NeuroPace Inc. Files Q2 2024 10-Q Financial Report

TL;DR

NeuroPace's Q2 2024 10-Q is in: check financials for the latest performance update.

AI Summary

NeuroPace Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details its fiscal year end as December 31 and provides financial data for the second quarter and the first six months of 2024, comparing it to the same periods in 2023. The company is based in Mountain View, California, and operates in the Surgical & Medical Instruments & Apparatus sector.

Why It Matters

This filing provides investors and stakeholders with an update on NeuroPace's financial health and operational performance for the second quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — As a medical device company, NeuroPace faces inherent risks related to product development, regulatory approvals, market adoption, and competition, which are typically detailed in 10-Q filings.

Key Numbers

• 20240630 — Period End Date (The 10-Q covers financial data up to this date.)
• 20240813 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024 — Fiscal Year (The current fiscal year for which the report is filed.)

Key Players & Entities

• NeuroPace Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — Period of report for the 10-Q
• 20240813 (date) — Filing date of the 10-Q
• 455 N. BERNARDO AVENUE (address) — Business and mailing address of NeuroPace Inc.
• MOUNTAIN VIEW (location) — City where NeuroPace Inc. is located
• CA (location) — State where NeuroPace Inc. is located
• 94043 (postal_code) — ZIP code for NeuroPace Inc.'s address
• 6502372700 (phone_number) — Business phone number for NeuroPace Inc.

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share NPCE Nasdaq Global

Filing Documents

• npce-20240630.htm (10-Q) — 1193KB
• npce-exhibit101q2202410xq.htm (EX-10.1) — 46KB
• exhibit311-certificationsq.htm (EX-31.1) — 10KB
• exhibit312certificationsq2.htm (EX-31.2) — 10KB
• exhibit321certificationsq2.htm (EX-32.1) — 7KB
• 0001528287-24-000016.txt ( ) — 5666KB
• npce-20240630.xsd (EX-101.SCH) — 38KB
• npce-20240630_cal.xml (EX-101.CAL) — 59KB
• npce-20240630_def.xml (EX-101.DEF) — 158KB
• npce-20240630_lab.xml (EX-101.LAB) — 568KB
• npce-20240630_pre.xml (EX-101.PRE) — 365KB
• npce-20240630_htm.xml (XML) — 563KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations and Comprehensive Loss 2 Condensed Statements of Stockholders' Equity 3 Condensed Statements of Cash Flows 5 Notes to Unaudited Interim Condensed Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 86 Item 3. Defaults Upon Senior Securities 87 Item 4. Mine Safety Disclosures 88 Item 5. Other Information 88 Item 6. Exhibits 89

Signatures

Signatures SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements regarding results or events that may occur in the future contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial condition, as well as expectations of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, factors and assumptions more thoroughly described in "Risk Factors." These risks are not exhaustive. Other sections of this Quarterly Report on Form 10-Q, as well as our other disclosures and filings, include additional factors that could harm our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risk factors emerge from time to time, and it is not possible for our management to predict all risk factors nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in, or implied by, any forward-looking statements. You should not rely on these forward-looking statements as predictions of future events. We cannot assure yo

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Financial Statements

Item 1. Unaudited Financial Statements NeuroPace, Inc. Condensed Balance Sheets (unaudited) June 30, December 31, (in thousands, except share and per share amounts) 2024 2023 Assets Current assets Cash and cash equivalents $ 12,844 $ 18,058 Short-term investments 42,693 48,396 Accounts receivable 11,242 12,314 Inventory 11,363 11,214 Prepaid expenses and other current assets 2,084 2,737 Total current assets 80,226 92,719 Property and equipment, net 998 1,003 Operating lease right-of-use asset 12,641 13,405 Restricted cash 122 122 Deferred offering costs 387 387 Other assets 15 15 Total assets $ 94,389 $ 107,651 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 2,290 $ 2,332 Accrued liabilities 7,745 11,180 Operating lease liability 1,741 1,627 Deferred revenue 809 1,090 Total current liabilities 12,585 16,229 Long-term debt 59,016 56,954 Operating lease liability, net of current portion 12,903 13,814 Total liabilities 84,504 86,997 Commitments and contingencies (Note 5) Stockholders' equity Preferred stock, $ 0.001 par value, 10,000,000 shares authorized and no shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value, 200,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 29,139,206 and 27,823,465 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 29 28 Additional paid-in capital 530,104 524,435 Accumulated deficit ( 520,248 ) ( 503,809 ) Total stockholders' equity 9,885 20,654 Total liabilities and stockholders' equity $ 94,389 $ 107,651 The accompanying notes are an integral part of these unaudited interim condensed financial statements. 1 NeuroPace, Inc. Condensed Statements of Operations and Comprehensive Loss (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share amounts) 2024 2023 2024 2023 Revenue $ 19,256 $ 16,510 $ 37,380 $ 30

View Full Filing

View this 10-Q filing on SEC EDGAR