Form 4: D-Wave Quantum General Counsel Exercises Options and Sells Shares

Diane Nguyen, General Counsel of D-Wave Quantum Inc., reported exercising multiple stock options and subsequently selling a portion of the acquired common stock.

Summary

• Diane Nguyen, General Counsel of D-Wave Quantum Inc. (QBTS), engaged in multiple transactions on May 23, 2025.
• She acquired a total of 141,421 shares of Common Stock through the exercise of stock options at prices ranging from $0.846 to $2.1 per share.
• Specifically, options for 58,255 shares (at $0.846), 15,419 shares (at $2.1), 51,155 shares (at $0.92), and 16,592 shares (at $0.91) were exercised.
• Following these exercises, she disposed of 2,596 shares at a weighted average price of $18.982 per share to cover the cashless exercise of 58,255 stock options.
• Additionally, she sold 83,166 shares at a weighted average price of $18.767 per share.
• After all reported transactions, Ms. Nguyen beneficially owns 590,323 shares of D-Wave Quantum Common Stock, which includes 301,057 shares of unvested restricted stock units.
• Several stock options were fully vested and exercisable as of the transaction date, while others have remaining portions vesting monthly through May 2027 and July 2025.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive. While there is a sale of shares, it's primarily driven by the exercise of options at much lower prices, indicating the executive is realizing value from their compensation. The net effect is a reduction in direct ownership, but the underlying action (option exercise) is positive.

Positives

• The exercise of stock options indicates that the General Counsel is realizing value from previously granted equity incentives.
• The exercise prices of the options ($0.846 to $2.1) are significantly lower than the sale prices ($18.767 to $18.982), indicating a substantial gain for the insider on these transactions.

Negatives

• The sale of 83,166 shares, beyond those used for cashless exercise, represents a reduction in direct beneficial ownership by a key executive.
• Insider selling, even if for personal liquidity or diversification, can sometimes be perceived negatively by the market, depending on the context and volume.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future financial performance or strategic outlook.

Industry Context

This filing is an individual insider transaction report and does not provide information on broader industry trends in quantum computing or D-Wave Quantum's competitive position. It reflects an executive's personal equity management.

Related Party Transactions

• The reported transactions involve the General Counsel of D-Wave Quantum Inc. exercising stock options and selling company common stock, which are standard related-party transactions for executive compensation and equity management.

Stakeholder Impact

• Shareholders: The sale of shares by an executive could be interpreted in various ways, from a routine liquidity event to a potential lack of confidence, though the context of option exercise suggests the former. The overall impact on share price is typically minor unless the transaction volume is exceptionally large or unusual.
• Employees: No direct impact on employees is indicated by this filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Keywords

D-Wave Quantum Inc., QBTS, SEC Form 4, Insider Trading, Stock Options, Share Sale, Executive Compensation, Beneficial Ownership, Diane Nguyen, General Counsel, Quantum Computing