[Form 4] D-Wave Quantum Inc. Insider Trading Activity

Rhea-AI Filing Summary

Steven M. West, a director of D-Wave Quantum Inc. (QBTS), reported sales of company common stock on 08/13/2025 totaling 144,000 shares. The filing shows 119,000 shares sold at $18.06 and 25,000 shares sold at a weighted average price of $18.176. After the reported transactions, beneficial ownership figures are stated as 139,018 and 114,018 shares in the table entries. The report also discloses 24,659 shares held indirectly through Emerging Company Partners LLC, an entity controlled by the reporting person, and that 19,837 shares are unvested restricted stock units included in the beneficial ownership counts.

Positive

• Insider transactions are fully disclosed with transaction dates, share amounts, and prices, supporting regulatory transparency
• Unvested restricted stock units (19,837 shares) are explicitly identified within the beneficial ownership calculation
• Indirect holdings disclosed (24,659 shares via Emerging Company Partners LLC) with control of the entity stated

Negative

• Director sold a meaningful block of shares (144,000 total), which may be viewed as a reduction in insider ownership
• Post-transaction beneficial ownership figures vary across entries, which could require clarification for precise outstanding holdings

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.

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.

FAQ

What shares did Steven M. West sell in the Form 4 for QBTS?

He sold 119,000 shares at $18.06 and 25,000 shares at a weighted average price of $18.176 on 08/13/2025, totaling 144,000 shares.

How many QBTS shares does Steven M. West indirectly own through Emerging Company Partners LLC?

The filing reports 24,659 shares held indirectly by Emerging Company Partners LLC, which the reporting person controls.

Does the Form 4 disclose any unvested equity for Steven M. West?

Yes. The filing states that 19,837 shares are unvested restricted stock units included in the beneficial ownership counts.

Is the reporting person identified as an officer, director, or 10% owner?

The form marks the reporting person as a director.

Were any derivative securities reported on this Form 4 for QBTS?

No derivative securities transactions are reported in Table II on this filing.

Was a 10b5-1 trading plan or amendment indicated on the Form 4?

The document does not indicate that the transactions were made pursuant to a 10b5-1 plan or that the filing is an amendment to a prior Form 4.