NeuroPace : Investor Presentation

Published: 2026-05-12 19:01:08 ET NPCE

Published on 05/12/2026 at 07:01 pm EDT

May 2026

NEUROPACE MISSION

Transform the lives of people

suffering from epilepsy

by reducing or eliminating the occurrence of debilitating seizures.

Joel Becker

Chief Executive Officer

Patrick Williams

Chief Financial Officer

Martha Morrell, MD

Chief Medical Officer

Chris Reese

SVP, Sales

Management Team

Previous Experience

NeuroPace Investment Highlights

Strong Fundamentals and Positioned for Growth

First closed loop, brain-responsive neuromodulation system

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

2025 Revenue

+25% growth

Patients received RNS

System³

Annual target market opportunity¹,²

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

Q1 2026 in Review

Non-GAAP

Revenue

$22.0M

+20% YoY growth

Non-GAAP Gross Margin

82.5%

(108) bps YoY²

Non- GAAP

Operating Expenses

$21.5M

+10% growth YoY

RNS active prescribers increased to new record highs

Progress on development of NeuroPace AI suite of tools utilizing proprietary data

NAUTILUS PMA supplement timing remains on track for mid-year 2026

¹Non-GAAP expenses exclude stock-based compensation; Non-GAAP revenue excludes the impact of DIXI Medical. A reconciliation of GAAP to Non-

6 GAAP is available on slide 31-33

² Q1 2025 included favorable ~120 bps impact due to inventory revaluation, excluding one-time impact non-GAAP gross margin expanded YoY

2026 Outlook

Revenue of

$99 million to $101 million

RNS Revenue

21%-23% growth

Drive continued 20%+ RNS growth through prescriber expansion, higher utilization, and commercial execution

Advance our leadership position in personalized, data driven

neuromodulation as AI and iEEG data converge

Deepen community penetration to broaden access to RNS therapy

Invest and prepare for potential indication expansion

Continue disciplined operating performance, strengthening the path to cash flow breakeven

Non-GAAP Operating Expense

$90M-92M¹

FY26 guidance

Key themes & objectives

Non-GAAP Gross margin

81.5%-82.5%¹

NeuroPace well-positioned to grow core RNS business 20%+ with current indications and potential for expanded access in new indications

Adjusted EBITDA

($8.5)M-($9.5)M¹

7 ¹Non-GAAP excludes stock-based compensation. A reconciliation of GAAP to Non-GAAP is available on slides 31-33

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

Patients diagnosed

with epilepsy

Try multiple anti-epilepsy

drugs

~1 in 3 have drug-resistant

epilepsy (DRE)

3.4M People in the U.S.2

1.2M People in the U.S.1

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

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

8 epilepsy surgery: Expert Consensus Recommendations from the Surgical Therapies Commission of the International League Against Epilepsy. Epilepsia. 2022;00:1-16

Responsive Neuromodulation Tailored to Each Patient

Monitors brain activity continuously

Implantable neurostimulator

Recognizes & Responds

with tailored stimulation

in real-time

Targeted stimulation

Physician programmer

Patient remote monitor

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

RNS® System Flexibility Enables Diverse Treatment Approaches

Expanded Therapy Utilization: Strategies for Focal, Drug-Resistant Epilepsy

TARGETED STIMULATION

For discrete onsets

Bilateral & suspected bilateral MTL Dominant unilateral MTL

Eloquent cortex Deep structures

NETWORK STIMULATION

For regional onsets

Regional neocortical stimulation

Corticothalamic stimulation

THERAPY COMBINATIONS

To augment surgery

Large focal networks Multifocal onsets

Impressive Seizure Reductions Improve Over Time

Post-approval study: largest real-world evidence base in epilepsy neuromodulation

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*

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

Median % Reduction in Seizures

82%

75%

67%

82%

Improved data-driven strategies provide a more robust initial response

44%

62%

53%

69%

58%

62% 63%

67%

72% 73% 75%

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9

Improvements shown in:

Cognitive Function | Quality of Life | Mental Health | SUDEP

*Results published in Neurology in April 2026

11 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

RNS personalized therapy results in favorable outcomes versus other therapies

82%

3 Year Median

Seizure Reduction (%)

82%

44%

40%

RNS Post-Approval Study

(n=255)1

VNS Study Group

E01-E05 (n=93)2

DBS MORE Registry

(n=101)3

Median seizure reduction at 3 years

(n=255)

The RNS System delivers

greater seizure reduction

RNS Post-Approval Study (n=255)

VNS Study Group E01-E05 (n=93)

DBS MORE Registry

(n=101)

than other neuromodulation therapies1-

Note: Therapies were studied using different study designs. Caution must be exercised when comparing results.

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. 12

Morris et al, Neurology, 1999

Kaufmann et al., Epilepsia, 2024

77%

Median Reduction in GTCs at 18 Months

n=40 (p<0.001)

Physician Reported Improvement Over Time

Clinical Global Impression of Change

13%

20%

36%

26%

16%

46%

90%

63%

70%

76%

86%

75%

50%

100%

80%

30% reduction in injury events

44% lower use of rescue meds compared to baseline

The NAUTILUS Study is the first and only neuromodulation RCT to demonstrate a statistically significant reduction in GTCs for

60%

40%

20%

2 Months n=76

3 Months n=78

6 Months n=77

9 Months n=76

12 Months n=73

15 Months n=71

18 Months n=69

IGE patients1,2

Responsive Stimulation of the Thalamus for Idiopathic Generalized Epilepsy: Results of the randomized controlled NAUTILUS trial through 18 months, AAN Oral Abstract, Apr 2026

Pre-specified additional effectiveness endpoint compared to baseline; pre-specified primary effectiveness not significant

For educational purposes only. CAUTION: Investigational device.

Only RNS® System Delivers Truly Personalized Neuromodulation

20% of patients are candidates¹

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

14 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.

The Power of RNS Data Today

Unmatched Dataset: 26M+ iEEG recordings, 35,000 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 NeuroPace AI suite of tools: ECoG Assistant automates detection, reducing clinician workload

Future: leverages proprietary dataset to automate detection

calibration and guide individualized programming

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

More Patients

Building a Proprietary AI Ecosystem

Unique & Proprietary: largest epilepsy iEEG dataset growing daily

Unlike commoditized AI/ML/LLMs, proprietary data creates defensive

moat

More iEEG Data

Better outcomes

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 (Adaptive RNS)

Smarter AIgorithms

More personalized therapy

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

A large market opportunity with substantial runway for growth

RNS Addressable Markets (Drug-resistant patients, $ market size)

Adult Focal Epilepsy

Generalized Epilepsy

NeuroPace growth initiatives

NAUTILUS

LGS

DTC

PAS

Network Stimulation

DTC

CARE

~480K1,3,6,7, $23Bn5

~575K1,2,6,7, $27Bn5

NEST/PERC

DTC

CARE

~145K1,4,6,7, $7Bn5

Total

Pediatric Focal Epilepsy

~1.2MM1, $55Bn+ 5

Pediatric Focal Epilepsy

Generalized Epilepsy

Adult Focal Epilepsy

Total

*Significant programs are underway to expand access to and develop RNS within each of these segments

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 ~$50,000 ASP for RNS System initial implants = $29 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 ~$50,000 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.

Addressing a large, underpenetrated opportunity

75K

DRE patients admitted annually to CECs²

1.2M

people living with

DRE in the U.S. 16.5M

global DRE patients

Current Target Market

Diagnosed

U.S. TAM

Global Opportunity

>$3.5B addressable market today with potential to increase as more patients are moved through specialist care5

60% Focal: 45K patients core opportunity ($2B+)

40% Generalized: 30K patients core opportunity ($1.5B)

Massively underpenetrated versus opportunity (~15k

patients treated beyond drugs)

Current indication: adult focal (60%, 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

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 ~$50,000 ASP for RNS System initial implants

Market

Clinical

Product

Multiple Growth Initiatives Underway to Address This Opportunity

Market Development

Incremental Sales Force Expansion

Project CARE

Expanded Direct to Patient Marketing

Increased Professional Education

Clinical

Development

PAS - Adult Focal

NAUTILUS - IGE

NEST - Pediatric Focal

LGS

Product

Development

Annual AI SW Releases

Remote Programming

Next Generation Platform

Clinical

Product

Market

Closing the Treatment Gap to Drive Long-Term Growth

Referral marketing to

epileptologists

Earlier patient education to

increase pull through

Direct-to-patient

digital marketing

Grow the Market Take Share within CECs

Broaden RNS adoption through CECs

Community outreach

and patient education

Awareness & Demand Generation

Commercial Execution

Expand the number of prescribers

Indication and Market expansion: Generalized and Community

Broaden patient selection

Disclaimer

Neuropace Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 23:00 UTC.