D-Wave Quantum director sells 144,000 shares

D-Wave Quantum Inc. director Steven M. West reported selling a total of 144,000 shares of common stock on August 13, 2025, in two open-market transactions priced around $18.06 and $18.176 per share.

Rhea-AI Filing Summary

D-Wave Quantum Inc. director Steven M. West reported selling a total of 144,000 shares of common stock on August 13, 2025, in two open-market transactions priced around $18.06 and $18.176 per share. After these sales, he holds 114,018 shares directly.

The filing also shows 24,659 shares held indirectly through an entity he controls and notes that a reported sale price is a weighted average of trades between $18.17 and $18.19. His positions include 19,837 shares of unvested restricted stock units.

Insights

Financial Analyst

TL;DR: Director sold 144,000 QBTS shares on 08/13/2025; holdings include unvested RSUs and indirect ownership via a controlled entity.

The Form 4 discloses material insider sales aggregating 144,000 shares executed at roughly $18.06 and $18.176 per share. The filing provides post-transaction beneficial ownership amounts and clarifies that 19,837 shares are unvested RSUs, which affects the economic alignment between the director and shareholders until vesting. Additionally, 24,659 shares are held indirectly through Emerging Company Partners LLC, which the reporting person controls, indicating ownership outside of direct holdings. No derivative transactions or 10b5-1 plan designation are specified in the document.

Corporate Governance Expert

TL;DR: Routine disclosure of insider stock sales by a director; indirect holdings and unvested equity are explicitly disclosed.

The statement identifies the reporting person as a director and documents multiple open-market sales on a single date with weighted-average pricing details for one block. The filing properly discloses indirect ownership through an entity controlled by the director and quantifies unvested restricted stock units included in beneficial ownership. The disclosure meets Section 16(a) reporting requirements by listing transaction codes, amounts, prices, and post-transaction ownership counts. The form does not state any amendment or plan-based execution designation.

Insider Trade Summary

Net Seller: 144,000 shares

Net Sell 3 txns

Insider WEST STEVEN M

Role Director

Sold 144,000 shs ($2.60M)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.0001 per share ("Common Stock")	119,000	$18.06	$2.15M
Sale	Common Stock, par value $0.0001 per share ("Common Stock")	25,000	$18.176	$454K
holding	Common Stock, par value $0.0001 per share ("Common Stock")	--	--	--

Holdings After Transaction: Common Stock, par value $0.0001 per share ("Common Stock") — 114,018 shares (Direct); Common Stock, par value $0.0001 per share ("Common Stock") — 24,659 shares (Indirect, See Footnote)

Footnotes (3)

1. F1. Includes 19,837 shares of unvested restricted stock units.
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 $18.17 to $18.19, 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. Emerging Company Partners LLC is the record holder of such securities. The reporting person controls this entity.

Key Figures

Total shares sold: 144,000 shares First sale tranche: 119,000 shares at $18.06 per share Second sale tranche: 25,000 shares at $18.176 per share +4 more

7 metrics

Total shares sold 144,000 shares Aggregate common shares sold by Steven M. West on August 13, 2025

First sale tranche 119,000 shares at $18.06 per share Open-market sale of common stock on August 13, 2025

Second sale tranche 25,000 shares at $18.176 per share Additional open-market sale of common stock on August 13, 2025

Weighted average price range $18.17 to $18.19 Footnote describing weighted average sale price for certain sold shares

Direct holdings after transaction 114,018 shares Canonical post-transaction direct common stock position

Indirect holdings after transaction 24,659 shares Common stock held indirectly through an entity controlled by West

Unvested restricted stock units 19,837 shares Number of unvested RSUs included in West’s reported holdings

Key Terms

restricted stock units, weighted average sale price, indirect ownership, Emerging Company Partners LLC

4 terms

restricted stock units financial

"Includes 19,837 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 sold."

indirect ownership financial

"total_shares_following_transaction 24,659.0000 with ownership_type indirect."

Emerging Company Partners LLC financial

"Emerging Company Partners LLC is the record holder of such securities."

FAQ

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

What did D-Wave Quantum (QBTS) director Steven M. West report in this Form 4?

Steven M. West reported selling 144,000 QBTS shares of common stock on August 13, 2025, in two open-market transactions. The filing also discloses his remaining holdings, including direct shares, indirect shares through an entity he controls, and unvested restricted stock units.

How many D-Wave Quantum (QBTS) shares does Steven M. West hold after the sale?

West holds 114,018 QBTS shares directly following the reported transactions. The Form 4 also shows 24,659 shares held indirectly through an entity he controls, with his overall position including 19,837 unvested restricted stock units referenced in the footnotes.

At what prices were the QBTS shares sold by Steven M. West on August 13, 2025?

West reported selling 119,000 shares at $18.06 per share and 25,000 shares at $18.176 per share. A footnote adds that one reported price is a weighted average of multiple trades between $18.17 and $18.19, inclusive.

Does Steven M. West hold D-Wave Quantum (QBTS) shares through another entity?

Yes. The Form 4 lists 24,659 shares of QBTS held indirectly, and a footnote states that Emerging Company Partners LLC is the record holder of such securities, with West controlling this entity, clarifying the nature of his indirect ownership.

What restricted stock units are mentioned in D-Wave Quantum (QBTS) Form 4 for Steven M. West?

A footnote states that West’s reported holdings include 19,837 shares of unvested restricted stock units. These RSUs represent equity awards that have been granted but have not yet vested, and they form part of his reported overall position.

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

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Accepted by SEC EDGAR 08/15/2025 - 05:10 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).

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^*

WEST STEVEN M

(Last) (First) (Middle)

3033 BETA AVENUE

(Street)

BURNABY A1 V5G4M9

(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)
08/13/2025

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")	08/13/2025		S		119,000	D	$18.06	139,018(1)	D
Common Stock, par value $0.0001 per share ("Common Stock")	08/13/2025		S		25,000	D	$18.176(2)	114,018(1)	D
Common Stock, par value $0.0001 per share ("Common Stock")								24,659	I	See Footnote(3)

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. Includes 19,837 shares of unvested restricted stock units.

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 $18.17 to $18.19, 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. Emerging Company Partners LLC is the record holder of such securities. The reporting person controls this entity.

Remarks:

	/s/ Alan E. Baratz as Attorney-in-Fact, for Steven West	08/15/2025
	** 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.