D-Wave (QBTS) Director Sells 10,000 Shares at $17.93 Avg

D-Wave Quantum Inc. (QBTS) director Rohit Ghai sold 10,000 shares of common stock on 09/15/2025 under a pre-established Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

D-Wave Quantum Inc. (QBTS) director Rohit Ghai sold 10,000 shares of common stock on 09/15/2025 under a pre-established Rule 10b5-1 trading plan. The weighted-average sale price reported was $17.932, with individual trades ranging from $17.30 to $18.57. After the dispositions, Ghai beneficially owned 47,778 shares, which include 14,260 unvested restricted stock units. The sale was reported on Form 4 and executed automatically pursuant to a trading plan adopted on June 13, 2025.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating pre-scheduled, compliant insider trading
• Disclosure includes weighted-average price and price range, enhancing transparency

Negative

• Director disposed of 10,000 shares, reducing beneficial ownership to 47,778 shares
• Significant portion of remaining holdings (14,260 shares) are unvested RSUs, limiting immediate insider skin in the game

Insights

Securities Analyst

TL;DR: Director sold 10,000 shares via a Rule 10b5-1 plan; remaining stake is modest at 47,778 shares including unvested RSUs.

The transaction is a planned, pre-authorized disposition under a 10b5-1 plan adopted June 13, 2025, which reduces the likelihood the sale was based on nonpublic information. The weighted-average sale price of $17.932 and the disclosed trading range provide transparency, while the report shows the director retains a limited post-sale holding that includes 14,260 unvested restricted stock units. For investors, this is a routine insider liquidity event rather than explicit signal of company fundamentals.

Corporate Governance Expert

TL;DR: Sale appears procedural and compliant; remaining beneficial ownership is relatively small and partly unvested.

The filing explicitly states the sales occurred automatically under a documented 10b5-1 plan, which is consistent with governance best practices for scheduled insider trades. The reporting also discloses the price range and offers to supply per-transaction details on request, indicating compliance and transparency. The director's continuing ownership of 47,778 shares, including 14,260 unvested RSUs, suggests ongoing alignment with shareholders but at a modest level.

Insider Trade Summary

Net Seller: 10,000 shares

Net Sell 1 txn

Insider Ghai Rohit

Role Director

Sold 10,000 shs ($179K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.0001 per share ("Common Stock")	10,000	$17.932	$179K

Holdings After Transaction: Common Stock, par value $0.0001 per share ("Common Stock") — 47,778 shares (Direct)

Footnotes (3)

1. F1. The reported sale of 10,000 shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 13, 2025.
2. F2. 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 $17.30 to $18.57, 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. Includes 14,260 shares of unvested restricted stock units.

FAQ

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

What did Rohit Ghai report on Form 4 for QBTS?

Rohit Ghai reported the automatic sale of 10,000 shares on 09/15/2025 under a Rule 10b5-1 plan and beneficial ownership of 47,778 shares following the sale.

Was the insider sale for QBTS pre-planned or discretionary?

The sale was pre-planned under a Rule 10b5-1 trading plan adopted on June 13, 2025, per the Form 4 explanation.

At what price were the QBTS shares sold by the director?

The weighted-average sale price was $17.932, with individual trades ranging from $17.30 to $18.57.

How many QBTS shares does Rohit Ghai own after the sale?

He beneficially owns 47,778 shares after the reported transactions, which include 14,260 unvested restricted stock units.

Can I get per-transaction details of the QBTS sale?

The filer states per-transaction details will be provided upon request to the SEC, the issuer, or a security holder.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 09/17/2025 - 04:35 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^*

Ghai Rohit

(Last) (First) (Middle)

C/O D-WAVE QUANTUM INC.

2650 E BAYSHORE RD

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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")	09/15/2025		S		10,000(1)	D	$17.932(2)	47,778(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. The reported sale of 10,000 shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 13, 2025.

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 $17.30 to $18.57, 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. Includes 14,260 shares of unvested restricted stock units.

Remarks:

	/s/Diane Nguyen, Attorney-in-Fact for Rohit Ghai	09/17/2025
	** 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.