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

D-Wave Quantum (QBTS) reported an insider transaction by President & CEO and director Alan Baratz.

Rhea-AI Filing Summary

D-Wave Quantum (QBTS) reported an insider transaction by President & CEO and director Alan Baratz. On 11/11/2025, he exercised stock options for 806,288 shares at $0.91 and sold 806,288 shares at a weighted average price of $28.8686 under a Rule 10b5-1 trading plan adopted on August 11, 2025. The sales occurred in multiple trades between $28.00 and $30.02.

Following the transactions, Baratz directly beneficially owned 2,801,265 shares, which includes 1,110,087 unvested restricted stock units. Derivative holdings reported after the transactions include options for 1,268,107 shares at $0.91 expiring on 05/05/2030, and options for 213,232 shares at $0.846 expiring on 01/10/2034.

Insider Trade Summary

Exercise and Sale: 806,288 shares ($22.54M approx. pre-tax spread)

Exercise and Sale 4 txns

Insider BARATZ ALAN E

Role President & CEO

Sold 806,288 shs ($23.28M)

Approx. gross sale proceeds $23.28M

Approx. exercise cost $734K

Approx. pre-tax spread $22.54M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	806,288	$0.91	$734K
Exercise	Common Stock, par value $0.0001 per share ("Common Stock")	806,288	$0.91	$734K
Sale	Common Stock, par value $0.0001 per share ("Common Stock")	806,288	$28.8686	$23.28M
holding	Stock Option (right to buy)	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 1,481,339 contracts for 213,232 underlying shares (Direct); Common Stock, par value $0.0001 per share ("Common Stock") — 2,801,265 shares (Direct)

Footnotes (5)

1. F1. The option exercise and sale of Common Stock reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 11, 2025.
2. F2. Includes 1,110,087 shares of unvested restricted stock units.
3. F3. The sales price reported is the weighted average sale price for the number of shares of Common Stock sold. These shares were sold in multiple transactions at prices ranging from $28.00 to $30.02, 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.
4. F4. This option has fully vested and is exercisable as of the date hereof as to 2,074,395 shares of Common Stock.
5. F5. This option has fully vested and is exercisable as of the date hereof as to 213,232 shares of Common Stock.

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Accepted by SEC EDGAR 11/13/2025 - 05:37 PM Learn about SEC filing dates

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
Estimated average burden
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).

X

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^*

BARATZ ALAN E

(Last) (First) (Middle)

2650 EAST BAYSHORE ROAD

(Street)

PALO ALTO CA 94303

(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
X	Officer (give title below)		Other (specify below)
	President & CEO

3. Date of Earliest Transaction (Month/Day/Year)
11/11/2025

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

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")	11/11/2025		M		806,288(1)	A	$0.91	3,607,553(2)	D
Common Stock, par value $0.0001 per share ("Common Stock")	11/11/2025		S		806,288(1)	D	$28.8686(3)	2,801,265(2)	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
Stock Option (right to buy)	$0.91	11/11/2025		M			806,288(1)	(4)	05/05/2030	Common Stock, par value $0.0001 per share ("Common Stock")	806,288	$0.91	1,268,107	D
Stock Option (right to buy)	$0.846							(5)	01/10/2034	Common Stock, par value $0.0001 per share ("Common Stock")	213,232		213,232	D

Explanation of Responses:

1. The option exercise and sale of Common Stock reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 11, 2025.

2. Includes 1,110,087 shares of unvested restricted stock units.

3. The sales price reported is the weighted average sale price for the number of shares of Common Stock sold. These shares were sold in multiple transactions at prices ranging from $28.00 to $30.02, 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.

4. This option has fully vested and is exercisable as of the date hereof as to 2,074,395 shares of Common Stock.

5. This option has fully vested and is exercisable as of the date hereof as to 213,232 shares of Common Stock.

Remarks:

	/s/ Alan Baratz	11/13/2025
	** 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.