Leerink says NeuroPace results disappointing, sees hope on totality of data

Leerink notes that NeuroPace (NPCE) has released 1-year preliminary NAUTILUS data assessing the safety and efficacy of its RNS system in idiopathic generalized epilepsy patients, meeting its primary safety endpoint but not showing statistical significance on its primary efficacy endpoint at 1-year follow-up. This is a surprising and disappointing outcome, the firm says, adding that it left the follow-up conference call slightly more encouraged. Overall, Leerink would have preferred cleaner, more definitively positive topline results, but management has offered some reasons to remain positive on NeuroPace’s path forward in drug-resistant IGE. The firm has an Outperform rating on the shares.