Slide 1: Investor Presentation
Investor Presentation May 2025 1
Slide 2: Disclaimer
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,
Slide 3: NeuroPace Mission
NEUROPACE MISSION Transform the lives of people suffering from epilepsy by reducing or eliminating the occurrence of debilitating seizures. 3
Slide 4: Management Team
Management Team Joel Becker Rebecca Kuhn Martha Morrell, MD Chris Reese Chief Executive Officer Chief Financial Officer Chief Medical Officer SVP, Sales Previous Experience 4
Slide 5: NeuroPace: Strong Fundamentals and Positioned for Growth
NeuroPace: Strong Fundamentals and Positioned for Growth >$55B total U.S. addressable market1,2,3,5; >$2B annual core market opportunity Large, underpenetrated market within Comprehensive Epilepsy Centers with additional upside from expanding outside Level 4 centers4,5,6 Unique technology Closed loo
Slide 6: Q1 2025 in Review
Q1 2025 in Review • Revenue grew 24% to $22.5 million Revenue growth • Excluding implants in NAUTILUS study in Q1 2024, RNS System revenue grew 29% • RNS active prescribers increased to new record highs Clinical • Project CARE demonstrated increasing momentum milestones • Completed one-year follow-u
Slide 7: Drug-Resistant Epilepsy is a Devastating, Highly Undertreated Disease
Drug-Resistant Epilepsy (DRE) is a Devastating, Highly Undertreated Disease with Significant Unmet Need Epilepsy is a disorder in which abnormal electrical activity in the brain causes seizures 4th most common neurological disorder in the U.S.1 ~$28B direct medical costs in the U.S.1 2-3X higher une
Slide 8: U.S. Prevalence: 1/3 of Epilepsy Patients are Drug Refractory
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 Try multiple anti-epilepsy ~1 in 3 have drug-re
Slide 9: Responsive Neuromodulation – The RNS System
Responsive Neuromodulation – The RNS® System 9
Slide 10: RNS System Data
RNS System Data Allows Physicians to Actively Manage and Customize Ongoing Patient Care Identify Seizure Triggers Monitor Patient Progress See Effects of Therapy Changes Electrographic seizures Therapy change Reveal Seizure Cycles Inform Future Surgeries 10
Slide 11: Impressive Seizure Reductions Improve Over Time
Impressive Seizure Reductions Improve Over Time Median % Reduction in Seizures Original FDA Study Real World & FDA 82% 82% Results: Post Approval Study 75% 75% 73% 75% Results: 72% • Statistically greater 67% 67% 67% 63% seizure reduction than • 67% median seizure 62% 58% sham therapy at reduction a
Slide 12: Post-Approval Study: Patient Baseline Data
Post-Approval Study: Patient Baseline Data PAS patients One third of patients did not have • 271 completed 3 years intracranial monitoring • Median baseline seizure frequency was 5.7/month • 67% had prior intracranial monitoring • 65% in PIV/LTT trials1 Seizure onsets similar to Piv/LTT trials PAS p
Slide 13: Post-Approval Study
Post-Approval Study Primary Efficacy Endpoint by Time from Implant Effectiveness Conclusions Based on 3-Year Results Median % Change in Seizure Frequency RNS System therapy is observed to be effective for all types of Time after focal epilepsy N Compared to Baseline Implant (1st quartile, 3rd quarti
Slide 14: Alternative Treatment Options Have Significant Risks and Side Effects
Alternative Treatment Options Have Significant Risks and Side Effects Epilepsy Surgery Neuromodulation Competitors RNS Therapy Irreversible destructive procedure Fixed anatomical target Therapy at seizure source only when needed Carries neurocognitive risks: impaired Not responsive to brain activity
Slide 15: Closing the Treatment Gap
Closing the Treatment Gap CEC Growth Opportunity MACRO TRENDS • Number of CECs increased from 151 in 2012 to 256 in 20193 50K DRE patients admitted • 150% increase in number of epileptologists to CECs annually2 per capita from 2012 to 20193 1.2M • Epilepsy monitoring unit (EMU) admissions people liv
Slide 16: RNS Addressable Market Segments: Current and Untapped
RNS Addressable Market Segments: Current and Untapped RNS Addressable Markets (Patients, $ market size) Adult Focal Epilepsy Generalized Epilepsy Pediatric Focal Epilepsy Total • NAUTILUS • NEST/PERC • LGS • DTC • DTC • CARE ~1.2MM1, $55Bn+ 5 • CARE ~145K1,4,6,7, $7Bn5 • PAS Pediatric Focal ~480K1,3
Slide 17: Multiple Growth Initiatives Underway
Multiple Growth Initiatives Underway Clinical Product Market Development Development Development • PAS – Adult Focal • Incremental Sales Force Expansion • Annual AI SW Releases • NAUTILUS – IGE • Project CARE • Remote Programming • NEST – Pediatric Focal • Expanded Direct to Patient • Next Generatio
Slide 18: Closing the Epilepsy Treatment Gap Through Expanded Therapy Access
Closing the Epilepsy Treatment Gap Through Expanded Therapy Access Expanded Increased Expanded Therapy Therapy Patient Utilization Availability Eligibility Educate and Support Increase Availability in Broaden the Indications Clinicians and Patients to Health Care Systems Near of Patients Eligible fo
Slide 19: Expanded Therapy Utilization: Strategies for Focal, Refractory Epilepsy
Expanded Therapy Utilization: Strategies for Focal, Refractory Epilepsy RNS® System Enables Diverse Treatment Approaches TARGETED NETWORK THERAPY STIMULATION STIMULATION COMBINATIONS For discrete onsets For regional onsets To augment surgery Bilateral & suspected bilateral MTL Regional neocortical s
Slide 20: Market Expansion: Project CARE
Market Expansion: Project CARE Bringing the RNS System into the Community Community Expansion – Making the RNS System Accessible outside of Level 4 CECs • Plan to expand to additional 1,800 epileptologists and all functional neurosurgeons practicing outside of Expanding RNS Facilitating Referrals Le
Slide 21: Indication Expansion: Generalized Epilepsy
Indication Expansion: Generalized Epilepsy Generalized Epilepsy Clinical Trials • NAUTILUS Patient Eligibility Indication o Breakthrough Device Designation Expansion – RNS System status indication for Generalized o Enrollment and implants complete Epilepsy o One-year follow-up completed in March 202
Slide 22: Closing the Treatment Gap: Enhanced RNS Therapy Access
Closing the Treatment Gap: Enhanced RNS Therapy Access Patient Indication • Enrollment completed – Q4 2023 Expansion: RNS • Planned Implant follow up completion – H1 2025 Access for • 40% of DRE Patients Generalized Epilepsy Community Expansion: RNS System • Expansion to additional +1,800 Epileptolo
Slide 23: Closing the Treatment Gap: Enhanced RNS Therapy Access
Closing the Treatment Gap: Enhanced RNS Therapy Access Patient Indication • Enrollment completed – Q4 2023 Expansion: RNS • Planned Implant follow up completion – H1 2025 Access for • 40% of DRE Patients Generalized Epilepsy • Aim to expand to additional 1,800 Epileptologists and all functional Comm
Slide 24: Closing the Treatment Gap: Enhanced RNS Therapy Access
Closing the Treatment Gap: Enhanced RNS Therapy Access Patient Indication • 40% of DRE patients have generalized epilepsy Expansion: RNS • Completed implants in ongoing NAUTILUS trial System Access for • IGE submission after 1-year post-implant follow up Generalized Epilepsy • Potential to be first
Slide 25: Closing the Treatment Gap to Drive Long-Term Growth
Closing the Treatment Gap to Drive Long-Term Growth Referral marketing to epileptologists Earlier patient education to increase pull through Direct-to-patient Broaden RNS adoption digital marketing Grow the Market Take Share within CECs through CECs Awareness & Commercial Demand Execution Community
Slide 26: Financial Performance
Financial Performance Total Cash Balance1 of $66.3M as of 3/31/2025 $22.5 Actual 1Q25 2025 Guidance $21.1 $21.5 $19.3 $18.1 Revenue $22.5 million $93 - $97 million Revenue growth (y/y) 24% 16% - 21% Gross Margin 77.0% 73% - 75% Operating Expenses $22.5 million $92 - $95 million 1Q24 2Q24 3Q24 4Q24 1
Slide 27: Summary
Summary Positioned for growth and focused on revenue, operating discipline, and effective cash management Prioritizing utilization and adoption of the RNS System across existing and new clinicians Project CARE expected to expand access to the RNS Transforming the lives of System outside of Level 4 c