QBTS CFO reports 200K-share option exercise and sale on Form 4

Rhea-AI Filing Summary

D-Wave Quantum Inc. (QBTS) Chief Financial Officer John M. Markovich reported an option exercise and share sale involving the company’s common stock. On 11/20/2025 he exercised a stock option to acquire 200,000 shares of common stock at an exercise price of $0.92 per share, then sold 200,000 shares of common stock on the same date at a weighted average price of $22.94 per share, in multiple transactions.

The filing states that the option exercise and sale were effected under a Rule 10b5-1 trading plan adopted on August 21, 2025. After these transactions, he beneficially owns 1,482,874 shares of common stock, including 545,315 unvested restricted stock units, held directly. He also holds fully vested stock options exercisable for 707,926 shares at $0.92 per share (expiring 08/20/2031) and options exercisable for 120,826 shares at $0.846 per share (expiring 01/10/2034).

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

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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^*

Markovich John M.

(Last) (First) (Middle)

2650 EAST BAYSHORE ROAD

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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")	11/20/2025		M		200,000(1)	A	$0.92	1,682,874(2)	D
Common Stock, par value $0.0001 per share ("Common Stock")	11/20/2025		S		200,000(1)	D	$22.94(3)	1,482,874(2)	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	11/20/2025		M			200,000(1)	(4)	08/20/2031	Common Stock, par value $0.0001 per share ("Common Stock")	200,000	$0.92	507,926	D
Stock Option (right to buy)	$0.846							(5)	01/10/2034	Common Stock, par value $0.0001 per share ("Common Stock")	120,826		120,826	D

Explanation of Responses:

1. The option exercise and sale of Common Stock reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on August 21, 2025.

2. Includes 545,315 shares of unvested restricted stock units.

3. 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 $21.04 to $24.69, 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.

4. The option has fully vested and is exercisable as of the date hereof as to 707,926 shares of Common Stock.

5. This option has fully vested and is exercisable as of the date hereof as to all 120,826 shares of Common Stock.

Remarks:

	/s/ John M. Markovich	11/21/2025
	** 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 insider transaction did D-Wave Quantum (QBTS) report on this Form 4?

The Chief Financial Officer, John M. Markovich, reported exercising a stock option for 200,000 shares of D-Wave Quantum common stock at an exercise price of $0.92 per share and selling 200,000 shares of common stock on 11/20/2025.

At what prices did the D-Wave Quantum (QBTS) CFO exercise and sell shares?

He exercised stock options at $0.92 per share and sold 200,000 shares of common stock at a weighted average sale price of $22.94 per share, with individual trades ranging from $21.04 to $24.69.

Was the D-Wave Quantum (QBTS) CFO trade under a Rule 10b5-1 plan?

Yes. The filing states that the option exercise and sale of common stock were effected under a Rule 10b5-1 trading plan adopted by the CFO on August 21, 2025.

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

Following the reported transactions, the CFO beneficially owns 1,482,874 shares of D-Wave Quantum common stock, which include 545,315 shares represented by unvested restricted stock units.

What stock options does the D-Wave Quantum (QBTS) CFO still hold?

He holds fully vested stock options exercisable for 707,926 shares of common stock at $0.92 per share expiring on 08/20/2031, and options exercisable for 120,826 shares at $0.846 per share expiring on 01/10/2034.

What role does the reporting person hold at D-Wave Quantum (QBTS)?

The reporting person, John M. Markovich, is an officer of D-Wave Quantum Inc. and serves as the company’s Chief Financial Officer.