Form 4: D-Wave CFO Sells 200,000 Shares After Option Exercise

D-Wave Quantum Inc.'s Chief Financial Officer, John M. Markovich, executed a pre-planned sale of 200,000 common shares following the exercise of stock options.

Summary

• John M. Markovich, Chief Financial Officer of D-Wave Quantum Inc. (QBTS), exercised options to acquire 200,000 shares of common stock at a price of $0.92 per share.
• Concurrently, Markovich sold 200,000 shares of common stock at a weighted average price of $22.94 per share, with individual sales ranging from $21.04 to $24.69.
• These transactions occurred on November 20, 2025, and were conducted pursuant to a Rule 10b5-1 trading plan adopted on August 21, 2025.
• Following these transactions, Markovich beneficially owns 1,482,874 shares of common stock, which includes 545,315 unvested restricted stock units.
• He also retains remaining stock options to purchase 507,926 shares at an exercise price of $0.92 and 120,826 shares at an exercise price of $0.846, both fully vested.

Sentiment

Score: 4

Explanation: The sale of 200,000 shares by the CFO, while pre-planned under a Rule 10b5-1 plan, can still be viewed as a negative signal by investors. However, the pre-planned nature reduces the severity compared to an unplanned, opportunistic sale.

Positives

• The CFO realized a substantial personal gain by exercising options at a low price ($0.92) and selling the shares at a significantly higher weighted average price ($22.94).
• The transactions were executed under a pre-arranged Rule 10b5-1 trading plan, indicating the sales were not based on new, non-public information.

Negatives

• An insider, specifically the Chief Financial Officer, selling 200,000 shares could be perceived negatively by the market, potentially signaling a lack of confidence in the company's near-term stock performance.

Risks

• No specific company-related risks are mentioned in this Form 4 filing. The primary risk is market perception of insider selling.

Future Outlook

NA

Industry Context

This Form 4 filing details an insider transaction, which is a routine disclosure for publicly traded companies. It does not provide information on broader industry trends or competitive landscape for D-Wave Quantum Inc.

Stakeholder Impact

• Shareholders: May react negatively to the insider selling, potentially leading to downward pressure on the stock price, despite the pre-planned nature of the transaction.

Key Dates

Recommendation

While the CFO's sale of shares is a negative signal, the transaction was pre-planned under a 10b5-1 plan, which suggests it is not based on new, adverse material information. Without further information on the company's fundamentals or future prospects, a 'hold' recommendation is appropriate, advising investors to monitor future developments rather than immediately buying or selling based solely on this insider transaction.

Keywords

D-Wave Quantum, QBTS, John M. Markovich, CFO, insider trading, Form 4, stock option exercise, share sale, 10b5-1 plan, beneficial ownership