Management Change/Compensation Form 8 K

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

XBiotech Inc. (the Company) announces the December 24, 2024 appointment of Tak W. Mak, Ph.D. to the Company's Board of Directors. Pursuant to Section 14.4 of the Company's Articles, the Board has appointed Dr. Mak to fill the existing vacancy on the board. Dr. Mak will serve until the next annual general meeting and will receive similar compensation to the other members.

Dr. Mak is a world-renowned scientist who serves as a professor in the Departments of Medical Biophysics and Immunology at the University of Toronto and has been inducted into the Canadian Medical Hall of Fame. In 1984, he identified and cloned the T cell receptor, which advanced basic and applied fields of immunology and opened the door for the development of modern immunotherapies. In 1993, Dr. Mak launched the Amgen Research Institute in Toronto, firmly establishing Toronto as one of the world's leading centers of biomedical research. Dr. Mak's work led to medical innovation that changed the foundation of oncology-identification of the immune checkpoint inhibitor CTLA-4, has become one of the most important therapeutic targets in oncology today. Dr. Mak cofounded Agios Pharmaceuticals, a cellular metabolism-focused biotechnology company that has developed multiple FDA-approved cancer treatments. The Cancer Research Institute awarded Dr. Mak the 2023 William B. Coley Award for Distinguished Research in Basic and Tumor Immunology, which is the CRI's highest scientific honor.

John Simard, President and CEO of XBiotech, commented, "We enthusiastically welcome Dr. Mak to our Board of Directors. Tak is an extraordinary scientist and innovator and we are very fortunate to have him as part of our team."

Independent directors W. Thorpe McKenzie and Jan-Paul Waldin will continue to serve as members of the Company's Audit Committee. The Company intends to maintain a two-member Audit Committee at this time pursuant to Rule 5605(c)(4) of the NASDAQ Listed Company Manual and to fill the vacancy on the Audit Committee within the time period provided in the Rule.