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XBiotech Inc., a British Columbia, Canada corporation listed on the NASDAQ Global Select Market under the symbol XBIT, submitted an amended current report to clarify previously described background information for one of its directors. The update concerns how Craig Rademaker’s role with private equity firms is characterized.
The company now states that Mr. Rademaker is a consultant to a number of Canadian private equity firms and that his responsibilities principally include capital markets activities. No changes to his directorship, compensation, or company financials are discussed in this update.
XBiotech Inc. has entered into a new Executive Employment Agreement with its CEO and President, John Simard, effective October 1, 2025, replacing all prior arrangements. The agreement, approved by the Compensation Committee of independent directors, formalizes his pay structure and is intended to recognize his past and ongoing contributions and support leadership continuity and any future transition.
Under the agreement, Mr. Simard’s annual base salary remains at USD $1,250,000, and he is eligible for an annual base bonus of USD $4,530,442.00, reflecting his average bonus over the past five years, with actual amounts set each year by the committee and both salary and bonus adjusted annually for inflation. On retirement, disability, or termination without cause, he or his estate is entitled to a cash severance equal to three full calendar years of base salary and three full calendar years of base bonus, paid after execution of a release, and on retirement he will also serve as a consultant for at least 18 months while continuing to receive base salary. Severance is reduced in the event of termination for cause as described in the agreement.
Initial Form 3 filed for XBiotech Inc. (XBIT) by David Soffer, who identifies his relationship to the issuer as a director. The filing states that the reporting person does not beneficially own any securities of the issuer. The Form 3 is an initial Section 16 filing that discloses current ownership; in this case there are no non-derivative or derivative holdings reported.
Thomas Martin Kuendig, a director of XBiotech Inc. (XBIT), filed an initial Form 3 disclosing beneficial ownership of 300,000 shares of the issuer's common stock. The filing reports 200,000 shares held directly and two indirect holdings of 50,000 shares each attributed to his daughters, Stephanie Kuendig and Michelle Kuendig. The event requiring the statement is dated 08/29/2025 and the form is signed on 09/29/2025. No derivative securities are reported on this form.
Form 3 filed for XBiotech Inc. (XBIT) by Troy Tevi David, indicating his status as a director of the issuer. The filing states the date of the event requiring the statement as 08/29/2025 and discloses that no securities are beneficially owned by the reporting person at the time of filing. The form is signed and dated 09/29/2025.
Craig Evan Rademaker filed an initial Form 3 reporting beneficial ownership in XBiotech Inc. (XBIT). The filing shows 104,237 shares held indirectly by the Rademaker 2020 Trust and 66,748 shares held indirectly by his spouse, for a combined disclosed position of 170,985 shares. The form identifies Mr. Rademaker as a director and was signed on 09/16/2025.
XBiotech Inc. held its annual stockholder meeting on August 29, 2025, where all management-backed proposals were approved. Stockholders elected five directors: John Simard, Thomas Kündig, Craig Rademaker, Tevi D. Troy and David Soffer, each receiving over 12.3 million votes in favor or abstentions only.
Stockholders ratified Whitley Penn LLP as independent registered public accounting firm for the fiscal year ending December 31, 2025, with 15,206,712 votes for and 413,673 against. They also approved, on an advisory basis, executive compensation and approved the Company’s 2025 Equity Incentive Plan, each with more than 11.9 million votes in favor.
XBiotech Inc. reported narrower losses in the quarter ended June 30, 2025 with a three-month net loss of $1.8 million and a six-month net loss of $12.6 million, down from $13.0 million and $23.0 million a year earlier. Revenue remained nil and operating expenses fell as clinical trial activity decreased and certain executive compensation timing shifted; research and development totaled $5.3 million for the quarter and $17.0 million year-to-date. The company held $152.9 million in cash and cash equivalents at June 30, 2025, down from $172.7 million at December 31, 2024, and used $12.7 million of cash in operations during the six months ended June 30, 2025.
The company repaid and terminated a $10.0 million related-party convertible loan on January 31, 2025, extinguishing conversion rights. Total assets were $178.7 million and shareholders' equity was $173.1 million as of June 30, 2025. XBiotech states its cash is sufficient to achieve several major inflection points and to fund operations for at least 12 months from the report date.