Form 4: D-Wave Quantum Director Sells Over 100,000 Shares Under Pre-Arranged Plan

D-Wave Quantum Inc. Director Roger Biscay reported the sale of 106,626 shares of common stock on June 12, 2025, at a weighted average price of $16.847 per share, executed under a Rule 10b5-1 trading plan.

Summary

• Roger Biscay, a Director of D-Wave Quantum Inc. (QBTS), reported the sale of 106,626 shares of the company's common stock.
• The transaction occurred on June 12, 2025, at a weighted average sale price of $16.847 per share.
• The shares were sold in multiple transactions within a price range of $16.71 to $16.925.
• Following this transaction, Mr. Biscay beneficially owns 14,260 shares of D-Wave Quantum Inc. common stock, which includes 14,260 shares of unvested restricted stock units.
• The sale was conducted pursuant to a Rule 10b5-1(c) contract, instruction, or written plan for the purchase or sale of equity securities.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While insider selling can be perceived negatively, the disclosure that it was executed under a Rule 10b5-1 plan mitigates concerns that the sale is based on new, adverse non-public information. It's a pre-planned transaction.

Positives

• The transaction was executed under a Rule 10b5-1 trading plan, indicating it was pre-scheduled and not based on new, non-public information, which mitigates the negative perception often associated with insider selling.

Negatives

• A director selling a significant number of shares (106,626 shares) reduces their direct ownership in the company, which can be perceived by some investors as a lack of confidence or a strategic move to diversify holdings.
• The remaining direct beneficial ownership of 14,260 shares, including unvested restricted stock units, is a relatively small stake after the sale.

Risks

• Insider selling, even when pre-planned, can sometimes lead to negative market sentiment or speculation regarding the company's future prospects.
• Reduced insider ownership might be interpreted as a decrease in alignment between management/directors and shareholder interests.

Future Outlook

The document, being an SEC Form 4, does not provide any forward-looking statements or guidance regarding the company's future performance or strategic outlook.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide information relevant to broader industry trends or competitive landscape analysis for the quantum computing sector.

Related Party Transactions

• Sale of 106,626 shares of common stock by Roger Biscay, a Director of D-Wave Quantum Inc., to the open market.

Stakeholder Impact

• Shareholders: May view the director's sale as a signal, though the 10b5-1 plan suggests it's not based on new negative information. It reduces the director's direct equity alignment.
• Employees, Customers, Suppliers, Creditors: Unlikely to have a direct impact from this specific insider transaction.

Next Steps

• The reporting person is obligated to supply full information regarding the number of shares sold at each separate price upon request by SEC Staff, the Issuer, or a security holder of the Issuer.

Key Dates

Keywords

D-Wave Quantum, QBTS, Form 4, Insider Trading, Stock Sale, Director, Roger Biscay, Beneficial Ownership, 10b5-1 Plan