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

D-Wave Quantum Inc.'s CFO, John M. Markovich, exercised stock options and sold 200,000 shares of common stock for a significant profit in early December 2025, pursuant to a pre-arranged 10b5-1 trading plan.

Summary

• John M. Markovich, Chief Financial Officer of D-Wave Quantum Inc. (QBTS), reported transactions involving the exercise of stock options and subsequent sale of common stock.
• On December 3, 2025, Mr. Markovich exercised options to acquire 100,000 shares of Common Stock at an exercise price of $0.92 per share.
• Immediately following the exercise on December 3, 2025, he sold 100,000 shares of Common Stock at a weighted average price of $25.05 per share, with individual sales ranging from $25.00 to $25.165.
• On December 4, 2025, Mr. Markovich exercised options to acquire another 100,000 shares of Common Stock at an exercise price of $0.92 per share.
• On the same day, December 4, 2025, he sold an additional 100,000 shares of Common Stock at a weighted average price of $27.56 per share, with individual sales ranging from $27.50 to $27.65.
• All reported option exercises and sales were conducted under a Rule 10b5-1 trading plan adopted on August 21, 2025.
• Following these transactions, Mr. Markovich's direct beneficial ownership of Common Stock decreased to 1,482,874 shares, which includes 545,315 shares of unvested restricted stock units.
• His beneficial ownership of derivative securities (stock options) decreased to 307,926 shares exercisable at $0.92 and 120,826 shares exercisable at $0.846.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While an executive selling shares can sometimes be viewed negatively, the transactions were pre-planned under a 10b5-1 plan, mitigating concerns of opportunistic selling. The significant profit realized by the CFO reflects the value of his compensation and the company's stock performance relative to option strike prices.

Positives

• The CFO realized significant gains from exercising stock options at low prices ($0.92) and selling shares at substantially higher market prices ($25.05 and $27.56).
• The transactions were executed under a pre-arranged Rule 10b5-1 trading plan, which indicates a planned divestment strategy rather than opportunistic selling based on non-public information.

Negatives

• An executive selling a substantial number of shares, even under a 10b5-1 plan, could be perceived by some investors as a signal of reduced confidence in the company's near-term stock price performance.

Future Outlook

N/A

Industry Context

N/A

Stakeholder Impact

• Shareholders: May view the executive's sale of shares with mixed feelings; some may see it as a natural part of compensation realization, while others might interpret it as a lack of confidence, despite the 10b5-1 plan.
• Employees: No direct impact mentioned, but executive compensation and share sales are often observed within the company.

Key Dates

Keywords

D-Wave Quantum, QBTS, Form 4, Insider Trading, Stock Options, CFO, Share Sale, 10b5-1 Plan, Executive Compensation