D-Wave Quantum (QBTS) CEO Reports 793,712-Share Option Exercise and Sale

Rhea-AI Filing Summary

D-Wave Quantum Inc. President & CEO Alan Baratz, who is also a director, reported option exercises and share sales in the company’s stock. On 12/22/2025 he exercised a stock option to acquire 793,712 shares of common stock at an exercise price of $0.91 per share, then sold 793,712 shares of common stock on the same date at a weighted average price of $30.1282 per share in multiple trades. After these transactions, he beneficially owned 2,633,163 shares of common stock, including 735,087 shares underlying unvested restricted stock units. Following the exercise, 474,395 stock options from the exercised grant and an additional fully vested option for 213,232 shares remained outstanding. The filing states that the option exercise and sale were carried out under a Rule 10b5-1 trading plan adopted on August 11, 2025.

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

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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)
12/22/2025

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")	12/22/2025		M		793,712(1)	A	$0.91	3,426,875(2)	D
Common Stock, par value $0.0001 per share ("Common Stock")	12/22/2025		S		793,712(1)	D	$30.1282(3)	2,633,163(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	12/22/2025		M			793,712(1)	(4)	05/05/2030	Common Stock, par value $0.0001 per share ("Common Stock")	793,712	$0.91	474,395	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 735,087 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 $30.00 to $30.55, 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, prior to the reported option exercise transaction, was exercisable as to 1,268,107 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	12/23/2025
	** 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).
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FAQ

What insider transaction did D-Wave Quantum (QBTS) report in this Form 4?

The report shows that President & CEO and director Alan Baratz exercised a stock option for 793,712 shares of D-Wave Quantum common stock and sold 793,712 shares of common stock on 12/22/2025.

At what prices did the D-Wave Quantum (QBTS) CEO exercise and sell shares?

Alan Baratz exercised a stock option at an exercise price of $0.91 per share and sold 793,712 shares of common stock at a weighted average price of $30.1282 per share, with individual sale prices ranging from $30.00 to $30.55.

How many D-Wave Quantum (QBTS) shares does the CEO own after the reported transaction?

Following the reported transactions, Alan Baratz beneficially owned 2,633,163 shares of D-Wave Quantum common stock, which the filing notes includes 735,087 shares underlying unvested restricted stock units.

Was the D-Wave Quantum (QBTS) CEO’s trade under a Rule 10b5-1 plan?

Yes. The filing states that the option exercise and sale of common stock were effected under a Rule 10b5-1 trading plan adopted by Alan Baratz on August 11, 2025.

What stock options does the D-Wave Quantum (QBTS) CEO still hold after this Form 4?

After the exercise of one option, Alan Baratz held 474,395 stock options remaining from that grant, plus a separate fully vested option exercisable for 213,232 shares of D-Wave Quantum common stock.

What is the role of Alan Baratz at D-Wave Quantum (QBTS)?

Alan Baratz is reported as both a director and an officer of D-Wave Quantum Inc., serving as President & CEO.