UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On November 28, 2023 NeuroPace, Inc. entered into a collaboration agreement (“Agreement”) with Rapport Therapeutics, Inc. (“Rapport”), pursuant to which NeuroPace will provide certain site data for Rapport to use in targeting potential patients for their Phase 2a trial of their GAMA 8 Receptor-Associated Protein (“RAP”) compound and will then, upon patient consent, use its monitoring and data analytics capabilities to monitor RNS System patients that have enrolled in the trial to evaluate efficacy of the RAP.
The Agreement is broken out into four phases over the course of nine quarters (from Q4 2023 to Q4 2025), with certain milestones correlating to each phase, subject to early termination under specified circumstances (such as for cause, as defined in the Agreement), and may be extended upon mutual agreement of the parties. NeuroPace will provide Rapport with certain deliverables at the completion of each milestone and will receive corresponding payments. NeuroPace will also receive a trial initiation payment anticipated to be in the fourth quarter of 2023, as well as recurring quarterly payments throughout the term of the Agreement to help support the work being done to monitor patients and support Rapport through the trial. The total revenue from this collaboration is anticipated to be approximately $3.7 million.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NeuroPace, Inc. | ||||||
| Dated: December 4, 2023 | By: | /s/ Irina Ridley | ||||
| Irina Ridley | ||||||
| Chief Legal Office | ||||||