[Form 4/A] D-Wave Quantum Inc. Amended Insider Trading Activity

Rhea-AI Filing Summary

Steven M. West, a director of D-Wave Quantum Inc. (QBTS), filed an amended Form 4 reporting corrective details about sales and ownership on August 13, 2025. The amendment clarifies that 119,000 shares were sold by the West-Karam Family Trust at a weighted-average price of $18.06, leaving the trust holding 118,840 shares indirectly beneficially owned by Mr. West. Separately, Mr. West sold 25,000 shares directly at a weighted-average price of $18.176, after which he directly beneficially owns 19,837 unvested restricted stock units. The filing corrects prior reporting about indirect ownership through Emerging Company Partners LLC and supplies footnotes about sale price ranges and trust relationships.

Positive

• Amendment improves transparency by correcting beneficial ownership and attributing which entity sold 119,000 shares
• Disclosure of unvested RSUs (19,837) clarifies the reporter's remaining direct economic interest

Negative

• Insider sales of material size: 119,000 shares sold by the family trust and 25,000 shares sold directly, which may be viewed negatively by some investors
• Prior reporting errors required amendment, indicating an initial misstatement of indirect ownership through Emerging Company Partners LLC

Insights

Securities Analyst

TL;DR: Insider sold material blocks of QBTS stock and amended prior reporting to reflect trust-held versus directly held shares.

The amended Form 4 clarifies that significant dispositions occurred on August 13, 2025: 119,000 shares disposed by a family trust and 25,000 shares disposed directly by the reporting person. The sales prices are reported as weighted averages, with the direct sales spanning $18.17 to $18.19 per share. The amendment also corrects previously reported indirect ownership through another entity, which is important for accurately tracking beneficial ownership and potential insider liquidity. For investors, accurate insider reporting matters for transparency though the filing does not include forward-looking or operational information.

Corporate Governance Expert

TL;DR: Filing is a compliance correction that distinguishes trust-held versus direct insider holdings and discloses unvested RSUs.

The Form 4/A addresses misstatements in the initial filing by reallocating 119,000 sold shares to the West-Karam Family Trust and confirming cessation of indirect ownership via Emerging Company Partners LLC. It also reports the reporter retains indirect ownership through the family trust as trustee and lists 19,837 unvested restricted stock units still held directly. The amendment improves the accuracy of beneficial ownership records, which is important for governance and regulatory compliance, though it does not signal operational changes at the company level.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

WEST STEVEN M

(Last) (First) (Middle)

3033 BETA AVENUE

(Street)

BURNABY A1 V5G4M9

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
D-Wave Quantum Inc. [ QBTS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
08/15/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.0001 per share ("Common Stock")	08/13/2025		S		119,000	D	$18.06	118,840	I	See Footnote(1)
Common Stock, par value $0.0001 per share ("Common Stock")	08/13/2025		S		25,000	D	$18.176(2)	19,837(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. West-Karam Family Trust is the record holder of such securities. The reporting person is trustee of the West-Karam Family Trust, of which the reporting person and members of the reporting person's immediate family are the sole beneficiaries. The reporting person remains the beneficial owner of the securities held by the trust.

2. The sales price reported is the weighted average sale price for the number of shares sold. These shares were sold in multiple transactions at prices ranging from $18.17 to $18.19, inclusive. Full information regarding the number of shares sold at each separate price will be supplied upon request by Securities and Exchange Commission Staff, the Issuer or a security holder of the Issuer.

3. Consists of 19,837 unvested restricted stock units.

Remarks:

This Form 4/A amends the Form 4 filed by the reporting person on August 15, 2025 (the "Initial Form 4"). As previously reported in the Form 4 filed by the reporting person on August 20, 2025, commencing on July 12, 2024, a portion of the reporting person's beneficial ownership of shares of Common Stock has consisted of indirect beneficial ownership of shares through the West-Karam Family Trust, and commencing on August 22, 2024, the reporting person ceased to indirectly beneficially own shares of Common Stock through Emerging Company Partners LLC. Accordingly, this Form 4/A corrects the Initial Form 4 in the following respects: (1) line 1 of Table I has been amended to reflect that 119,000 shares of Common Stock were sold by the West-Karam Family Trust rather than the reporting person in his direct capacity, and that following such reported transaction, the reporting person indirectly beneficially owns 118,840 shares of Common Stock through the West-Karam Family Trust; (2) line 2 of Table I continues to reflect the sale of 25,000 shares by the reporting person in his direct capacity, and has been amended to reflect that following such reported transaction, the reporting person directly beneficially owns 19,837 shares of Common Stock, consisting of unvested restricted stock units; and (3) line 3 of Table I has been deleted, because the reporting person ceased to indirectly beneficially own shares of Common Stock through Emerging Company Partners LLC on August 22, 2024.

	/s/ Steven West	08/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Steven M. West report in the Form 4/A for QBTS?

He reported amended details that 119,000 shares were sold by the West-Karam Family Trust and 25,000 shares were sold directly on 08/13/2025, with remaining direct holdings of 19,837 unvested RSUs.

At what prices were the QBTS shares sold according to the filing?

Prices reported: the trust sales had a weighted-average price of $18.06; the direct sales had a weighted-average price of $18.176, with individual trade prices ranging $18.17–$18.19.

Why was an amendment (Form 4/A) filed for QBTS insider activity?

The amendment corrects earlier reporting to show that 119,000 shares were sold by the West-Karam Family Trust rather than by the reporting person directly and removes a prior indirect ownership claim through Emerging Company Partners LLC.

How many QBTS shares does Steven M. West beneficially own after the transactions?

Indirectly holds 118,840 shares through the West-Karam Family Trust and directly holds 19,837 unvested restricted stock units, per the amended filing.

Does the Form 4/A indicate any new derivative or option transactions?

No. The filing contains only non-derivative common stock dispositions and disclosure of unvested restricted stock units.