Core Viewpoint - NeuroPace, Inc. has secured a new $75 million credit facility with MidCap Financial to enhance its financial flexibility and support growth initiatives in the epilepsy treatment market [1][2]. Financing Details - The credit facility consists of a $60 million term loan and a $15 million revolving credit facility, with proceeds from the term loan used to repay an existing loan with CRG Partners IV, L.P. [1][2] - The new loan agreement has a maturity date of five years, with an annual interest rate tied to SOFR, subject to a floor of 2%, plus 5.5% for the term loan and 3.75% for the revolving loan [2]. Strategic Goals - The company aims to use the proceeds to expand patient access to its RNS System, invest in site-of-service expansion, explore new indications, develop direct-to-consumer programs, and generate real-world evidence [2]. - NeuroPace's RNS System is the first commercially available brain-responsive platform designed to provide personalized treatment for drug-resistant epilepsy [4]. Company Background - NeuroPace is based in Mountain View, California, and focuses on transforming the lives of individuals with epilepsy by reducing or eliminating seizures through innovative medical devices [4]. - The company has a unique position in the market with its differentiated RNS System, which aims to improve care standards for patients suffering from various brain disorders [4]. Partner Information - MidCap Financial specializes in providing senior debt solutions to middle-market companies and manages approximately $55 billion in commitments as of March 31, 2025 [5].

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $1.25 and non-GAAP diluted EPS of $1.22 for Q1 2025, compared to $1.06 in Q1 2024, reflecting a significant increase in earnings driven by rate recovery and colder weather [6][9][10] - The company affirmed its long-term rate base and earnings per share growth rate targets of 4% to 6% [6][19] Business Line Data and Key Metrics Changes - The Electric and Gas segments contributed strongly to the earnings, with margin improvements driven by new rates and favorable weather conditions [9][10] - New rates contributed $0.20 to margin improvement, while favorable loads added $0.13, resulting in a total margin increase [10][11] Market Data and Key Metrics Changes - The Montana rate review is nearing completion, with a full natural gas settlement and a partial electric settlement reached [7][14] - The average bill impact from the gas case is approximately 9%, maintaining rates below the national average [18] Company Strategy and Development Direction - The company is focusing on opportunities with data centers and new large load opportunities, potentially achieving greater than 6% EPS growth [8] - The company is committed to maintaining a 5% dividend yield and a total growth profile of 9% to 11% over the next five years [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on earnings and rate-based growth commitments over the long term, despite not providing specific 2025 earnings guidance until the conclusion of the Montana rate review [19][20] - The company expects a lower contribution to overall earnings in Q2 2025 due to the timing of rate implementations [20] Other Important Information - The Montana legislature has passed wildfire and other constructive bills, which are pending the governor's approval, providing significant legal protections for the company [22][24] - The company has successfully priced $500 million of long-term debt to address its financing needs for 2025 [13][14] Q&A Session Summary Question: On the tariff proceeding and data centers - The company is in discussions with multiple parties regarding data centers and expects to finalize contracts with two parties, Atlas and Sabey, by the end of Q2 2025 [40][43][44] Question: EPS guidance for 2025 - Management expects to stay within the 4% to 6% EPS range long-term but acknowledges variability in achieving this target [50] Question: Changes in electric average customer counts - The change in customer counts was due to a new system for counting street lighting districts, with overall customer growth remaining around 1.5% [54][55] Question: Long-term capacity planning - The company is considering natural gas or nuclear as potential replacements for Colstrip, depending on regulatory timelines [64][66] Question: SB301 and approval processes - The 90-day cost prudency review is deemed appropriate, with no overlapping of approval processes expected [68]