The company's financial position appears increasingly strained, with a debt-to-equity ratio that has climbed to 4.87 as of 2026Q1.
| Total Current Assets | 86.98M | 94.07M | 81.34M | 92.72M | 97.71M | 132.82M | 54.56M | 20.26M |
| Cash & Short-Term Investments | 53.98M | 61.06M | 52.76M | 66.45M | 77.41M | 115.58M | 38.08M | 5.09M |
| Cash Only | 14.78M | 21.69M | 13.43M | 18.06M | 6.61M | 19.19M | 26.39M | 4.12M |
| Short-Term Investments | 39.2M | 39.37M | 39.33M | 48.4M | 70.8M | 96.4M | 11.69M | 969K |
| Accounts Receivable | 14.79M | 14.68M | 12.85M | 12.31M | 7.48M | 7.09M | 8.39M | 6.02M |
| Days Sales Outstanding | 53.14 | 53.59 | 58.7 | 68.7 | 59.99 | 57.28 | 74.49 | 59.4 |
| Inventory | 16.69M | 16.9M | 13.38M | 11.21M | 9.71M | 7.82M | 6.91M | 7.9M |
| Days Inventory Outstanding | 287.52 | 270.89 | 234.57 | 236.61 | 272.12 | 243.02 | 232.08 | 274.41 |
| Other Current Assets | 1.51M | 1.44M | 2.35M | 2.74M | 3.11M | 0 | 0 | 0 |
| Total Non-Current Assets | 11.92M | 11.49M | 13.31M | 14.93M | 16.39M | 746K | 1.39M | 835K |
| Property, Plant & Equipment | 10.96M | 11.26M | 12.89M | 14.41M | 15.9M | 603K | 515K | 810K |
| Fixed Asset Turnover | 8.64x | 8.88x | 6.20x | 4.54x | 2.86x | 74.93x | 79.88x | 45.64x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 122K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 958K | 235K | 413K | 524K | 490K | 143K | 873K | 25K |
| Total Assets | 98.9M | 105.56M | 94.65M | 107.65M | 114.11M | 133.56M | 55.95M | 21.09M |
| Asset Turnover | 0.95x | 0.95x | 0.84x | 0.61x | 0.40x | 0.34x | 0.74x | 1.75x |
| Asset Growth % | 25.07% | 11.54% | -12.08% | -5.66% | -14.57% | 138.72% | 165.23% | - |
| Total Current Liabilities | 16.17M | 17.81M | 15.16M | 16.23M | 10.98M | 9.3M | 9.6M | 75.15M |
| Accounts Payable | 4.51M | 2.22M | 2.95M | 2.33M | 2.15M | 1.38M | 949K | 903K |
| Days Payables Outstanding | 67.75 | 35.54 | 51.78 | 49.2 | 60.16 | 42.81 | 31.88 | 31.37 |
| Short-Term Debt | 2.19M | 2.12M | 0 | 0 | 0 | 0 | 2.04M | 62.8M |
| Deferred Revenue (Current) | 1.61M | 141K | 555K | 1.09M | 0 | 0 | 0 | 6.73M |
| Other Current Liabilities | 9.34M | 13.34M | 0 | 0 | 0 | 490K | 666K | 1.01M |
| Current Ratio | 5.38x | 5.28x | 5.37x | 5.71x | 8.90x | 14.28x | 5.69x | 0.27x |
| Quick Ratio | 4.35x | 4.33x | 4.48x | 5.02x | 8.02x | 13.44x | 4.97x | 0.16x |
| Cash Conversion Cycle | 272.91 | 288.94 | 241.49 | 256.11 | 271.96 | 257.49 | 274.69 | 302.45 |
| Total Non-Current Liabilities | 68.28M | 68.72M | 71.48M | 70.77M | 68.35M | 50.76M | 194.19M | 75.3M |
| Long-Term Debt | 68.28M | 68.72M | 59.52M | 56.95M | 52.91M | 49.85M | 50.82M | 0 |
| Capital Lease Obligations | 31.14M | 0 | 11.95M | 13.81M | 15.44M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 911K | 143.37M | 75.3M |
| Total Liabilities | 84.44M | 86.53M | 86.63M | 87M | 79.33M | 60.06M | 203.78M | 150.44M |
| Total Debt | 70.46M | 70.84M | 73.34M | 72.39M | 69.77M | 49.85M | 52.86M | 62.8M |
| Net Debt | 55.68M | 49.15M | 59.91M | 54.34M | 63.16M | 30.66M | 26.47M | 58.68M |
| Debt / Equity | 4.87x | 3.72x | 9.15x | 3.51x | 2.01x | 0.68x | - | - |
| Debt / EBITDA | -4.64x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -3.67x | - | - | - | - | - | - | - |
| Interest Coverage | -2.67x | -2.19x | -2.08x | -2.87x | -5.25x | -3.87x | -1.11x | -2.16x |
| Total Equity | 14.45M | 19.03M | 8.01M | 20.65M | 34.78M | 73.5M | -147.83M | -129.35M |
| Equity Growth % | 282.22% | 137.5% | -61.2% | -40.61% | -52.69% | 149.72% | -14.29% | - |
| Book Value per Share | 0.43 | 0.58 | 0.28 | 0.80 | 1.41 | 4.43 | -13.31 | -11.65 |
| Total Shareholders' Equity | 14.45M | 19.03M | 8.01M | 20.65M | 34.78M | 73.5M | -147.83M | -129.35M |
| Common Stock | 34K | 34K | 30K | 28K | 25K | 24K | 0 | 1K |
| Retained Earnings | -559.1M | -552.41M | -530.95M | -503.81M | -470.85M | -423.77M | -387.69M | -363.64M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -73.57M |
| Accumulated OCI | 0 | 0 | 0 | 0 | -1.11M | -272K | 33K | 1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent capital structure fragility
As reported in recent financial statements, NeuroPace's equity base has contracted significantly from $20.7 million in 2023Q4 to $14.5 million in 2026Q1, reflecting the ongoing impact of accumulated losses on the company's overall financial position and long-term solvency trajectory.
The consistent decline in retained earnings, which reached -$559.1 million by 2026Q1, indicates that the business model has yet to reach a self-sustaining scale. This trend suggests that the company is consuming its equity to fund operations, which may necessitate future capital raises if the current burn rate persists.
Based on the provided balance sheet data, the company's debt-to-equity ratio has fluctuated significantly, reaching 4.87 in 2026Q1, which highlights the heightened financial risk associated with maintaining a $70.5 million debt load against a shrinking equity base.
The high leverage ratio relative to the company's negative profitability profile suggests that debt service may become an increasing burden on cash flow. Investors should monitor whether the current debt structure limits the company's operational flexibility or forces reliance on dilutive equity financing.
According to quarterly filings, NeuroPace's cash position dropped to $14.8 million in 2026Q1 from a peak of $27.0 million in 2025Q1, signaling a tightening liquidity buffer that warrants close observation given the company's ongoing negative operating cash flow.
While the current ratio of 5.38 appears superficially healthy, it is heavily influenced by the composition of current assets and the timing of liabilities. The rapid depletion of cash reserves suggests that the company's runway is shortening, potentially increasing the urgency for operational efficiency improvements.
As evidenced by the balance sheet, the absence of goodwill and intangibles suggests that the company's asset base is primarily composed of tangible items, yet the $11.0 million in net PPE may be subject to impairment if commercial adoption fails to meet internal projections.
The lack of intangible assets might imply that the company's proprietary iEEG library is not being capitalized, which could lead to an understatement of the firm's true intellectual property value. However, this also means that the company lacks a cushion of intangible assets that could otherwise be leveraged or sold in a distress scenario.
Quick answers to the most common questions about buying NPCE stock.
As of 2025, NeuroPace, Inc. (NPCE) had total assets of $105.6M including $94.1M in current assets.
NeuroPace, Inc. (NPCE) carries total debt of $70.8M, offset by $61.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NeuroPace, Inc. (NPCE) has total shareholders' equity (book value) of $19.0M ($0.58 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NeuroPace, Inc. (NPCE) reported a current ratio of 5.28x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.