<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-10-01</periodOfReport>

    <issuer>
        <issuerCik>0001626878</issuerCik>
        <issuerName>XBiotech Inc.</issuerName>
        <issuerTradingSymbol>XBIT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002088590</rptOwnerCik>
            <rptOwnerName>Kuendig Thomas Martin</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>ALPENSTRASSE 23</rptOwnerStreet1>
            <rptOwnerStreet2>8803 RUESCHLIKON, KANTON OF ZUERICH</rptOwnerStreet2>
            <rptOwnerCity>RUESCHLIKON</rptOwnerCity>
            <rptOwnerState>V8</rptOwnerState>
            <rptOwnerZipCode>8803</rptOwnerZipCode>
            <rptOwnerStateDescription>SWITZERLAND</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Director Stock Option</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.64</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-10-01</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>79115</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2025-02-01</value>
            </exerciseDate>
            <expirationDate>
                <value>2035-10-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>79115</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>79115</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <remarks>On October 1, 2025 (the Grant Date) the reporting person was granted nonstatutory stock options (the Options) under the Company's 2025 Equity Incentive Plan to purchase shares of the Company's Common Stock (the Shares) at an exercise price equal to the closing sales price of the Shares on the Grant Date as quoted by the Nasdaq Stock Market. The Options vest in two equal portions at four month and ten month from the Grant Date with an expiry of ten years from the Grant Date.T</remarks>

    <ownerSignature>
        <signatureName>Thomas Kuendig</signatureName>
        <signatureDate>2025-11-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
