BiQ: 11/23/25 Quick Update on NeuroPace (NPCE)

Although not currently included in the BiQAP, NeuroPace (NPCE) has been discussed in BiQ Chat, and the thesis continues to progress nicely.

• Continued solid commercial execution with a material acceleration in revenue growth seen in Q3.
• Cash burn was under $2M in Q3 with $60M in cash on the balance sheet, with sufficient capital to achieve break-even cash flow.
• Plans to submit supplemental PMA for General Epilepsy in Q4 2025.
• Stable gross margins expected to be over 80% after exiting the DIXI business in 2026.
• Company continues to demonstrate careful expense and balance sheet management.

Unfortunately, I waited too long and missed the opportunity to add this one to the BiQAP when shares were in the mid-$8 range. Although I think it's unlikely that shares will revisit the $8-$9 range again (barring a major market disruption), I may add NPCE to the BiQAP in the future if an attractive enough opportunity arises. Although there may be some near-term volatility as the company winds down DIXI sales to focus on RNS, which may present a buying opportunity, I continue to believe NPCE remains attractive for long-term focused investors, and I would be happy to add more shares to my position on any significant pullback. In the meantime, I plan to continue using options to bring down my adjusted cost basis over time.

NPCE is not currently included in the BiQAP; however, I hold a long position in my personal portfolio.

Please refer to the BiQAP Live spreadsheet on the Active Portfolio page for more information.

NPCE share price at time of publication: $14.35
BiQ Adjusted Cost Basis: $8.25

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