NEUROPACE INC NPCE
COM · Common Stock · CUSIP 641288105
NeuroPace was founded to design, develop, manufacture and market implantable devices for the treatment of neurological disorders with responsive stimulation.
- SectorHealth care
- IndustrySurgical & Medical Instruments & Apparatus
- HeadquartersMountain View, CA
- Websiteneuropace.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($71.0k this quarter). Holder counts are more reliable. Shares outstanding: 33.1m as of 2025-08-08, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $11.14. Options: 5 managers hold calls ($35.0m notional), 5 hold puts ($802.2k).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 28 |
| Q4 2022 | 25 |
| Q1 2023 | 25 |
| Q2 2023 | 23 |
| Q3 2023 | 26 |
| Q4 2023 | 42 |
| Q1 2024 | 55 |
| Q2 2024 | 52 |
| Q3 2024 | 49 |
| Q4 2024 | 63 |
| Q1 2025 | 91 |
| Q2 2025 | 101 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 15 | 6 |
| Q4 2023 | 32 | 8 |
| Q1 2024 | 38 | 17 |
| Q2 2024 | 34 | 34 |
| Q3 2024 | 21 | 23 |
| Q4 2024 | 35 | 14 |
| Q1 2025 | 60 | 20 |
| Q2 2025 | 68 | 36 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $9.1k | $697 | 0.08 |
| Q4 2024 | $259.6k | $10.0k | 0.04 |
| Q1 2025 | $22.1k | $4.7k | 0.21 |
| Q2 2025 | $35.0m | $802.2k | 0.02 |
Biggest buyers
| BlackRock, Inc. | Added | +1.5m |
| FMR LLC | Added | +375.5k |
| Divisadero Street Capital Management, LP | Added | +203.6k |
| Driehaus Capital Management LLC | Added | +201.9k |
| STATE STREET CORP | Added | +196.9k |
| VANGUARD GROUP INC | Added | +171.2k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +149.6k |
| Palumbo Wealth Management LLC | Added | +123.8k |
| PANAGORA ASSET MANAGEMENT INC | New | +99.8k |
| Cubist Systematic Strategies, LLC | New | +95.6k |
Biggest sellers
| Polar Capital Holdings Plc | Sold out | -3.0m |
| ORBIMED ADVISORS LLC | Reduced | -792.2k |
| Soleus Capital Management, L.P. | Reduced | -295.2k |
| MILLENNIUM MANAGEMENT LLC | Sold out | -268.7k |
| First Light Asset Management, LLC | Reduced | -203.6k |
| Ghisallo Capital Management LLC | Reduced | -150.0k |
| CITADEL ADVISORS LLC | Sold out | -123.3k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | Reduced | -117.8k |
| Longaeva Partners L.P. | Reduced | -89.1k |
| Walleye Capital LLC | Reduced | -84.7k |
Biggest calls
| Polar Capital Holdings Plc | New | $34.5m3.1m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $375.4k33.7k shares |
| CITADEL ADVISORS LLC | Added | $115.9k10.4k shares |
| SIMPLEX TRADING, LLC | New | $1.0k100 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $430.0k38.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | New | $181.6k16.3k shares |
| JANE STREET GROUP, LLC | New | $152.6k13.7k shares |
| SIMPLEX TRADING, LLC | Added | $38.0k3.5k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| First Light Asset Management, LLC 13G · institution +3.6 pts · filed 2026-09-04 | 12.2% |
| Polar Capital Holdings Plc 13G · institution new · filed 2025-05-15 | 9.1% |
| Soleus Private Equity Fund I, L.P. 13G · passive investor filed 2025-11-07 | 8.9% |
| MORGAN STANLEY 13G · institution filed 2025-02-04 | 8.3% |
| Soleus Capital Master Fund, L.P. 13G · passive investor filed 2025-08-05 | 7.0% |
Fell to 5% or below in the last year: ORBIMED ADVISORS LLC (4.4%, 2026-08-14)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 1 | $253.1k | — |
| Q1 2024 | 0 | — | 1 | $486.9k | — |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
| Q1 2025 | 0 | — | 1 | $1.1m | $52.5k |
| Q2 2025 | 0 | — | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-05-14 | ORBIMED ADVISORS LLC +1 10% owner · See Footnotes | Sold | $2.7m168.1k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| ORBIMED ADVISORS LLC 0.73% of their portfolio | 2.6m $29.1m | Reduced -792.2k |
| MORGAN STANLEY 0.00% of their portfolio | 2.6m $28.8m | Added +54.5k |
| BlackRock, Inc. 0.00% of their portfolio | 2.3m $25.8m | Added +1.5m |
| Soleus Capital Management, L.P. 1.78% of their portfolio | 2.3m $25.8m | Reduced -295.2k |
| First Light Asset Management, LLC 1.99% of their portfolio | 1.4m $15.4m | Reduced -203.6k |
| VANGUARD GROUP INC 0.00% of their portfolio | 1.4m $15.3m | Added +171.2k |
| ARMISTICE CAPITAL, LLC 0.49% of their portfolio | 1.2m $12.8m | Reduced -1.3k |
| Driehaus Capital Management LLC 0.09% of their portfolio | 1.0m $11.2m | Added +201.9k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 928.8k $10.3m | Added +4.5k |
| Kent Lake PR LLC 4.54% of their portfolio | 925.0k $10.3m | Reduced -25.0k |
| FMR LLC 0.00% of their portfolio | 625.4k $7.0m | Added +375.5k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 0.10% of their portfolio | 500.0k $5.6m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 485.2k $5.4m | Added +149.6k |
| LORD, ABBETT & CO. LLC 0.01% of their portfolio | 400.7k $4.5m | Reduced -65.3k |
| STATE STREET CORP 0.00% of their portfolio | 368.7k $4.1m | Added +196.9k |
| SILVERCREST ASSET MANAGEMENT GROUP LLC 0.02% of their portfolio | 298.7k $3.3m | Reduced -117.8k |
| Nantahala Capital Management, LLC 0.23% of their portfolio | 295.1k $3.3m | Reduced -17.0k |
| Divisadero Street Capital Management, LP 0.18% of their portfolio | 242.1k $2.7m | Added +203.6k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 232.0k $2.6m | Added +49.7k |
| Palumbo Wealth Management LLC 0.59% of their portfolio | 169.9k $1.9m | Added +123.8k |
| RENAISSANCE TECHNOLOGIES LLC 0.00% of their portfolio | 129.1k $1.4m | Reduced -26.7k |
| TUDOR INVESTMENT CORP ET AL 0.01% of their portfolio | 118.9k $1.3m | Added +70.9k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 112.6k $1.3m | Added +48.2k |
| PANAGORA ASSET MANAGEMENT INC 0.01% of their portfolio | 99.8k $1.1m | New |
| Cubist Systematic Strategies, LLC 0.01% of their portfolio | 95.6k $1.1m | New |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 88.6k $987.4k | Added +56.2k |
| ALGERT GLOBAL LLC 0.02% of their portfolio | 88.5k $986.4k | New |
| LAZARD ASSET MANAGEMENT LLC 0.00% of their portfolio | 78.9k $878.0k | Added +75.8k |
| ESSEX INVESTMENT MANAGEMENT CO LLC 0.15% of their portfolio | 73.7k $820.6k | Reduced -64.8k |
| BARCLAYS PLC 0.00% of their portfolio | 71.7k $798.4k | Added +40.5k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 71.5k $796.1k | Added +26.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 68.8k $767.0k | Added +29.6k |
| HighMark Wealth Management LLC 0.34% of their portfolio | 63.0k $701.8k | Added +60.0k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 59.2k $661.2k | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 58.7k $653.4k | Added +24.4k |
| Y-Intercept (Hong Kong) Ltd 0.01% of their portfolio | 53.9k $600.4k | New |
| GSA CAPITAL PARTNERS LLP 0.04% of their portfolio | 53.2k $593.0k | Reduced -1.9k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.00% of their portfolio | 52.0k $579.0k | Added +165 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 52.0k $578.9k | Added +24.1k |
| Ghisallo Capital Management LLC 0.01% of their portfolio | 50.0k $557.0k | Reduced -150.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 46.6k $518.6k | Reduced -84.6k |
| Trexquant Investment LP 0.01% of their portfolio | 44.8k $499.4k | Added +21.2k |
| Jump Financial, LLC 0.01% of their portfolio | 40.5k $450.9k | Added +28.0k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 40.2k $447.8k | Added +19.3k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 37.0k $411.7k | Added +19.7k |
| Walleye Capital LLC 0.00% of their portfolio | 32.8k $365.7k | Reduced -84.7k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 31.7k $353.0k | New |
| Nuveen, LLC 0.00% of their portfolio | 31.2k $347.9k | Added +12.8k |
| Squarepoint Ops LLC 0.00% of their portfolio | 30.3k $337.9k | New |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 29.2k $325.3k | Added +9.3k |
| UBS Group AG 0.00% of their portfolio | 27.0k $301.2k | Added +990 |
| Corton Capital Inc. 0.32% of their portfolio | 24.3k $271.2k | Added +7.8k |
| PDT Partners, LLC 0.01% of their portfolio | 23.7k $264.0k | New |
| Financial Advocates Investment Management 0.02% of their portfolio | 23.0k $256.2k | Unchanged |
| Legato Capital Management LLC 0.03% of their portfolio | 21.7k $242.0k | Reduced -19.4k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 18.1k $201.2k | New |
| Birchview Capital, LP 0.18% of their portfolio | 16.4k $183.2k | Unchanged |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 15.9k $176.0k | Added +14.2k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 15.9k $176.7k | Reduced -9.5k |
| Centiva Capital, LP 0.01% of their portfolio | 15.9k $176.6k | New |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.00% of their portfolio | 15.5k $172.7k | New |
| MetLife Investment Management, LLC 0.00% of their portfolio | 15.3k $170.3k | Added +6.1k |
| INTECH INVESTMENT MANAGEMENT LLC 0.00% of their portfolio | 14.6k $162.3k | New |
| Petrus Trust Company, LTA 0.02% of their portfolio | 14.4k $160.2k | Added +927 |
| Engineers Gate Manager LP 0.00% of their portfolio | 13.6k $151.6k | Added +3.4k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.00% of their portfolio | 13.2k $146.6k | Added +5.0k |
| Graham Capital Management, L.P. 0.00% of their portfolio | 13.1k $145.5k | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 12.1k $135.0k | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 11.6k $129.7k | Reduced -32.1k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 11.3k $126.0k | New |
| Longaeva Partners L.P. 0.03% of their portfolio | 10.9k $121.8k | Reduced -89.1k |
| CITIGROUP INC 0.00% of their portfolio | 8.6k $95.7k | Reduced -1.5k |
| AlphaQuest LLC 0.01% of their portfolio | 7.4k $82.2k | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 6.8k $75.6k | Reduced -17.7k |
| Police & Firemen's Retirement System of New Jersey 0.00% of their portfolio | 6.4k $71.0k | Added +2.7k |
| Quantbot Technologies LP 0.00% of their portfolio | 3.1k $34.8k | New |
| Tower Research Capital LLC (TRC) 0.00% of their portfolio | 2.7k $30.2k | Added +1.9k |
| Legal & General Group Plc 0.00% of their portfolio | 2.7k $29.8k | Added +1.2k |
| Ameritas Investment Partners, Inc. 0.00% of their portfolio | 2.5k $27.3k | Added +1.1k |
| Quarry LP 0.01% of their portfolio | 2.0k $22.0k | New |
| SIMPLEX TRADING, LLC 0.00% of their portfolio | 1.9k $21.0k | Added +1.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 1.5k $16.7k | Added +511 |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio | 1.2k $13.4k | Unchanged |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 1.1k $12.3k | New |
| Larson Financial Group LLC 0.00% of their portfolio | 1.0k $11.5k | Added +7 |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 900 $10.0k | Unchanged |
| AMALGAMATED BANK 0.00% of their portfolio | 472 $5.0k | Unchanged |
| GAMMA Investing LLC 0.00% of their portfolio | 402 $4.5k | Added +50 |
| CWM, LLC 0.00% of their portfolio | 280 $3.0k | Reduced -40 |
| SBI Securities Co., Ltd. 0.00% of their portfolio | 190 $2.1k | Unchanged |
| US BANCORP \DE\ 0.00% of their portfolio | 135 $1.5k | Reduced -192 |
| NISA INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 75 $836 | Added +22 |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 65 $724 | New |
| Sterling Capital Management LLC 0.00% of their portfolio | 58 $646 | Added +44 |
| SIGNATUREFD, LLC 0.00% of their portfolio | 28 $312 | New |
| Sound Income Strategies, LLC 0.00% of their portfolio | 21 $234 | Unchanged |
| Parallel Advisors, LLC 0.00% of their portfolio | 15 $167 | Reduced -4 |
| True Wealth Design, LLC 0.00% of their portfolio | 10 $112 | Added +4 |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. — of their portfolio | 0 $0 | Unchanged |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 0 $0 | Reduced -22.3k |