar Capital Holdings$52m
- Soleus Capital Management, L.P.$46m
- First Light Asset Management$45mAdded
- Morgan Stanley$42mAdded
- BlackRock$39mAdded
- Orbimed Advisors$24mCut
- Driehaus Capital Management$23m
- Vanguard Capital Management$19mAdded
- Deutsche Bank AG$15m
- Armistice Capital$11m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Mathew P. ArensPassive investorat least 12.3%+3.6 pts(filed with 1 related holder)Since 31 August 2026
- Polar Capital Holdings PlcPassive investorat least 9.1%(filed with 1 related holder)Since 31 March 2025
- Soleus Capital Management, L.P.Passive investorat least 8.9%+1.9 pts(filed with 8 related holders)Since 30 September 2025
- Morgan StanleyPassive investorat least 8.3%(filed with 1 related holder)Since 31 December 2024
- Soleus Capital Master Fund, L.P.Passive investorat least 6.1%(filed with 1 related holder)Since 30 June 2025
- Kent Lake PR LLCPassive investorat least 4.9%(filed with 2 related holders)Since 31 December 2024
- OrbiMed Advisors LLCPassive investorat least 4.4%−1.8 pts(filed with 1 related holder)Since 30 June 2026
- KCK LTD.Passive investorSold down below 5%Since 20 February 2025
| Holder | Stake | Since | |
|---|---|---|---|
Mathew P. Arens Passive investor | at least 12.3%+3.6 pts (filed with 1 related holder) | 31 August 2026 | |
Polar Capital Holdings Plc Passive investor | at least 9.1% (filed with 1 related holder) | 31 March 2025 | |
Soleus Capital Management, L.P. Passive investor | at least 8.9%+1.9 pts (filed with 8 related holders) | 30 September 2025 | |
Morgan Stanley Passive investor | at least 8.3% (filed with 1 related holder) | 31 December 2024 | |
Soleus Capital Master Fund, L.P. Passive investor | at least 6.1% (filed with 1 related holder) | 30 June 2025 | |
Kent Lake PR LLC Passive investor | at least 4.9% (filed with 2 related holders) | 31 December 2024 | |
OrbiMed Advisors LLC Passive investor | at least 4.4%−1.8 pts (filed with 1 related holder) | 30 June 2026 | |
KCK LTD. Passive investor | Sold down below 5% | 20 February 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $399,250.
- Morrell MarthaCHIEF MEDICAL OFFICERSold
- Date
- 15 December 2025
- Shares
- 25,000
- Price
- $15.97
- Value
- $399,250
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 December 2025 | Morrell Martha CHIEF MEDICAL OFFICER | Sold | 25,000 | $15.97 | $399,250 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.1× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.