D-Wave (QBTS) Form 4: CFO exercises options, sells shares; total beneficial ownership 1.65M
Rhea-AI Filing Summary
John M. Markovich, Chief Financial Officer and Director of D-Wave Quantum Inc. (QBTS), reported multiple open-market and option transactions on 09/10/2025–09/12/2025. The Form 4 shows Mr. Markovich sold blocks of common stock (50,000 on 09/10 at $16.30; 50,000 on 09/11 at $16.30; 50,000 on 09/12 at $17.50) and exercised/was issued shares at $0.92 (100,000 on 09/11 and 50,000 on 09/12). After the reported activity his beneficial ownership is reported as 1,649,511 shares. The filing also discloses outstanding stock options and 812,837 unvested restricted stock units, and additional options exercisable for 120,826 shares at $0.846 with a 01/10/2034 expiration.
Positive
- Beneficial ownership increased to 1,649,511 shares following reported transactions.
- Executed option exercises resulting in 150,000 shares acquired at $0.92, demonstrating available vested awards.
- Full disclosure of unvested RSUs is provided: 812,837 shares are identified as unvested restricted stock units.
Negative
- Insider sold 150,000 shares (three 50,000 blocks) at prices between $16.30 and $17.50, reducing directly held shares.
- Substantial portion of holdings are in unvested RSUs (812,837), indicating limited immediate liquidity from those awards.
Insights
TL;DR: Insider conducted concurrent sales and option exercises, ending with a modest net increase in reported holdings.
The report documents routine Section 16 activity by the CFO who both sold and acquired shares over three days. Sales occurred at materially higher prices ($16.30–$17.50) than the option exercise price ($0.92), consistent with locking in gains from previously granted awards. Beneficial ownership rises to 1,649,511 shares after transactions. The filing transparently discloses unvested RSUs (812,837) and multiple option tranches, with expiration and exercisability details provided. This is procedural insider liquidity rather than an operational disclosure.
TL;DR: Transactions show exercised in-the-money options and concurrent stock sales, leaving the CFO with 1,649,511 shares and several vested option tranches.
Reported option exercises at $0.92 generated 150,000 shares on 09/11–09/12, while sales of 150,000 shares occurred across 09/10–09/12 at $16.30–$17.50. Table II details exercisable options totaling at least 1, − including 100,000 and 50,000 grants exercisable through 08/20/2031 and a separate 120,826-share option at $0.846 expiring 01/10/2034. The mix of exercises and sales is consistent with routine monetization of vested equity awards; no new compensation grants or other corporate events are reported in this Form 4.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option (right to buy) | 50,000 | $0.92 | $46K |
| Exercise | Common Stock, par value $0.0001 per share ("Common Stock") | 50,000 | $0.92 | $46K |
| Sale | Common Stock, par value $0.0001 per share ("Common Stock") | 50,000 | $17.50 | $875K |
| Exercise | Stock Option (right to buy) | 100,000 | $0.92 | $92K |
| Exercise | Common Stock, par value $0.0001 per share ("Common Stock") | 100,000 | $0.92 | $92K |
| Sale | Common Stock, par value $0.0001 per share ("Common Stock") | 50,000 | $16.30 | $815K |
| Sale | Common Stock, par value $0.0001 per share ("Common Stock") | 50,000 | $16.30 | $815K |
| holding | Stock Option (right to buy) | -- | -- | -- |
Footnotes (1)
- Includes 812,837 shares of unvested restricted stock units. The option has fully vested and is exercisable as of the date hereof as to 857,926 shares of Common Stock. The option has fully vested and is exercisable as of the date hereof as to 757,926 shares of Common Stock. This option has vested and is exercisable as of the grant date as to all 120,826 shares of Common Stock.
