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NeuroPace Inc（NPCE）与STEM, INC.（STEM）财务数据对比。点击上方公司名可切换其他公司
STEM, INC.的季度营收约是NeuroPace Inc的1.8倍（$47.1M vs $26.6M），NeuroPace Inc净利率更高（-10.3% vs -33.9%，领先23.6%），NeuroPace Inc同比增速更快（23.9% vs -15.6%），过去两年STEM, INC.的营收复合增速更高（36.1% vs 21.1%）
NeuroPace Inc是一家专注于神经调控技术的医疗科技企业，核心产品为可植入式响应神经刺激系统，主要用于治疗药物难治性癫痫，通过与医疗机构合作，为北美及部分全球市场的患者提供个性化治疗方案，降低癫痫发作频率。
该公司是一家公开上市的生物制药企业，总部位于加利福尼亚州纽瓦克，专注研发纯化人类神经干细胞，旨在治疗中枢神经系统疾病与瘫痪，其所研发的神经干细胞可分化为中枢神经系统的神经元、星形胶质细胞与少突胶质细胞这三大主要细胞类型。
NPCE vs STEM — 直观对比
营收规模更大
STEM
是对方的1.8倍
$26.6M
营收增速更快
NPCE
高出39.4%
-15.6%
净利率更高
NPCE
高出23.6%
-33.9%
两年增速更快
STEM
近两年复合增速
21.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $26.6M | $47.1M |
| 净利润 | $-2.7M | $-16.0M |
| 毛利率 | 77.4% | 48.9% |
| 营业利润率 | -6.6% | -17.7% |
| 净利率 | -10.3% | -33.9% |
| 营收同比 | 23.9% | -15.6% |
| 净利润同比 | 48.0% | 68.8% |
| 每股收益（稀释后） | $-0.08 | $-4.40 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NPCESTEM
| Q4 25 | $26.6M | $47.1M | ||
| Q3 25 | $27.4M | $38.2M | ||
| Q2 25 | $23.5M | $38.4M | ||
| Q1 25 | $22.5M | $32.5M | ||
| Q4 24 | $21.5M | $55.8M | ||
| Q3 24 | $21.1M | $29.3M | ||
| Q2 24 | $19.3M | $34.0M | ||
| Q1 24 | $18.1M | $25.5M |
净利润NPCESTEM
| Q4 25 | $-2.7M | $-16.0M | ||
| Q3 25 | $-3.5M | $-23.8M | ||
| Q2 25 | $-8.7M | $202.5M | ||
| Q1 25 | $-6.6M | $-25.0M | ||
| Q4 24 | $-5.3M | $-51.1M | ||
| Q3 24 | $-5.5M | $-148.3M | ||
| Q2 24 | $-7.5M | $-582.3M | ||
| Q1 24 | $-8.9M | $-72.3M |
毛利率NPCESTEM
| Q4 25 | 77.4% | 48.9% | ||
| Q3 25 | 77.4% | 35.5% | ||
| Q2 25 | 77.1% | 33.4% | ||
| Q1 25 | 77.0% | 32.4% | ||
| Q4 24 | 75.4% | -4.4% | ||
| Q3 24 | 73.2% | 21.2% | ||
| Q2 24 | 73.4% | 27.6% | ||
| Q1 24 | 73.6% | -95.0% |
营业利润率NPCESTEM
| Q4 25 | -6.6% | -17.7% | ||
| Q3 25 | -9.5% | -33.6% | ||
| Q2 25 | -29.0% | -34.8% | ||
| Q1 25 | -22.9% | -65.0% | ||
| Q4 24 | -17.0% | -84.4% | ||
| Q3 24 | -20.1% | -493.2% | ||
| Q2 24 | -32.4% | -1705.5% | ||
| Q1 24 | -41.6% | -267.0% |
净利率NPCESTEM
| Q4 25 | -10.3% | -33.9% | ||
| Q3 25 | -12.8% | -62.2% | ||
| Q2 25 | -36.8% | 527.8% | ||
| Q1 25 | -29.3% | -76.9% | ||
| Q4 24 | -24.5% | -91.6% | ||
| Q3 24 | -25.9% | -506.3% | ||
| Q2 24 | -39.0% | -1712.6% | ||
| Q1 24 | -49.2% | -283.9% |
每股收益（稀释后）NPCESTEM
| Q4 25 | $-0.08 | $-4.40 | ||
| Q3 25 | $-0.11 | $-2.84 | ||
| Q2 25 | $-0.26 | $-1.79 | ||
| Q1 25 | $-0.21 | $-0.15 | ||
| Q4 24 | $-0.16 | $-15.29 | ||
| Q3 24 | $-0.19 | $-18.24 | ||
| Q2 24 | $-0.26 | $-71.81 | ||
| Q1 24 | $-0.32 | $-0.46 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $61.1M | $48.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $19.0M | $-249.4M |
| 总资产 | $105.6M | $308.9M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NPCESTEM
| Q4 25 | $61.1M | $48.9M | ||
| Q3 25 | $60.0M | $43.1M | ||
| Q2 25 | $62.1M | $40.8M | ||
| Q1 25 | $66.3M | $58.6M | ||
| Q4 24 | $52.8M | $56.3M | ||
| Q3 24 | $56.8M | $75.4M | ||
| Q2 24 | $55.5M | $89.6M | ||
| Q1 24 | $58.9M | $112.8M |
股东权益NPCESTEM
| Q4 25 | $19.0M | $-249.4M | ||
| Q3 25 | $18.5M | $-235.7M | ||
| Q2 25 | $19.4M | $-214.1M | ||
| Q1 25 | $24.3M | $-417.5M | ||
| Q4 24 | $8.0M | $-398.4M | ||
| Q3 24 | $9.8M | $-344.1M | ||
| Q2 24 | $9.9M | $-203.2M | ||
| Q1 24 | $14.3M | $371.6M |
总资产NPCESTEM
| Q4 25 | $105.6M | $308.9M | ||
| Q3 25 | $107.3M | $362.6M | ||
| Q2 25 | $106.1M | $379.2M | ||
| Q1 25 | $110.2M | $405.1M | ||
| Q4 24 | $94.6M | $437.4M | ||
| Q3 24 | $96.3M | $537.8M | ||
| Q2 24 | $94.4M | $691.5M | ||
| Q1 24 | $98.9M | $1.3B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $506.0K | $8.2M |
| 自由现金流经营现金流 - 资本支出 | $409.0K | — |
| 自由现金流率自由现金流/营收 | 1.5% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-11.3M | — |
8季度趋势，按日历期对齐
经营现金流NPCESTEM
| Q4 25 | $506.0K | $8.2M | ||
| Q3 25 | $-1.9M | $11.4M | ||
| Q2 25 | $-2.1M | $-21.3M | ||
| Q1 25 | $-7.5M | $8.5M | ||
| Q4 24 | $-4.8M | $-14.7M | ||
| Q3 24 | $-1.7M | $-9.4M | ||
| Q2 24 | $-3.9M | $-11.9M | ||
| Q1 24 | $-7.5M | $-621.0K |
自由现金流NPCESTEM
| Q4 25 | $409.0K | — | ||
| Q3 25 | $-2.0M | — | ||
| Q2 25 | $-2.3M | — | ||
| Q1 25 | $-7.5M | — | ||
| Q4 24 | $-4.8M | — | ||
| Q3 24 | $-1.8M | — | ||
| Q2 24 | $-4.0M | — | ||
| Q1 24 | $-7.6M | — |
自由现金流率NPCESTEM
| Q4 25 | 1.5% | — | ||
| Q3 25 | -7.2% | — | ||
| Q2 25 | -9.6% | — | ||
| Q1 25 | -33.4% | — | ||
| Q4 24 | -22.5% | — | ||
| Q3 24 | -8.7% | — | ||
| Q2 24 | -20.6% | — | ||
| Q1 24 | -42.1% | — |
资本支出强度NPCESTEM
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.6% | — |
现金转化率NPCESTEM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
