NeuroPace, Inc. (NPCE): Modelo de Negocio Canvas [Actualizado en Ene-2025]

En el intrincado panorama de la innovación neurológica, Neuropace, Inc. surge como una empresa de tecnología médica innovadora que revoluciona el tratamiento de epilepsia a través de su sistema de neuroestimulación receptiva de vanguardia (RNS). Al ofrecer una solución transformadora para pacientes que luchan contra las convulsiones resistentes a los fármacos, Neuropace ofrece un enfoque sofisticado y personalizado para la intervención neuronal que promete redefinir la atención neurológica, proporcionando esperanza y una mejor calidad de vida para las personas que luchan con condiciones epilépticas complejas.

Neuropace, Inc. (NPCE) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de dispositivos médicos

Neuropace colabora con los siguientes proveedores de componentes del dispositivo médico:

Proveedor	Componente	Valor anual del contrato
Medtrónico	Componentes eléctricos	$ 2.1 millones
Boston Scientific	Tecnología de detección neurológica	$ 1.7 millones
Zimmer Biomet	Materiales de implantes quirúrgicos	$ 1.4 millones

Instituciones y universidades de investigación neurológica

Las asociaciones de investigación clave incluyen:

• Departamento de Neurociencia de la Universidad de Stanford
• Centro de investigación de epilepsia de Mayo Clinic
• Instituto de Neurología Johns Hopkins
• Universidad de California, Programa de investigación de trastornos neurológicos de San Francisco

Institución	Enfoque de investigación	Beca de investigación anual
Universidad de Stanford	Ensayos clínicos del sistema RNS	$850,000
Clínica de mayonesa	Innovaciones de tratamiento de epilepsia	$725,000

Empresas de tecnología de la salud

Socios de colaboración de tecnología:

• IBM Watson Health
• Salud digital Medtronic
• Informática de atención médica de Philips

Compañía	Tipo de colaboración	Valor de asociación
IBM Watson Health	Análisis de datos neurológicos impulsados ​​por IA	$ 1.2 millones
Salud digital Medtronic	Plataforma de monitoreo remoto	$980,000

Cuerpos reguladores

Asociaciones regulatorias de cumplimiento y aprobación:

• Administración de Alimentos y Medicamentos de los Estados Unidos (FDA)
• Agencia Europea de Medicamentos (EMA)
• Foro Internacional de Reguladores de Dispositivos Médicos (IMDRF)

Cuerpo regulador	Área de cumplimiento	Costo de cumplimiento anual
FDA	Proceso de aprobación del dispositivo médico	$ 1.5 millones
EMA	Autorización del mercado europeo	$ 1.1 millones

Neuropace, Inc. (NPCE) - Modelo de negocio: actividades clave

Desarrollo y fabricación de sistemas de RNS (neuroestimulación receptiva)

Neuropace se centra en la fabricación de precisión de sistemas RNS con las siguientes especificaciones:

Métrico de fabricación	Datos específicos
Capacidad de producción anual	Aproximadamente 2,500-3,000 dispositivos RNS
Ubicación de fabricación	Mountain View, California
Estándar de control de calidad	Certificación ISO 13485 dispositivos médicos

Realización de ensayos clínicos e investigación

Inversiones de investigación y desarrollo:

Categoría de investigación	Monto de la inversión
Gasto de I + D (2023)	$ 24.7 millones
Estudios en curso de ensayos clínicos	3 ensayos de trastorno neurológico activo

Obtener aprobaciones regulatorias

• Aprobación de la FDA para el tratamiento de la epilepsia (2013)
• CE Mark para el mercado europeo (2015)
• Monitoreo de cumplimiento regulatorio continuo

Innovación de productos y avance tecnológico

El desarrollo tecnológico se centra en:

• Miniaturización de dispositivos de neuroestimulación
• Algoritmos de procesamiento de señales mejorados
• Tecnología de batería mejorada

Marketing y ventas de dispositivos de neuroestimulación

Métrico de ventas	2023 datos
Ingresos totales	$ 48.3 millones
Precio de venta promedio de dispositivos	$ 25,000 - $ 35,000 por unidad
Especialidades médicas objetivo	Neurología, Centros de tratamiento de epilepsia

Neuropace, Inc. (NPCE) - Modelo de negocio: recursos clave

Tecnología y patentes RNS patentadas

Neuropace se mantiene 7 patentes activas relacionado con la tecnología de neuroestimulación receptiva a partir de 2024. La propiedad intelectual central de la compañía cubre los sistemas de neuroestimulación receptivos para el tratamiento de la epilepsia.

Categoría de patente	Número de patentes activas	Rango de vencimiento de patentes
Tecnología de neuroestimulación receptiva	7	2028-2035

Equipos calificados de neurociencia e ingeniería

Neuropace emplea 92 Profesionales de Investigación e Ingeniería A partir del cuarto trimestre de 2023, con el siguiente desglose del equipo especializado:

• Neurocientíficos: 32
• Ingenieros eléctricos: 28
• Ingenieros de software: 22
• Especialistas en dispositivos médicos: 10

Investigaciones y instalaciones de desarrollo

La empresa mantiene 1 Instalación primaria de I + D Ubicado en Mountain View, California, que abarca 35,000 pies cuadrados.

Capacidades avanzadas de fabricación de dispositivos médicos

Métrico de fabricación	Especificación 2024
Capacidad de producción anual	5,000 sistemas de neuroestimulación RNS
Líneas de fabricación certificadas por la FDA	3 líneas de producción dedicadas
Tasa de inspección de control de calidad	Prueba de dispositivo 100%

Cartera de propiedades intelectuales

La cartera de propiedad intelectual de Neuropace se valora en aproximadamente $ 42.5 millones A partir del informe financiero anual de 2023.

• Ingresos de licencia de patentes: $ 1.2 millones en 2023
• Inversión de I + D: $ 18.3 millones en 2023
• Aplicaciones de patentes pendientes: 5

Neuropace, Inc. (NPCE) - Modelo de negocio: propuestas de valor

Tratamiento innovador de epilepsia para pacientes resistentes a los medicamentos

El sistema RNS de Neuropace aborda el tratamiento para pacientes con epilepsia focal resistente a las drogas. La FDA aprobada en 2013, el dispositivo se dirige a aproximadamente el 30% de los pacientes con epilepsia que no responden a los medicamentos tradicionales.

Segmento de paciente	Potencial de mercado	Efectividad del tratamiento
Pacientes de epilepsia resistente a los fármacos	Aproximadamente 1.2 millones en Estados Unidos	Reducción mediana de convulsiones del 44% en ensayos clínicos

Intervención neurológica personalizada

El sistema RNS proporciona monitoreo neuronal individualizado y neuroestimulación receptiva.

• Algoritmos de detección de ataques personalizados
• Análisis de señal cerebral en tiempo real
• Parámetros de estimulación adaptativa

Tecnología de neuroestimulación mínimamente invasiva

La implantación quirúrgica implica una interrupción mínima del tejido cerebral con pistas neuronales dirigidas a precisión.

Procedimiento quirúrgico	Complejidad	Tiempo de recuperación
Implantación neuroestimuladora	Procedimiento neuroquirúrgico mínimamente invasivo	Típicamente 1-2 semanas después de la operación

Mejor control de las convulsiones y calidad de vida del paciente

Los datos clínicos demuestran resultados significativos del paciente:

• Reducción de la frecuencia mediana del 37% después de 2 años
• Efectividad del dispositivo a largo plazo documentada en estudios de varios años
• Mejor independencia del paciente y funcionamiento diario

Monitoreo neuronal dirigido por precisión y tratamiento

La tecnología avanzada permite monitoreo continuo de la señal cerebral.

Capacidad de monitoreo	Proceso de datos	Respuesta de estimulación
Grabación de señal neuronal continua	Algoritmos de aprendizaje automático	Neuroestimulación receptiva dentro de los milisegundos

Neuropace, Inc. (NPCE) - Modelo de negocios: relaciones con los clientes

Compromiso médico directo

Neuropace mantiene el compromiso directo con neurólogos y especialistas en epilepsia a través de canales de comunicación médica específicas.

Método de compromiso	Frecuencia de interacción anual
Presentaciones de conferencia médica	8-10 conferencias nacionales de neurología
Sesiones de entrenamiento clínico	36 talleres de capacitación especializada
Contribuciones de publicación revisadas por pares	4-6 publicaciones de la revista médica anualmente

Soporte técnico para proveedores de atención médica

Neuropace proporciona soporte técnico integral para la implementación y gestión del sistema RNS.

• Línea directa de soporte técnico 24/7
• Portal de recursos técnicos en línea
• Especialistas regionales de aplicación clínica

Programas de educación y apoyo del paciente

Infraestructura integral de soporte del paciente para usuarios del sistema RNS.

Canal de soporte	Alcance anual
Webinarios web de apoyo al paciente	12 sesiones en línea
Conexiones del grupo de apoyo al paciente	250-300 pacientes anualmente
Recursos de información del paciente digital	Más de 5,000 interacciones digitales del paciente

Servicios de seguimiento clínico en curso

Monitoreo clínico estructurado y protocolos de seguimiento de pacientes.

• Recopilación de datos trimestralmente del paciente
• Revisión anual de rendimiento clínico
• Seguimiento personalizado del progreso del paciente

Plataformas de monitoreo de pacientes digitales

Infraestructura digital avanzada para monitoreo remoto de pacientes.

Función de plataforma digital	Especificación técnica
Seguimiento de convulsiones remotas	Transmisión de datos en tiempo real
Registros de pacientes basados ​​en la nube	Almacenamiento compatible con HIPAA
Aplicación móvil del paciente	iOS y Android compatible

Neuropace, Inc. (NPCE) - Modelo de negocio: canales

Equipo de ventas directo dirigido a los neurólogos

Neuropace mantiene un Fuerza de ventas directa dedicada de 12 representantes especializados de ventas médicas A partir de 2024. Estos representantes se centran exclusivamente en neurólogos especializados en el tratamiento de la epilepsia.

Métrico de canal de ventas	2024 datos
Representantes de ventas directas totales	12
Duración del ciclo de ventas promedio	6-9 meses
Hospitales objetivo por representante	25-30

Conferencias médicas y simposios profesionales

Neuropace participa en 7-9 conferencias de neurología importantes anualmente, con un enfoque centrado en eventos relacionados con la epilepsia.

• Reunión anual de la American Epilepsy Society
• Congreso internacional de epilepsia
• Conferencia de la Academia Americana de Neurología

Distribuidores de tecnología de salud

La compañía colabora con 3 redes de distribución de dispositivos médicos primarios para expandir el alcance del producto.

Distribuidor	Área de cobertura
Soluciones MedTech	América del norte
Dispositivos médicos globales	Mercados internacionales
Distribuidores de Neurodevice	Redes de neurología especializada

Plataformas de información médica en línea

Neuropace mantiene Presencia digital en 4 plataformas de información médica especializadas, dirigidos a neurólogos y especialistas en epilepsia.

• Red profesional de doximidad
• PubMed Central
• Portal profesional webmd
• Canal de neurología de Medscape

Ferias comerciales de dispositivos médicos

La compañía exhibe en 5-6 ferias comerciales internacionales de dispositivos médicos anualmente, con un presupuesto total de exhibición de aproximadamente $450,000.

Demostración comercial	Ubicación	Asistencia estimada
MD&M West	Anaheim, CA	12,000
Salud árabe	Dubai, EAU	84,000
Médica	Düsseldorf, Alemania	120,000

Neuropace, Inc. (NPCE) - Modelo de negocio: segmentos de clientes

Pacientes de epilepsia con convulsiones resistentes a los medicamentos

Según la Fundación Epilepsia, aproximadamente 3.4 millones de personas en los Estados Unidos tienen epilepsia. De estos, 30-40% tienen epilepsia resistente a las drogas.

Características del segmento del paciente	Datos estadísticos
Pacientes de epilepsia total resistente a las drogas	1.02-1.36 millones de pacientes
El rango de edad más afectado	18-55 años
Costos de atención médica anuales por paciente	$10,000-$47,000

Neurólogos y especialistas en epilepsia

En los Estados Unidos, hay aproximadamente 4,000 neurólogos en ejercicio especializados en tratamiento de epilepsia.

• Epileptólogos certificados por la junta: 700-800
• Neurólogos con subespecialidad de la epilepsia: 3.200-3.300
• Potencial de referencia anual promedio por especialista: 15-25 pacientes

Centros neurociruúrgicos

Tipo de centro neuroquirúrgico	Número en Estados Unidos
Centros de epilepsia de nivel 4	80-100
Centros de epilepsia de nivel 3	120-140
Procedimientos potenciales de implantes anuales	500-700 por centro

Departamentos de neurología del hospital

Aproximadamente 6.100 hospitales en los Estados Unidos tienen departamentos de neurología dedicados.

• Hospitales con programas integrales de epilepsia: 350-400
• Volumen promedio de paciente de epilepsia anual: 200-300 por departamento

Prácticas médicas privadas

Tipo de práctica	Número en Estados Unidos
Neurología Prácticas privadas	8,500-9,000
Prácticas con enfoque de epilepsia	1,200-1,500
Referencias promedio de pacientes	40-60 por año

Neuropace, Inc. (NPCE) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Neuropace reportó gastos de I + D de $ 17.1 millones para el año fiscal 2022, lo que representa una inversión significativa en innovación de dispositivos médicos.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 17.1 millones	76.3%
2021	$ 15.3 millones	72.5%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Neuropace fueron de aproximadamente $ 8.5 millones en 2022, centrados en el desarrollo de dispositivos de tratamiento de epilepsia.

• Ensayos clínicos en curso para el sistema RNS
• Estudios de cumplimiento de la FDA
• Investigación de resultados del paciente a largo plazo

Costos de fabricación y producción

Los costos de producción para el sistema RNS de Neuropace se estimaron en $ 3.2 millones en 2022, con requisitos especializados de fabricación de dispositivos médicos.

Componente de costos	Gasto anual
Materia prima	$ 1.5 millones
Mano de obra de fabricación	$ 1.2 millones
Mantenimiento del equipo	$ 0.5 millones

Cumplimiento y certificación regulatoria

Los costos de cumplimiento para Neuropace totalizaron $ 2.7 millones en 2022, asegurando las normas regulatorias de dispositivos médicos.

• Tarifas de registro de la FDA
• Mantenimiento del sistema de gestión de calidad
• Auditorías de certificación anual

Gastos de ventas y marketing

Los gastos de ventas y marketing fueron de $ 6.4 millones en 2022, dirigidos a neurocirujanos y centros de tratamiento de epilepsia.

Canal de marketing	Gastos
Patrocinios de la Conferencia Médica	$ 1.8 millones
Marketing digital	$ 2.3 millones
Compensación del equipo de ventas	$ 2.3 millones

Neuropace, Inc. (NPCE) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

Ingresos del sistema Neuropace RNS para 2022: $ 29.4 millones

Producto	Precio de venta promedio	Ventas de unidades
Neuroestimulador de RNS	$17,500	Aproximadamente 1,680 unidades

Ingresos recurrentes de los reemplazos de dispositivos

Tasa de reemplazo de dispositivo anual estimada: 5-7% de los dispositivos implantados

• Costo de reemplazo promedio: $ 15,000 por dispositivo
• Ingresos de reemplazo anuales proyectados: $ 4.5 millones a $ 6.3 millones

Contratos de servicio y soporte

Ingresos anuales del contrato de servicio: $ 2.1 millones

Tipo de contrato	Ingresos anuales
Apoyo técnico	$ 1.2 millones
Acuerdos de mantenimiento	$900,000

Licencias potenciales de neurotecnología

Ingresos de licencia para 2022: $ 0.5 millones

• Portafolio de propiedad intelectual: 35 patentes activas
• Posibles objetivos de licencia: instituciones de investigación neurológica

Reembolso de proveedores de seguros de salud

Reembolso total de seguros para 2022: $ 22.8 millones

Categoría de proveedor de seguros	Monto del reembolso
Seguro privado	$ 16.4 millones
Seguro médico del estado	$ 6.4 millones

Flujos de ingresos totales para 2022: $ 55.3 millones

NeuroPace, Inc. (NPCE) - Canvas Business Model: Value Propositions

You're looking at what makes NeuroPace, Inc. stand out in the medical device space, specifically what they offer to patients and physicians. Honestly, the value proposition centers on data-driven, personalized therapy that changes the standard of care for drug-resistant epilepsy.

The core offering is personalized, real-time seizure treatment delivered right at the seizure source via a closed-loop system. This is the first and only FDA-approved epilepsy device that provides this brain-responsive neurostimulation. It's designed to respond to the patient's abnormal brain events as they happen.

The clinical results from the Post-Approval Study (PAS) are the hard numbers backing this up. You need to see these figures:

Metric	Result/Data Point	Context/Timeframe
Median Seizure Reduction	82%	At 3 years in the PAS for drug-resistant focal epilepsy (DRE)
Rapid Seizure Reduction	62% median reduction	At 6 months in the PAS
Seizure Freedom	42% of patients	Remained seizure free for 6+ months in the PAS
Long-Term Reduction (Original Study)	Median 75% reduction	At 9 years in the original FDA study
High Responders (Real-World)	Approximately 1 in 3 patients	Experienced greater than 90% reduction in seizures

This therapy is also minimally invasive and offers fewer stimulation-related side effects when compared to other neuromodulation options. Plus, the system generates detailed intracranial EEG (iEEG) data. This data is crucial; it helps physicians make more informed treatment decisions. The company is even using this data to fuel AI-driven tools, like NeuroPace AI and SeizureID, designed to turn iEEG recordings into actionable insights for clinicians.

The potential for market expansion is significant, particularly into Idiopathic Generalized Epilepsy (IGE). Preliminary data from the NAUTILUS study for IGE therapy is showing promising results for generalized tonic-clonic (GTC) seizures:

• Median GTC seizure reduction of 79% at 12 months.
• Data at 18 and 24 months currently indicate better than 80% median GTC seizure reduction.
• NeuroPace plans to submit the NAUTILUS PMA Supplement to the FDA for IGE indication expansion by year-end 2025.

For context on the commercial momentum supporting these value propositions, NeuroPace reported Q3 2025 total revenue of $27.4 million, a 30% year-over-year growth, and increased full-year 2025 revenue guidance to between $97 million and $98 million. The gross margin hit 77.4% in Q3 2025.

Finance: draft 13-week cash view by Friday.

NeuroPace, Inc. (NPCE) - Canvas Business Model: Customer Relationships

You're looking at how NeuroPace, Inc. nurtures its relationship with the key players-the implanting physicians and the patients who rely on the RNS System. This isn't a simple transaction; it's a long-term clinical partnership.

For implanting physicians, the relationship starts with high-touch clinical support and training. NeuroPace, Inc. emphasizes generating high-quality evidence to enable these clinicians to provide more confident, data-informed care. The educational infrastructure supporting this includes specific offerings like RNS System Education, Fellows Education, and dedicated Programming Resources, alongside general Webinars. This commitment to provider education helps ensure the system is used effectively post-implant.

Post-implant management relies heavily on the data ecosystem, which supports the role of what would be dedicated field clinical specialists, even if specific specialist headcount isn't public. The RNS System continuously monitors brain activity, recording intracranial EEG (iEEG) data. This data is transferred by the patient to the Tablet Remote Monitor (TRM), which then uploads it to a secure database. This mechanism directly supports ongoing care, as the RNS System data can be securely accessed online to review patient progress anytime, anywhere, which helps support telehealth visits. Furthermore, NeuroPace, Inc. has established an established reimbursement code for Remote iEEG Review, making this ongoing support financially viable for providers.

Patient support programs are a clear driver for both awareness and referrals. Project CARE is a key initiative here, and its momentum is building; the contribution from Project CARE showed an increasing sequential contribution in the third quarter of 2025 compared with the second quarter of 2025. This effort is strategically paired with direct-to-consumer marketing initiatives, which are a significant component of the Sales and Marketing spend. For the second quarter of 2025, Sales and Marketing expense totaled $12.0 million.

The remote monitoring and programming capabilities are central to the ongoing relationship, moving care beyond the clinic walls. The next-generation nSight Platform is designed to simplify the data experience for physicians, presenting a concise, customized report that integrates information from multiple sources, including digital seizure diaries. This allows clinicians to identify patient-specific insights to optimize care through behavioral counseling and programming changes. The introduction of features like Simple Set Programming streamlines the physician's workflow by allowing pre-establishment of complete programming sets before a clinic visit.

To give you a snapshot of the scale of the customer base being managed through these relationships as of late 2025, look at these key operational figures:

Metric	Value (as of late 2025 data)	Context
Total US Experience with RNS System	Over 6,500 individuals	Cumulative patient experience in the US.
Active Accounts (Q3 2025)	Record Highs	Indicates growing installed base utilizing ongoing services.
Prescribers (Q3 2025)	Record Highs	Indicates growing physician adoption and engagement.
Sales & Marketing Expense (Q2 2025)	$12.0 million	Reflects investment in driving demand, including direct-to-consumer efforts.
Project CARE Contribution (Q3 2025 vs Q2 2025)	Increasing	Shows growing impact of the patient support/referral program.

The focus on data-driven remote management is a clear differentiator. The ability to review patient data online supports the goal of becoming the neuromodulation category leader in efficiency and ease of use with AI Tools and Remote Programming, a stated three-year strategic objective. If onboarding takes 14+ days, churn risk rises, so streamlining this initial clinical relationship is defintely critical.

Finance: review Q3 2025 Sales & Marketing spend against the stated goal of expanding awareness by Friday.

NeuroPace, Inc. (NPCE) - Canvas Business Model: Channels

The channels NeuroPace, Inc. uses to reach its customer segments are directly tied to the high-touch nature of implantable medical devices and physician education.

Direct sales force targeting specialized epilepsy treatment centers.

The core commercial engine relies on direct engagement, evidenced by the investment in personnel and the resulting revenue generation.

• Sales and Marketing Expense in Q3 2025 was $12.6 million.
• Sales and Marketing Expense in Q2 2025 was $12.0 million.
• The company cited growth driven by increased commercial activity and broader prescriber engagement.
• Growth is supported by the impact of Project CARE, which increases site engagement and implant volumes.
• The RNS System is substantially sold to hospital facilities, typically designated as Level 4 CECs.

Hospital and surgical center procurement departments.

The direct sales force navigates the formal purchasing structures within healthcare facilities to secure adoption of the RNS System.

Metric	Value (as of late 2025)
Q3 2025 RNS System Revenue	$22.6 million
RNS System Revenue Year-over-Year Growth (Q3 2025)	31%
Full Year 2025 Revenue Guidance (Range)	$97 million to $98 million

Online physician portal (nSight Platform) for data review.

The nSight Platform serves as a critical post-sale channel for ongoing physician engagement and patient management, turning recorded data into actionable insights.

• The platform summarizes electrographic detail and historical data to inform programming decisions.
• It integrates information from multiple sources, including PDMS and digital patient seizure diaries like Seizure Tracker.
• The platform provides access to reports such as the Patient nSight Report and Clinic Dashboard Center Report.
• The portal is intended for use by clinicians trained on the RNS System, providing retrospective data.

Direct-to-consumer digital and traditional advertising.

While the primary focus remains on physician adoption, NeuroPace has stated plans for broader awareness campaigns.

• A stated three-year strategic objective is to significantly expand patient and referral awareness through direct-to-consumer campaigns.

Clinical education and professional society conferences.

Scientific exchange at major meetings is a key channel for validating the technology and driving prescriber adoption.

Event/Activity	Data Point (2025)
2025 American Epilepsy Society (AES) Annual Meeting Feature	RNS System featured in over 80 scientific presentations and posters
Featured Data at AES 2025	New analyses from the RNS System Post-Approval Study (PAS) and emerging results from the NAUTILUS study
Company Goal (3-Year Objective)	Become the neuromodulation category leader in efficiency and ease of use with AI Tools and Remote Programming

NeuroPace, Inc. (NPCE) - Canvas Business Model: Customer Segments

You're looking at the core groups NeuroPace, Inc. (NPCE) targets to drive its business, which is all about getting the RNS® System to the right patients and centers. The numbers from late 2025 show real traction in these segments.

Patients with drug-resistant focal epilepsy who have failed multiple medications

This is the primary patient pool. Drug-resistant epilepsy (DRE) is a significant unmet medical need, affecting approximately 1.2 million people in the U.S., representing up to 30-40% of all epilepsy diagnoses. The RNS System is FDA approved as a supplemental therapy for individuals 18 years of age or older. As of the data presented in 2025, over 6,500 individuals in the United States have experience with the RNS System. The clinical evidence supporting this segment is strong; three-year data from the Post-Approval Study (PAS) showed an 82% median reduction in seizures at 3 years, with 42% of patients achieving seizure freedom for 6+ months.

The key patient profile is one who has exhausted other options. Here's a snapshot of the clinical value proposition for this segment:

• Median seizure reduction at 3 years: 82%.
• Patients seizure-free for 6+ months: 42%.
• Current U.S. patient experience base: Over 6,500 individuals.
• Target population size (DRE in U.S.): Approximately 1.2 million.

Epileptologists and neurosurgeons at Level 4 Epilepsy Centers

These are the key prescribers and centers of excellence where the RNS System is implanted. NeuroPace, Inc. achieved record highs in the number of prescribers and active accounts during the third quarter of 2025. The company is working to establish the RNS System as the standard of care in drug-resistant epilepsy, which requires deep engagement with these specialists. The clinical validation for these centers comes from large trials; for instance, the PAS enrolled 324 patients from 32 centers. The company is also advancing regulatory milestones, remaining on track to submit the NAUTILUS PMA Supplement to the FDA for the idiopathic generalized epilepsy (IGE) indication expansion by year-end 2025, which will broaden the appeal to these specialized centers.

Neurologists and referring physicians in the broader community

This group serves as the crucial referral source, feeding patients into the specialized Level 4 centers. While direct financial data for this segment isn't segmented out, the overall commercial momentum reflects their growing role. Total revenue for NeuroPace, Inc. hit $27.4 million in Q3 2025, a 30% year-over-year growth, with RNS System revenue alone at $22.6 million, up 31%. The management team is confident in a long-term growth trajectory of a minimum of 20% in the core RNS business, which relies on broader community awareness and referral patterns. Sales and marketing expense in Q3 2025 was $12.6 million, reflecting investment in scaling commercial activities that target this wider physician base.

Clinical-stage biotechnology companies for data collaboration

This segment provides a secondary, high-margin revenue stream based on the unique data asset NeuroPace, Inc. collects. Research service revenue, derived from these collaborations, contributed approximately $770,000 in the third quarter of 2025. This data is proprietary, patient-level brain data captured through the RNS System, which is foundational for developing AI-enabled tools like Seizure ID™, which was submitted to the FDA for approval in Q3 2025. The gross margin for the total company in Q3 2025 was a strong 77.4%, and the RNS segment margins are expected to remain above 80% moving into 2026, suggesting data services are a high-value component.

Here's how the financial performance ties to the data collaboration segment:

Metric	Value (Q3 2025)	Context
Research Service Revenue	$770,000	Revenue from data collaborations.
Total Revenue Growth (YoY)	30%	Reflects overall business momentum, including data utilization.
RNS System Gross Margin (Expected 2026)	Minimum 80%	Highlights the high-margin nature of the core business supported by data.

If you're tracking the business model, you see the core device sales driving the bulk, but the data partnerships are a clean, high-margin component. Finance: draft 13-week cash view by Friday.

NeuroPace, Inc. (NPCE) - Canvas Business Model: Cost Structure

You're looking at the cost side of the NeuroPace, Inc. (NPCE) equation, which is heavily weighted toward innovation and commercial expansion, typical for a complex implantable medical device maker. The nature of the RNS System-a brain-responsive platform-means that even with strong manufacturing efficiencies, the cost to produce and deliver that technology is significant.

To give you a clear picture of the cost base as of late 2025, here are the key operating expense figures from the third quarter ended September 30, 2025. Honestly, the gross margin shows they are managing product costs well, but the operating expenses are where the growth investment is concentrated.

Expense Category	Q3 2025 Amount	Full Year 2025 Guidance Range
Total Operating Expenses	$23.8 million	$94 million - $95 million
Sales and Marketing Expense	$12.6 million	$47 million to $48 million
Research and Development Expense	$6.6 million	$28 million
Stock-Based Compensation (within OpEx)	$2.6 million	Approximately $11 million
General and Administrative Expense	$4.6 million	N/A

The high cost of goods sold (COGS) is implied by the device complexity, though the company reported a strong Q3 2025 gross margin of 77.4%, which is up from 73.2% in Q3 2024. This margin improvement is driven by increasing revenue from the higher-margin RNS System and manufacturing efficiencies. Still, for every dollar of revenue, about 22.6% went to COGS in that quarter.

Sales and Marketing expenses are substantial, hitting $12.6 million in Q3 2025. This reflects the ongoing scaling of commercial activities necessary to drive adoption of the RNS System. You can see the full-year expectation is now between $47 million and $48 million, which is slightly up due to performance-based variable compensation.

Research and Development (R&D) investment remains a core cost driver, reported at $6.6 million for the quarter. This is a deliberate spend to secure future value. The R&D spend is funding critical, forward-looking projects.

Personnel-related costs are a major component across the board, especially with the scaling commercial team and R&D efforts. Stock-based compensation, a non-cash expense, was $2.6 million in Q3 2025 alone, with the full-year 2025 expectation set around $11 million. This is how NeuroPace, Inc. compensates key talent driving these complex initiatives.

Clinical trial and regulatory submission costs are embedded within R&D, but they represent specific, lumpy expenditures. The company confirmed its timeline remains on track to submit the PMA supplement for the NAUTILUS indication expansion before the end of 2025. This submission is a direct result of the investment in clinical trials.

Here's a quick look at what is driving the R&D investment:

• Development of a next-generation platform.
• Investment in AI-enabled tools, including NeuroPace AI™ and Seizure ID™.
• Funding for ongoing clinical trials, like the one supporting the NAUTILUS submission.

Finance: draft 13-week cash view by Friday.

NeuroPace, Inc. (NPCE) - Canvas Business Model: Revenue Streams

You're looking at how NeuroPace, Inc. is bringing in the cash as we head into the final quarter of 2025. The story here is a clear pivot toward the high-margin, core product, the RNS System, while intentionally winding down a lower-margin legacy stream.

The primary engine for revenue is definitely the sales of the RNS System, which includes the neurostimulator and the leads. This is where the real value is, and it shows in the margins. For the third quarter of 2025, RNS System sales hit $22.6 million, marking a 31% jump year-over-year. To be fair, the company is seeing strong momentum across geographies, accounts, and utilization for this core product.

This focus is driving the overall financial picture. NeuroPace, Inc. increased its full-year 2025 revenue guidance to a range of $97 million to $98 million. That new guidance reflects expected year-over-year growth of 21% to 23%.

The quality of that revenue is just as important as the amount. The total company gross margin for Q3 2025 came in strong at 77.4%. Management has since raised the full-year 2025 gross margin guidance to 76% to 77%. The RNS System segment itself is carrying the weight, with its gross margin consistently reported as above 80%.

Here's a quick look at the revenue breakdown from that strong third quarter:

Revenue Source	Q3 2025 Amount	Notes
RNS System Sales	$22.6 million	Grew 31% year-over-year
DIXI Product Sales	Approximately $4 million	Distribution agreement ended September 30
Research Service Revenue	Approximately $770,000	From ongoing data collaborations
Total Company Revenue	$27.4 million	30% growth compared to Q3 2024

You'll notice the DIXI product revenue stream is on its way out. The company is phasing out this lower-margin distribution revenue, which carries margins of sub-50%. While Q3 saw about $4 million from DIXI sales, management stated they expect to be substantially done with those sales by the end of 2025. This exit is a key driver for the projected gross margin improvement in 2026, which is expected to be greater than 80% once DIXI is fully out of the mix.

Beyond the hardware sales, NeuroPace, Inc. also generates revenue from its proprietary data:

• Research service revenue from data collaborations was approximately $770,000 in Q3 2025.
• The company projects similar service revenue, around $0.75 million, for the fourth quarter of 2025.

Finance: draft 13-week cash view by Friday.