NeuroPace posts flat revenue as DIXI exit offsets RNS growth; NAUTILUS study misses primary endpoint

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~1 min read

Key Changes

• high

  NAUTILUS study missed primary effectiveness endpoint but showed 77% median seizure reduction in secondary analysis. PMA-S filed December 2025 for generalized epilepsy indication; approval expected mid-2026.

  MD&A: NAUTILUS study results verify on EDGAR →
• high

  Revenue flat at $22.1M (-2% YoY) as DIXI distribution termination offset RNS System unit growth. Gross margin expanded 480bp to 81.8% with DIXI's lower-margin products eliminated.

  MD&A: Revenue and margins verify on EDGAR →
• high

  Refinanced $50M CRG loan (13.5% rate) with $60M MidCap facility at SOFR+5.5%. Interest expense fell 32% to $1.5M; maturity extended to 2030. $15M revolver established but undrawn.

  MD&A: MidCap refinancing verify on EDGAR →