D-Wave CFO exercises options, sells 328,752 shares

D-Wave Quantum Inc. Chief Financial Officer John M. Markovich reported a combination of option exercises and share sales in the company’s common stock.

Rhea-AI Filing Summary

D-Wave Quantum Inc. Chief Financial Officer John M. Markovich reported a combination of option exercises and share sales in the company’s common stock. On May 22, 2026, he exercised stock options covering a total of 328,752 shares at exercise prices of $0.8460 and $0.9200 per share, converting derivative awards into common stock.

That same day, he executed an open-market sale of 328,752 common shares at a weighted average price of $27.7037 per share, with individual trade prices ranging from $27.00 to $28.61. Following these transactions, Markovich directly holds 1,442,820 common shares, which include 447,770 shares underlying unvested restricted stock units.

Insider Trade Summary

Exercise and Sale: 328,752 shares ($8.81M approx. pre-tax spread)

Exercise and Sale 5 txns

Insider Markovich John M.

Role Chief Financial Officer

Sold 328,752 shs ($9.11M)

Approx. gross sale proceeds $9.11M

Approx. exercise cost $294K

Approx. pre-tax spread $8.81M

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	207,926	$0.92	$191K
Exercise	Stock Option (right to buy)	120,826	$0.846	$102K
Exercise	Common Stock, par value $0.0001 per share ("Common Stock")	207,926	$0.92	$191K
Exercise	Common Stock, par value $0.0001 per share ("Common Stock")	120,826	$0.846	$102K
Sale	Common Stock, par value $0.0001 per share ("Common Stock")	328,752	$27.7037	$9.11M

Holdings After Transaction: Stock Option (right to buy) — 0 contracts (Direct); Common Stock, par value $0.0001 per share ("Common Stock") — 1,442,820 shares (Direct)

Footnotes (4)

1. F1. Includes 447,770 shares of unvested restricted stock units.
2. F2. 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 $27.00 to $28.61, 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. F3. Prior to the reported option exercise transaction, this option had fully vested and was exercisable as to 207,926 shares of Common Stock.
4. F4. Prior to the reported option exercise transaction, this option had fully vested and was exercisable as to 120,826 shares of Common Stock.

Key Figures

Shares sold: 328,752 shares Sale price: $27.7037 per share Option exercise price 1: $0.8460 per share +4 more

7 metrics

Shares sold 328,752 shares Open-market sale of common stock on May 22, 2026 at weighted average price

Sale price $27.7037 per share Weighted average sale price for 328,752 common shares

Option exercise price 1 $0.8460 per share Exercise price for 120,826-share stock option exercised into common stock

Option exercise price 2 $0.9200 per share Exercise price for 207,926-share stock option exercised into common stock

Shares after transactions 1,442,820 shares Total common shares directly owned by CFO following reported transactions

Unvested RSUs included 447,770 shares Unvested restricted stock units included in post-transaction ownership

Options exercised 328,752 shares Total shares underlying options exercised according to transaction summary

Key Terms

restricted stock units, weighted average sale price, Stock Option (right to buy), derivative security

4 terms

restricted stock units financial

"Includes 447,770 shares of unvested restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

weighted average sale price financial

"The sales price reported is the weighted average sale price for the number of shares of Common Stock sold."

Stock Option (right to buy) financial

"Stock Option (right to buy)"

derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did D-Wave Quantum (QBTS) CFO report?

The CFO of D-Wave Quantum reported exercising stock options for 328,752 common shares and selling 328,752 common shares in open-market transactions. These moves converted low-priced options into stock, then into cash, while leaving him with a substantial remaining equity position.

How many D-Wave Quantum (QBTS) shares did the CFO sell and at what price?

He sold 328,752 common shares at a weighted average price of $27.7037 per share. The filing notes these shares were sold in multiple trades at prices ranging from $27.00 to $28.61, with full trade details available upon request.

What options did the D-Wave Quantum (QBTS) CFO exercise in this Form 4?

He exercised stock options covering 207,926 shares at an exercise price of $0.9200 and 120,826 shares at $0.8460. Footnotes state both options were fully vested and exercisable for those share amounts before the reported transactions.

How many D-Wave Quantum (QBTS) shares does the CFO own after the transactions?

After the reported exercises and sale, the CFO directly owns 1,442,820 common shares. A footnote clarifies this figure includes 447,770 shares subject to unvested restricted stock units, which are contingent equity awards that vest over time or upon conditions.

Were the D-Wave Quantum (QBTS) CFO’s transactions option-related or open-market only?

The activity combined both. He exercised stock options, converting derivative awards into 328,752 common shares, then executed an open-market sale of 328,752 common shares. This pattern reflects an exercise-and-sell sequence rather than a purely discretionary sale of long-held shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/27/2026 - 05:31 PM EDT 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).

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^*

Markovich John M.

(Last) (First) (Middle)

2650 EAST BAYSHORE ROAD

(Street)

PALO ALTO CALIFORNIA 94303

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2026

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

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

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

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")	05/22/2026		M		207,926	A	$0.92	1,650,746(1)	D
Common Stock, par value $0.0001 per share ("Common Stock")	05/22/2026		M		120,826	A	$0.846	1,771,572(1)	D
Common Stock, par value $0.0001 per share ("Common Stock")	05/22/2026		S		328,752	D	$27.7037(2)	1,442,820(1)	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)	$0.92	05/22/2026		M			207,926	(3)	08/20/2031	Common Stock, par value $0.0001 per share ("Common Stock")	207,926	$0.92	0	D
Stock Option (right to buy)	$0.846	05/22/2026		M			120,826	(4)	01/10/2034	Common Stock, par value $0.0001 per share ("Common Stock")	120,826	$0.846	0	D

Explanation of Responses:

1. Includes 447,770 shares of unvested restricted stock units.

2. 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 $27.00 to $28.61, 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. Prior to the reported option exercise transaction, this option had fully vested and was exercisable as to 207,926 shares of Common Stock.

4. Prior to the reported option exercise transaction, this option had fully vested and was exercisable as to 120,826 shares of Common Stock.

Remarks:

	/s/ John M. Markovich	05/27/2026
	** 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.
* Form 4: SEC 1474 (03-26)