Neuropace, Inc. (NPCE): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado da inovação neurológica, a Neuropace, Inc. surge como uma empresa inovadora de tecnologia médica que revoluciona o tratamento da epilepsia por meio de seu sistema de neuroestimulação responsiva (RNS) de ponta. Ao oferecer uma solução transformadora para pacientes que combatem convulsões resistentes a medicamentos, o Neuropace oferece uma abordagem sofisticada e personalizada da intervenção neural que promete redefinir os cuidados neurológicos, fornecendo esperança e melhoria da vida de vida para indivíduos que lutam com condições epiléticas complexas.

Neuropace, Inc. (NPCE) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos e fornecedores

O Neuropace colabora com os seguintes fornecedores de componentes de dispositivos médicos:

Fornecedor	Componente	Valor anual do contrato
Medtronic	Componentes elétricos	US $ 2,1 milhões
Boston Scientific	Tecnologia de detecção neurológica	US $ 1,7 milhão
Zimmer Biomet	Materiais de implante cirúrgico	US $ 1,4 milhão

Instituições de pesquisa em neurologia e universidades

As principais parcerias de pesquisa incluem:

• Departamento de Neurociência da Universidade de Stanford
• Mayo Clinic Epilepsy Research Center
• Instituto de Neurologia Johns Hopkins
• Universidade da Califórnia, Programa de Pesquisa de Distúrbios Neurológicos de São Francisco

Instituição	Foco na pesquisa	Concessão de pesquisa anual
Universidade de Stanford	Ensaios clínicos do sistema RNS	$850,000
Clínica Mayo	Inovações de tratamento de epilepsia	$725,000

Empresas de tecnologia de saúde

Parceiros de colaboração de tecnologia:

• IBM Watson Health
• Saúde digital Medtronic
• Philips Healthcare Informatics

Empresa	Tipo de colaboração	Valor da parceria
IBM Watson Health	Análise de dados neurológicos orientados a IA	US $ 1,2 milhão
Saúde digital Medtronic	Plataforma de monitoramento remoto	$980,000

Órgãos regulatórios

Parcerias regulatórias de conformidade e aprovação:

• Administração de Alimentos e Medicamentos dos EUA (FDA)
• Agência Europeia de Medicamentos (EMA)
• Fórum Internacional de Reguladores de Dispositivos Médicos (IMDRF)

Órgão regulatório	Área de conformidade	Custo anual de conformidade
FDA	Processo de aprovação de dispositivos médicos	US $ 1,5 milhão
Ema	Autorização do mercado europeu	US $ 1,1 milhão

Neuropace, Inc. (NPCE) - Modelo de negócios: Atividades -chave

Sistemas de RNS em desenvolvimento e fabricação (neuroestimulação responsiva)

O Neuropace concentra -se na fabricação de precisão de sistemas RNS com as seguintes especificações:

Métrica de fabricação	Dados específicos
Capacidade de produção anual	Aproximadamente 2.500-3.000 dispositivos RNS
Locais de fabricação	Mountain View, Califórnia
Padrão de controle de qualidade	Certificação de dispositivos médicos ISO 13485

Conduzindo ensaios clínicos e pesquisas

Investimentos de pesquisa e desenvolvimento:

Categoria de pesquisa	Valor do investimento
Despesas de P&D (2023)	US $ 24,7 milhões
Estudos em andamento de ensaios clínicos	3 ensaios de transtorno neurológico ativos

Obtendo aprovações regulatórias

• Aprovação da FDA para tratamento de epilepsia (2013)
• Marca CE para o mercado europeu (2015)
• Monitoramento contínuo de conformidade regulatória

Inovação de produtos e avanço tecnológico

O desenvolvimento de tecnologia se concentra em:

• Miniaturização de dispositivos de neuroestimulação
• Algoritmos de processamento de sinal aprimorado
• Tecnologia de bateria aprimorada

Marketing e vendas de dispositivos de neuroestimulação

Métrica de vendas	2023 dados
Receita total	US $ 48,3 milhões
Preço médio de venda do dispositivo	$ 25.000 - US $ 35.000 por unidade
Especialidades médicas -alvo	Neurologia, Centros de Tratamento de Epilepsia

Neuropace, Inc. (NPCE) - Modelo de negócios: Recursos -chave

Tecnologia e patentes proprietárias RNS

Neuropace se mantém 7 patentes ativas Relacionado à tecnologia de neuroestimulação responsiva a partir de 2024. A propriedade intelectual central da empresa abrange sistemas de neuroestimulação responsivos para tratamento de epilepsia.

Categoria de patentes	Número de patentes ativas	Faixa de expiração da patente
Tecnologia de neuroestimulação responsiva	7	2028-2035

Equipes de neurociência e engenharia qualificadas

O Neuropace emprega 92 Profissionais de pesquisa e engenharia A partir do quarto trimestre 2023, com a seguinte quebra de equipe especializada:

• Neurocientistas: 32
• Engenheiros elétricos: 28
• Engenheiros de software: 22
• Especialistas em dispositivos médicos: 10

Instalações de pesquisa e desenvolvimento

A empresa mantém 1 instalação de P&D primária Localizado em Mountain View, Califórnia, abrangendo 35.000 pés quadrados.

Capacidades avançadas de fabricação de dispositivos médicos

Métrica de fabricação	2024 Especificação
Capacidade de produção anual	5.000 sistemas de neuroestimulação RNS
Linhas de fabricação certificadas pela FDA	3 linhas de produção dedicadas
Taxa de inspeção de controle de qualidade	Teste 100% de dispositivo

Portfólio de propriedade intelectual

O portfólio de propriedade intelectual do Neuropace é avaliado em aproximadamente US $ 42,5 milhões Até o relatório financeiro anual de 2023.

• Receita de licenciamento de patentes: US $ 1,2 milhão em 2023
• Investimento de P&D: US $ 18,3 milhões em 2023
• Aplicações de patentes pendentes: 5

Neuropace, Inc. (NPCE) - Modelo de negócios: proposições de valor

Tratamento inovador de epilepsia para pacientes resistentes a drogas

O sistema RNS do Neuropace aborda o tratamento para pacientes com Epilepsia focal resistente a drogas. A FDA aprovou em 2013, o dispositivo tem como alvo aproximadamente 30% dos pacientes com epilepsia que não respondem aos medicamentos tradicionais.

Segmento de pacientes	Potencial de mercado	Eficácia do tratamento
Pacientes de epilepsia resistentes a drogas	Aproximadamente 1,2 milhão nos Estados Unidos	Redução mediana de crises de 44% em ensaios clínicos

Intervenção neurológica personalizada

O sistema RNS fornece Monitoramento neural individualizado e neuroestimulação responsiva.

• Algoritmos personalizados de detecção de crises
• Análise de sinal cerebral em tempo real
• Parâmetros de estimulação adaptativa

Tecnologia de neuroestimulação minimamente invasiva

A implantação cirúrgica envolve interrupção mínima do tecido cerebral com Líderes neurais direcionados a precisão.

Procedimento cirúrgico	Complexidade	Tempo de recuperação
Implantação do neuroestimulador	Procedimento neurocirúrgico minimamente invasivo	Normalmente 1-2 semanas após a operação

Controle de convulsão aprimorado e qualidade de vida do paciente

Os dados clínicos demonstram resultados significativos dos pacientes:

• 37% de redução média de frequência de crises após 2 anos
• Eficácia de dispositivo de longo prazo documentada em estudos de vários anos
• Aprimorada independência do paciente e funcionamento diário

Monitoramento neural direcionado a precisão e tratamento

A tecnologia avançada permite Monitoramento contínuo de sinal cerebral.

Capacidade de monitoramento	Processamento de dados	Resposta de estimulação
Registro contínuo de sinal neural	Algoritmos de aprendizado de máquina	Neuroestimulação responsiva em milissegundos

Neuropace, Inc. (NPCE) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento profissional médico direto

O Neuropace mantém o envolvimento direto com neurologistas e especialistas em epilepsia por meio de canais de comunicação médica direcionados.

Método de engajamento	Frequência de interação anual
Apresentações da conferência médica	8-10 Conferências nacionais de neurologia
Sessões de treinamento clínico	36 workshops de treinamento especializados
Contribuições de publicação revisadas por pares	4-6 Publicações de revistas médicas anualmente

Suporte técnico para profissionais de saúde

O Neuropace fornece suporte técnico abrangente para a implementação e gerenciamento do sistema RNS.

• 24/7 de suporte técnico Linha direta
• Portal de Recursos Técnicos Online
• Especialistas regionais de aplicação clínica

Programas de educação e apoio do paciente

Infraestrutura abrangente de suporte ao paciente para usuários do sistema RNS.

Canal de suporte	Alcance anual
Apoio ao paciente seminários on -line	12 sessões online
Conexões de grupo de apoio ao paciente	250-300 pacientes anualmente
Recursos de informação do paciente digital	5.000 mais interações digitais de pacientes

Serviços de acompanhamento clínico em andamento

Monitoramento clínico estruturado e protocolos de rastreamento de pacientes.

• Coleta trimestral de dados de pacientes
• Revisão anual de desempenho clínico
• Rastreamento personalizado de progresso do paciente

Plataformas de monitoramento de pacientes digitais

Infraestrutura digital avançada para monitoramento remoto de pacientes.

Recurso da plataforma digital	Especificação técnica
Rastreamento de crises remoto	Transmissão de dados em tempo real
Registros de pacientes baseados em nuvem	Armazenamento compatível com HIPAA
Aplicação móvel do paciente	iOS e Android compatíveis

Neuropace, Inc. (NPCE) - Modelo de Negócios: Canais

Equipe de vendas direta direcionando neurologistas

O Neuropace mantém a Força de vendas direta dedicada de 12 representantes especializados de vendas médicas A partir de 2024. Esses representantes se concentram exclusivamente em neurologistas especializados no tratamento da epilepsia.

Métrica do canal de vendas	2024 dados
Total de representantes de vendas diretas	12
Comprimento médio do ciclo de vendas	6-9 meses
Hospitais -alvo por representante	25-30

Conferências médicas e simpósios profissionais

O Neuropace participa 7-9 Conferências principais de neurologia anualmente, com uma abordagem focada em eventos relacionados à epilepsia.

• Reunião Anual da American Epilepsy Society
• Congresso Internacional de Epilepsia
• Conferência da Academia Americana de Neurologia

Distribuidores de tecnologia de saúde

A empresa colabora com 3 redes primárias de distribuição de dispositivos médicos Para expandir o alcance do produto.

Distribuidor	Área de cobertura
MedTech Solutions	América do Norte
Dispositivos médicos globais	Mercados internacionais
Distribuidores de neurodevice	Redes de neurologia especializadas

Plataformas de informações médicas online

O Neuropace mantém Presença digital em 4 plataformas especializadas de informações médicas, visando neurologistas e especialistas em epilepsia.

• Rede Profissional de Doximity
• PubMed Central
• Portal Profissional do WebMD
• Canal de neurologia Medscape

Feiras de dispositivos médicos

A empresa exibe em 5-6 feiras internacionais de dispositivos médicos anualmente, com um orçamento total de exposição de aproximadamente $450,000.

Feira de feira	Localização	Participação estimada
MD&M oeste	Anaheim, CA.	12,000
Saúde árabe	Dubai, Emirados Árabes Unidos	84,000
Medica	Düsseldorf, Alemanha	120,000

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

Pacientes de epilepsia com convulsões resistentes a drogas

De acordo com a Fundação Epilepsia, aproximadamente 3,4 milhões de pessoas nos Estados Unidos têm epilepsia. Destes, 30-40% têm epilepsia resistente a medicamentos.

Características do segmento de pacientes	Dados estatísticos
Pacientes com epilepsia total resistente a medicamentos	1,02-1,36 milhões de pacientes
Faixa etária mais afetada	18-55 anos
Custos de saúde anuais por paciente	$10,000-$47,000

Neurologistas e especialistas em epilepsia

Nos Estados Unidos, existem aproximadamente 4.000 neurologistas praticantes especializados no tratamento da epilepsia.

• Epileptologistas certificados pela placa: 700-800
• Neurologistas com subespecialidade da epilepsia: 3.200-3.300
• Potencial de referência anual média por especialista: 15-25 pacientes

Centros neurocirúrgicos

Tipo de centro neurocirúrgico	Número nos Estados Unidos
Centros de epilepsia de nível 4	80-100
Centros de epilepsia de nível 3	120-140
Procedimentos anuais de implantação potencial	500-700 por centro

Departamentos de neurologia hospitalar

Aproximadamente 6.100 hospitais nos Estados Unidos têm departamentos de neurologia dedicados.

• Hospitais com programas abrangentes de epilepsia: 350-400
• Epilepsia média anual Volume: 200-300 por departamento

Práticas médicas privadas

Tipo de prática	Número nos Estados Unidos
Práticas privadas de neurologia	8,500-9,000
Práticas com foco de epilepsia	1,200-1,500
Referências médias de pacientes	40-60 por ano

Neuropace, Inc. (NPCE) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

A Neuropace registrou despesas de P&D de US $ 17,1 milhões para o ano fiscal de 2022, representando um investimento significativo na inovação de dispositivos médicos.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 17,1 milhões	76.3%
2021	US $ 15,3 milhões	72.5%

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para o Neuropace foram de aproximadamente US $ 8,5 milhões em 2022, focados no desenvolvimento do dispositivo de tratamento de epilepsia.

• Ensaios clínicos em andamento para o sistema RNS
• Estudos de conformidade da FDA
• Pesquisa de resultado de longo prazo do paciente

Custos de fabricação e produção

Os custos de produção do sistema RNS do Neuropace foram estimados em US $ 3,2 milhões em 2022, com requisitos especializados de fabricação de dispositivos médicos.

Componente de custo	Despesa anual
Matérias-primas	US $ 1,5 milhão
Trabalho de fabricação	US $ 1,2 milhão
Manutenção do equipamento	US $ 0,5 milhão

Conformidade e certificação regulatória

Os custos de conformidade do Neuropace totalizaram US $ 2,7 milhões em 2022, garantindo os padrões regulatórios de dispositivos médicos.

• Taxas de registro da FDA
• Manutenção do sistema de gestão da qualidade
• Auditorias anuais de certificação

Despesas de vendas e marketing

As despesas de vendas e marketing foram de US $ 6,4 milhões em 2022, visando neurocirurgiões e centros de tratamento de epilepsia.

Canal de marketing	Despesa
Patrocínios da conferência médica	US $ 1,8 milhão
Marketing digital	US $ 2,3 milhões
Compensação da equipe de vendas	US $ 2,3 milhões

Neuropace, Inc. (NPCE) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

Receita do sistema RNS do Neuropace para 2022: US $ 29,4 milhões

Produto	Preço médio de venda	Vendas de unidades
Neuroestimulador RNS	$17,500	Aproximadamente 1.680 unidades

Receita recorrente de substituições de dispositivos

Taxa de substituição anual estimada do dispositivo: 5-7% dos dispositivos implantados

• Custo médio de reposição: US $ 15.000 por dispositivo
• Receita anual de substituição projetada: US $ 4,5 milhões a US $ 6,3 milhões

Contratos de serviço e suporte

Receita anual do contrato de serviço: US $ 2,1 milhões

Tipo de contrato	Receita anual
Suporte técnico	US $ 1,2 milhão
Acordos de manutenção	$900,000

Potencial licenciamento de neurotecnologia

Receita de licenciamento para 2022: US $ 0,5 milhão

• Portfólio de propriedade intelectual: 35 patentes ativas
• Potenciais metas de licenciamento: instituições de pesquisa neurológica

Reembolso de provedores de seguros de saúde

Reembolso total de seguros para 2022: US $ 22,8 milhões

Categoria de provedor de seguros	Quantidade de reembolso
Seguro privado	US $ 16,4 milhões
Medicare	US $ 6,4 milhões

Fluxos totais de receita para 2022: US $ 55,3 milhões

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.