Form 4: D-Wave CEO Exercises Options, Sells Shares

D-Wave Quantum Inc.'s President and CEO, Alan E. Baratz, exercised stock options and subsequently sold 806,288 shares of common stock for a weighted average price of $28.8686 per share.

Summary

• Alan E. Baratz, President & CEO and Director of D-Wave Quantum Inc. (QBTS), reported transactions involving the company's common stock.
• On November 11, 2025, Baratz exercised options to acquire 806,288 shares of Common Stock at an exercise price of $0.91 per share.
• Immediately following the option exercise on the same date, Baratz sold 806,288 shares of Common Stock at a weighted average sale price of $28.8686 per share.
• The sales occurred in multiple transactions with prices ranging from $28.00 to $30.02.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by Baratz on August 11, 2025.
• Following these transactions, Baratz beneficially owns 2,801,265 shares of Common Stock, which includes 1,110,087 shares of unvested restricted stock units.
• Baratz also holds remaining exercisable stock options: 1,268,107 shares at an exercise price of $0.91 (expiring May 5, 2030) and 213,232 shares at an exercise price of $0.846 (expiring January 10, 2034).

Sentiment

Score: 7

Explanation: The transaction reflects a significant profit for the insider due to the large spread between the option exercise price and the sale price, indicating a successful vesting and monetization of equity compensation. This is a routine insider transaction executed under a pre-arranged 10b5-1 plan, which is generally viewed neutrally to positively by the market.

Positives

• The insider realized a significant profit from the option exercise and subsequent sale, demonstrating the value creation from their equity compensation.
• The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned and systematic approach to managing equity rather than a reactive sale.

Negatives

• The sale of a substantial number of shares by a key executive, even if planned, could be perceived by some investors as a reduction in direct exposure to the company's future stock price appreciation.

Future Outlook

This Form 4 filing details an insider transaction and does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing is a routine disclosure of an insider's equity transaction and does not provide specific information related to broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: The transaction is a routine part of executive compensation and was executed under a pre-planned trading arrangement. While it represents a sale of shares, the significant profit realized by the CEO could be seen as a positive indicator of the company's stock performance over time.

Key Dates

Keywords

D-Wave Quantum, QBTS, Form 4, Insider Trading, Stock Option Exercise, Share Sale, Alan Baratz, CEO, Director, 10b5-1 Plan, Equity Compensation