E. Alan Baratz - Nov 11, 2025 Form 4 Insider Report for D-Wave Quantum Inc. (QBTS)

Role
President & CEO, Director
Signature
/s/ Alan Baratz
Stock symbol
QBTS
Transactions as of
Nov 11, 2025
Transactions value $
-$23,276,406
Form type
4
Date filed
11/13/2025, 05:37 PM
Previous filing
Oct 15, 2025
Next filing
Nov 14, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
BARATZ ALAN E President & CEO, Director 2650 EAST BAYSHORE ROAD, PALO ALTO /s/ Alan Baratz 2025-11-13 0001098231

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction QBTS Common Stock, par value $0.0001 per share ("Common Stock") Options Exercise $734K +806K +28.78% $0.91 3.61M Nov 11, 2025 Direct F1, F2
transaction QBTS Common Stock, par value $0.0001 per share ("Common Stock") Sale -$23.3M -806K -22.35% $28.87 2.8M Nov 11, 2025 Direct F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction QBTS Stock Option (right to buy) Options Exercise -$734K -806K -38.87% $0.91 1.27M Nov 11, 2025 Common Stock, par value $0.0001 per share ("Common Stock") 806K $0.91 Direct F1, F4
holding QBTS Stock Option (right to buy) 213K Nov 11, 2025 Common Stock, par value $0.0001 per share ("Common Stock") 213K $0.85 Direct F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 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 11, 2025.
F2 Includes 1,110,087 shares of unvested restricted stock units.
F3 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 $28.00 to $30.02, 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.
F4 This option has fully vested and is exercisable as of the date hereof as to 2,074,395 shares of Common Stock.
F5 This option has fully vested and is exercisable as of the date hereof as to 213,232 shares of Common Stock.