Neuropace, Inc. · NASDAQ:NPCE
Neuropace — J.P. Morgan 44th Annual Healthcare Conference 2026
28 slides from Neuropace's conference presentation, January 2026
Slide 1: J.P. Morgan 44th Annual Healthcare Conference
J.P. Morgan 44th Annual Healthcare Conference January 2026 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 Patrick Williams Martha Morrell, MD Chris Reese Chief Executive Officer Chief Financial Officer Chief Medical Officer SVP, Sales Previous Experience 4
Slide 5: NeuroPace Investment Highlights
NeuroPace Investment Highlights Strong Fundamentals and Positioned for Growth First closed loop, brain- • Best-in-class, differentiated outcomes that continue to improve over time responsive neuromodulation • Exclusive iEEG dataset enables AI and therapy personalization system • Large, underpenetrat
Slide 6: Q4 and FY25 Preliminary Results
Q4 and FY25 Preliminary Results Preliminary Unaudited Fourth Quarter 2025¹ Preliminary Unaudited FY2025 results¹ Total Revenue RNS Revenue +77.4% Total Revenue RNS Revenue ~$26.6M ~$22.4M +417 bps YoY¹ ~$100M ~$81.7M +24% YoY growth +26% YoY growth +25% YoY growth +25% YoY growth Gross Margin Gross
Slide 7: 2025 Performance
2025 Performance Robust revenue growth Key clinical programs advanced • Preliminary 2025 revenue expected at $100 million, • Submitted a PMA-S to FDA for indication expansion up 25% year over year in idiopathic generalized epilepsy (IGE) • Core RNS System growth of 25%, driven by • Advanced Pediatri
Slide 8: 2026 Outlook
2026 Outlook FY26 guidance Key themes & objectives • Drive continued 20%+ RNS growth through prescriber Revenue of expansion, higher utilization, and commercial execution $98 million to $100 million • Advance our leadership position in personalized, data driven neuromodulation as AI and iEEG data co
Slide 9: 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 10: Responsive Neuromodulation Tailored to Each Patient
Responsive Neuromodulation Tailored to Each Patient Monitors brain Recognizes & Responds Records ongoing iEEG activity continuously data for review, insights with tailored stimulation and therapy optimization in real-time Targeted stimulation Physician programmer Implantable neurostimulator Detectio
Slide 11: RNS System Flexibility Enables Diverse Treatment Approaches
RNS® System Flexibility Enables Diverse Treatment Approaches Expanded Therapy Utilization: Strategies for Focal, Drug-Resistant Epilepsy TARGETED NETWORK THERAPY STIMULATION STIMULATION COMBINATIONS For discrete onsets For regional onsets To augment surgery Bilateral & suspected bilateral MTL Region
Slide 12: Impressive Seizure Reductions Improve Over Time
Impressive Seizure Reductions Improve Over Time Post-approval study: largest real-world evidence base in epilepsy neuromodulation Median % Reduction in Seizures Original FDA Study FDA Post Approval 82% 82% Results: Study Results: 75% 73% 75% 72% • Statistically greater • 62% median seizure 67% 69% 6
Slide 13: RNS personalized therapy results in favorable outcomes versus other therapies
RNS personalized therapy results in favorable outcomes versus other therapies 3 Year Median Seizure Reduction (%) 82% 82% Median seizure reduction at 44% 3 years 40% (n=255) The RNS System delivers greater seizure reduction RNSRNS Post-Approval Post-Approval Study Study (n=255) VNSGroup VNS Study St
Slide 14: Preliminary NAUTILUS results
Preliminary NAUTILUS results 2 Preliminary Safety and Effectiveness of RNS System Responsive Thalamic Stimulation for Treatment of IGE with GTCs: 18-MoData, American Epilepsy Society, Dec 2025. Pre-specified 14 additional effectiveness endpoint compared to baseline; pre-specified primary effectivene
Slide 15: Only RNS System Delivers Truly Personalized Neuromodulation
Only RNS® System Delivers Truly Personalized Neuromodulation 20% of patients are candidates¹ RNS System Vagus Nerve Stimulation Deep Brain Stimulation Surgical (VNS) (DBS) Resection/Ablation Closed-loop, responsive therapy n/a Personalized programming for targeted therapy Continuous iEEG data captur
Slide 16: The Power of RNS Data Today
The Power of RNS Data Today • Unmatched Dataset: 24M+ iEEG recordings, 33,000 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-cla
Slide 17: Building a Proprietary AI Ecosystem
Building a Proprietary AI Ecosystem • Unique & Proprietary: largest epilepsy iEEG dataset growing daily More Patients • Unlike commoditized AI/ML/LLMs, proprietary data creates defensive moat • Every new patient adds to the data advantage; our lead compounds over time Better More iEEG outcomes Data
Slide 18: A large market opportunity with substantial runway for growth
A large market opportunity with substantial runway for growth RNS Addressable Markets (Drug-resistant patients, $ market size) Adult Focal Epilepsy Generalized Epilepsy Pediatric Focal Epilepsy Total • NAUTILUS • Real-world evidence NeuroPace growth initiatives • LGS • DTC • DTC • CARE ~1.2MM1, $60B
Slide 19: Addressing a large, underpenetrated opportunity
Addressing a large, underpenetrated 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) Current Target Massively underpene
Slide 20: Multiple Growth Initiatives Underway to Address This Opportunity
Clinical Product Market Multiple Growth Initiatives Underway to Address This Opportunity Clinical Product Market Development Development Development • PAS – Adult Focal • Incremental Sales Force • NeuroPace AI suite of tools Expansion • NAUTILUS – IGE • Remote Programming • Project CARE • NEST – Ped
Slide 21: Bringing the benefits of the RNS System to patients with Generalized Epilepsy
Clinical Product Market Bringing the benefits of the RNS System to patients with Generalized Epilepsy Idiopathic Generalized Epilepsy (IGE) Lennox-Gastaut Syndrome (LGS) Patient/Market Characteristics 40% of DRE patients have generalized epilepsy Devastating generalized epilepsy with frequent seizur
Slide 22: Use Real World Data to Expand RNS System Treatment to Pediatrics
Clinical Product Market Use Real World Data to Expand RNS System Treatment to Pediatrics > 25 peer reviewed Advocacy Group Support publications about RNS • AES Pediatric Special System use in pediatrics Interest Group • Lennox-Gastaut Foundation • Epilepsy Foundation NeuroPace committed to expanding
Slide 23: A robust product pipeline with differentiated features
Clinical Product Market A robust product pipeline with differentiated features Next generation AI-Powered ADAPT System proposes personalized settings based on PDMS architecture seizure morphology and treatment history, for physician to review and finalize Improved efficiency means physicians can tre
Slide 24: Next-generation Platform for Effectiveness, Efficiency, and Innovation
Clinical Product Market Next-generation Platform for Effectiveness, Efficiency, and Innovation Automated, overnight data transfer improves patient experience and expands adoption Next-gen hardware supports future innovation in detection and therapy Adds BLE; modernizes microprocessor, ASIC¹ Maintain
Slide 25: Closing the Treatment Gap to Drive Long-Term Growth
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 Broaden RNS adoption digital marketing Grow the Market Take Share within CECs through CECs Awareness & Commercial Dem
Slide 26: Market Expansion: Project CARE
Clinical Product Market Market Expansion: Project CARE Bringing the RNS System into the Community Community Expansion – Making the RNS System Accessible outside of Level 4 CECs • Efforts underway to expand to additional 1,800 epileptologists and all functional neurosurgeons practicing Expanding RNS
Slide 27: Closing the Treatment Gap: Enhanced RNS Therapy Access
Clinical Product Market Closing the Treatment Gap: Enhanced RNS Therapy Access • 40% of DRE patients have generalized epilepsy Patient Indication • IGE submission in Q4 2025 Expansion: Generalized • Potential to be first device in U.S. with generalized indication Epilepsy & Pediatrics • Pursue real-
Slide 28: Well-positioned for sustainable growth and value creation
Only device with personalized therapy and real-time iEEG monitoring Well-positioned Clinically proven long-term seizure reduction and for sustainable seizure freedom shown in robust clinical trials growth and value creation Market expansion into generalized epilepsy, pediatrics, and community channe
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