XBiotech is a clinical-stage biopharmaceutical company focused on discovering and developing monoclonal antibodies for inflammatory, oncological, and infectious diseases. XBiotech's core technology is what it calls "True Human" antibodies — derived directly from human donors who have mounted natural immune responses, rather than from animal immunization and subsequent engineering, which XBiotech argues is the basis for every other antibody therapy on the market. XBiotech's pipeline centers on blocking interleukin-1 alpha (IL-1a), a protein that, when uncontrolled, drives inflammation, tissue breakdown, and tumor growth. Its lead candidate, Natrunix, is in clinical development for pancreatic cancer and rheumatoid arthritis; a second anti-IL-1a antibody, Hutrukin, targets brain injury following stroke, though that program is on hold. XBiotech also has a secondary pipeline targeting infectious diseases, including a clinical-stage MRSA program and pre-clinical programs in C. difficile, shingles, and influenza. XBiotech owns and operates a fully integrated research and manufacturing campus in Austin, Texas. The company has no marketed products and generates no product revenue, funding operations from its balance sheet. XBiotech's business model involves advancing True Human antibodies through clinical trials and monetizing them via licensing, partnerships, or outright sales — as it did in 2019, when it sold its first anti-IL-1a antibody, Bermekimab, for $750M upfront. XBiotech deliberately structures its pipeline so each antibody can be independently licensed or sold by disease indication.