<SEC-DOCUMENT>0001171843-18-005559.txt : 20180731
<SEC-HEADER>0001171843-18-005559.hdr.sgml : 20180731
<ACCEPTANCE-DATETIME>20180731153233
ACCESSION NUMBER:		0001171843-18-005559
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180731
DATE AS OF CHANGE:		20180731

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XBiotech Inc.
		CENTRAL INDEX KEY:			0001626878
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37347
		FILM NUMBER:		18980978

	BUSINESS ADDRESS:	
		STREET 1:		8201 E. RIVERSIDE DRIVE
		STREET 2:		BUILDING 4, SUITE 100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78744
		BUSINESS PHONE:		512-386-2930

	MAIL ADDRESS:	
		STREET 1:		8201 E. RIVERSIDE DRIVE
		STREET 2:		BUILDING 4, SUITE 100
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78744
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>f10ka_080118.htm
<DESCRIPTION>FORM 10-K/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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    <TD STYLE="width: 98%; border-bottom: black 2.25pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;10-K/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13
OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the fiscal year ended December 31,
2017</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission file number </B>001-37437</P>

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    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 98%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XBIOTECH INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>British Columbia, Canada</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B>N/A</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8201 E. Riverside Drive, Bldg. 4, Suite
100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Austin TX 78744</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone Number (512) 386-2900</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant's telephone number, including
area code)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 98%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section&nbsp;12(b)
of the Act:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title of each class</U></B></FONT></TD>
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Name of each exchange on which registered</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.0001 per share</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">NASDAQ Global Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities registered pursuant to Section&nbsp;12(g)
of the Act:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>None</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 98%; border-bottom: black 2.25pt solid">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is not required to
file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant (1)&nbsp;has filed
all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing
requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (&sect; 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;
<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if disclosure of delinquent filers pursuant
to Item&nbsp;405 of Regulation S-K (&sect; 229.405 of this chapter) is not contained herein, and will not be contained, to the
best of registrant&rsquo;s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.&nbsp;&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &ldquo;large accelerated
filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 23%"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;filer&nbsp;&#9746;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%"><FONT STYLE="font-size: 10pt">Non-accelerated&nbsp;filer <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%"><FONT STYLE="font-size: 10pt">Smaller&nbsp;Reporting&nbsp;Company <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Emerging growth company &#9746;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The aggregate market value of the voting and non-voting common
equity held by non-affiliates of the registrant as of December 31, 2017, was approximately $139,630,732, based upon the closing
sales price for the registrant&rsquo;s common stock, as reported on the NASDAQ Global Market. The calculation of the aggregate
market value of voting and non-voting common equity excludes 10,387,160 shares of common stock the registrant held by executive
officers, directors and shareholders that the registrant concluded were affiliates of the registrant on that date. Exclusion of
such shares should not be construed to indicate that any such person possesses the power, direct or indirect, to direct or cause
the direction of management or policies of the registrant or that such person is controlled by or under common control with the
registrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March&nbsp;15, 2018, 35,439,272 shares of the registrant&rsquo;s
Common Stock were outstanding. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Amendment No. 1 on Form 10-K/A (&quot;Amendment&quot;)
to the Annual Report on Form 10-K of XBiotech Inc. (the &quot;Company&quot;) for the fiscal year ended December 31, 2017 (the &quot;Form
10-K&quot;), originally filed with the Securities and Exchange Commission (the &quot;SEC&quot;) on March 16, 2018, is being filed
for the sole purpose of including language from the introductory portion of paragraph 4 as well as paragraph 4(b) of the Section
302 certification regarding the Company's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than as expressly set forth above,
no changes have been made in this Amendment to amend, modify or restate any other information or disclosures presented in the Form
10-K. This Amendment does not reflect events occurring after the original filing of the Form 10-K. As a result, the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2017 continues to speak as of March 16, 2018. This Amendment should
be read in conjunction with the Company's Form 10-K and other Company filings made with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following exhibits are filed with this amended report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 8%; border-bottom: black 1pt solid; text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 91%; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex31.htm"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex31.htm"><FONT STYLE="font-size: 10pt">Certificate of Continuation dated September 23, 2005, issued by the Registrar of Companies, Province of British Columbia, Canada (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex32.htm"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex32.htm"><FONT STYLE="font-size: 10pt">Notice of Articles, dated December 8, 2005, issued by the Registrar of Companies, Province of British Columbia, Canada (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex33.htm"><FONT STYLE="font-size: 10pt">3.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex33.htm"><FONT STYLE="font-size: 10pt">Articles of XBiotech Inc. (incorporated by reference to Exhibit 3.3 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex101.htm"><FONT STYLE="font-size: 10pt">10.1+</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex101.htm"><FONT STYLE="font-size: 10pt">Executive Employment Agreement dated as of March 22, 2005 between XBiotech and John Simard (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex102.htm"><FONT STYLE="font-size: 10pt">10.2+</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex102.htm"><FONT STYLE="font-size: 10pt">Change in Control Agreement dated as of March 22, 2005 between XBiotech and John Simard (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex103.htm"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex103.htm"><FONT STYLE="font-size: 10pt">Confidentiality and Assignment of Inventions Agreement dated as of March 22, 2005 between XBiotech and John Simard (incorporated by reference to Exhibit 10.3 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex104.htm"><FONT STYLE="font-size: 10pt">10.4+</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex104.htm"><FONT STYLE="font-size: 10pt">XBiotech 2005 Incentive Stock Option Plan (incorporated by reference to Exhibit 10.4 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex105.htm"><FONT STYLE="font-size: 10pt">10.5+</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515028552/d833047dex105.htm"><FONT STYLE="font-size: 10pt">Form of indemnification agreement between XBiotech and each director of XBiotech (incorporated by reference to Exhibit 10.5 to the Company&rsquo;s Registration Statement on Form S-1 filed with the SEC on February 2, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex106.htm"><FONT STYLE="font-size: 10pt">10.6</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex106.htm"><FONT STYLE="font-size: 10pt">Agreement of Lease by and between NNN Met Center 4-9, LP and XBiotech USA, Inc. dated January&nbsp;14, 2008 and the First Amendment dated January 17, 2008, the Second Amendment dated August 2010 and the Third Amendment dated March 2013 and the Fourth Amendment dated February 28, 2015 (incorporated by reference to Exhibit 10.6 to the Company&rsquo;s Registration Statement on Form S-1/A filed with the SEC on March 10, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex107.htm"><FONT STYLE="font-size: 10pt">10.7</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex107.htm"><FONT STYLE="font-size: 10pt">Agreement of Lease by and between NNN Met Center 4-9, LLP and XBiotech USA, Inc. for Suite 600 dated August 16, 2010 and First Amendment dated March 2013 and the Second Amendment dated February 28, 2015 (incorporated by reference to Exhibit 10.7 to the Company&rsquo;s Registration Statement on Form S-1/A filed with the SEC on March 10, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex109.htm"><FONT STYLE="font-size: 10pt">10.9</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex109.htm"><FONT STYLE="font-size: 10pt">Licensing Agreement dated January 16, 2015 between XBiotech USA, Inc. and Lonza Sales AG (portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 406 of the Securities Act. incorporated by reference to Exhibit 10.9 to the Company&rsquo;s Registration Statement on Form S-1/A filed with the SEC on March 10, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex1010.htm"><FONT STYLE="font-size: 10pt">10.10</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex1010.htm"><FONT STYLE="font-size: 10pt">Research and Collaboration Agreement dated December 15, 2014 by and between XBiotech USA, Inc. and the South Texas Blood &amp; Tissue Center (portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 406 of the Securities Act of 1933. incorporated by reference to Exhibit 10.10 to the Company&rsquo;s Registration Statement on Form S-1/A filed with the SEC on March 10, 2015)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; width: 8%; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex1011.htm"><FONT STYLE="font-size: 10pt">10.11</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000119312515085322/d833047dex1011.htm"><FONT STYLE="font-size: 10pt">XBiotech Inc. 2015 Equity Incentive Plan (incorporated by reference to Exhibit 10.11 to the Company&rsquo;s Registration Statement on Form S-1/A filed with the SEC on March 10, 2015)</FONT></A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184316012276/exh_101.htm"><FONT STYLE="font-size: 10pt">10.12</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184316012276/exh_101.htm"><FONT STYLE="font-size: 10pt">Common Stock Sales Agreement with H.C. Wainwright &amp; Co. LLC which establishes an at-the-market equity program (filed as Exhibit&nbsp;10.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed on September 26, 2016 (File No.&nbsp;001-37347) and incorporated herein by reference)</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 8%; text-align: center"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184317001289/exh_101.htm"><FONT STYLE="font-size: 10pt">10.13</FONT></A></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 91%"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184317001289/exh_101.htm"><FONT STYLE="font-size: 10pt">Subscription agreements with accredited investors (the &ldquo;Subscription Agreements&rdquo;) providing for the issuance and sale by the Company of approximately $31 million of common shares in a registered direct offering(filed as Exhibit&nbsp;10.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed on March 03, 2017 (File No. 001-37347) and incorporated herein by reference)</FONT></A></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_211.htm"><FONT STYLE="font-size: 10pt">21.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_211.htm"><FONT STYLE="font-size: 10pt">List
    of subsidiaries (incorporated by reference to Exhibit  21.1 to the Company&rsquo;s Annual Report on Form 10-K filed
with the SEC on March 16, 2018)</FONT></A></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_231.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_231.htm"><FONT STYLE="font-size: 10pt">Consent
    of Ernst &amp; Young LLP (incorporated by reference to Exhibit  23.1 to the Company&rsquo;s Annual Report on Form 10-K filed
with the SEC on March 16, 2018)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="exh_311.htm"><FONT STYLE="font-size: 10pt">31.1*</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_311.htm"><FONT STYLE="font-size: 10pt">Certification of the Principal Executive Officer Required Under Rules 13a-14(a) and 15d-14(a) of the Securities Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="exh_312.htm"><FONT STYLE="font-size: 10pt">31.2*</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="exh_312.htm"><FONT STYLE="font-size: 10pt">Certification of the Principal Financial Officer Required Under Rules 13a-14(a) and 15d-14(a) of the Securities Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_321.htm"><FONT STYLE="font-size: 10pt">32.1</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_321.htm"><FONT STYLE="font-size: 10pt">Certification
    of Chief Executive Officer pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
    Act of 2002 (incorporated by reference to Exhibit 32.1 to the Company&rsquo;s Annual Report on Form 10-K filed
with the SEC on March 16, 2018)</FONT></A></TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_322.htm"><FONT STYLE="font-size: 10pt">32.2</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1626878/000117184318002043/exh_322.htm"><FONT STYLE="font-size: 10pt">Certification
    of Chief Financial Officer pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
    Sarbanes-Oxley Act of 2002 (incorporated by reference to Exhibit 32.2 to the Company&rsquo;s Annual Report on Form 10-K filed
with the SEC on March 16, 2018)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">101</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">The following financial statements from the Xbiotech,&nbsp;Inc. Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017, formatted in Extensive Business Reporting Language (XBRL): (i)&nbsp;consolidated balance sheets, (ii)&nbsp;consolidated statements of operations, (iii)&nbsp;consolidated statements of stockholders&rsquo; equity, (iv)&nbsp;consolidated statements of cash flows, and (v)&nbsp;notes to consolidated financial statements (detail tagged).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">+</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Indicates management contract or compensatory plan</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; vertical-align: top"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Filed herewith</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized on July 31, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt"><B>XBIOTECH INC.,</B></FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/S/&nbsp;&nbsp;&nbsp;&nbsp;JOHN SIMARD</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">John Simard</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
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<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exh_311.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 31.1</B></P>


<P STYLE="margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATIONS
&nbsp;</B></P>


<P STYLE="margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, John Simard, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">1.</TD><TD>I have reviewed this Annual Report on Form 10-K of XBiotech Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">2.</TD><TD STYLE="padding-right: 25.9pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">3.</TD><TD STYLE="padding-right: 5.6pt">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">4.</TD><TD STYLE="padding-right: 0.2in">The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 5.5pt">Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 5.5pt">Designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.5pt 0pt 5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 5.5pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 5.6pt">Disclosed in this report any change in the registrant&rsquo;s internal control
over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">5.</TD><TD STYLE="padding-right: 35.35pt">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 5.65pt">All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 5.15pt">Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Date: July 31, 2018</P>

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><U>/S/ John Simard</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt">John Simard</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt">Chief Executive Officer and President</P>
        <P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 20pt">(Principal Executive Officer)</P></TD></TR>
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<DESCRIPTION>EXHIBIT 31.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 31.2</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CERTIFICATIONS
&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Queena Han, certify that:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">1.</TD><TD>I have reviewed this Annual Report on Form 10-K of XBiotech Inc.;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">2.</TD><TD STYLE="padding-right: 25.9pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">3.</TD><TD STYLE="padding-right: 5.6pt">Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">4.</TD><TD STYLE="padding-right: 0.2in">The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

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<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 5.5pt">Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;</TD></TR></TABLE>

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<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD STYLE="padding-right: 5.5pt">Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

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<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(c)</TD><TD STYLE="text-align: justify; padding-right: 5.5pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of
the period covered by this report based on such evaluation; and</TD></TR></TABLE>

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<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(d)</TD><TD STYLE="text-align: justify; padding-right: 5.6pt">Disclosed in this report any change in the registrant&rsquo;s internal control
over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant&rsquo;s internal control over financial reporting; and</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 50pt">5.</TD><TD STYLE="padding-right: 35.35pt">The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</TD></TR></TABLE>

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<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(a)</TD><TD STYLE="text-align: justify; padding-right: 5.65pt">All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record,
process, summarize and report financial information; and</TD></TR></TABLE>

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<TD STYLE="width: 50pt"></TD><TD STYLE="width: 25pt">(b)</TD><TD STYLE="text-align: justify; padding-right: 5.15pt">Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5pt">Date: July 31, 2018</P>

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    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><U>/S/Queena Han</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Queena Han</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt">Vice President, Finance and Human Resources and Secretary (Principal Financial Officer)</TD></TR>
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