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.

On March 27, 2025, W. Thorpe McKenzie informed the Board of Directors (the "Board") of XBiotech Inc. (the "Company") via letter of his decision to retire from the Board, effective immediately. Mr. McKenzie joined the Board in 2009 and served on the Compensation Committee, the Nominating and Corporate Governance Committee and the Audit Committee of the Company. Mr. McKenzie's decision to retire from the Board was not the result of any dispute or disagreement with the Company.

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