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

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-04-25</periodOfReport>

    <issuer>
        <issuerCik>0001624322</issuerCik>
        <issuerName>Business First Bancshares, Inc.</issuerName>
        <issuerTradingSymbol>BFST</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001734796</rptOwnerCik>
            <rptOwnerName>MCLINDON ANDREW D.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>500 LAUREL STREET, SUITE 101</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BATON ROUGE</rptOwnerCity>
            <rptOwnerState>LA</rptOwnerState>
            <rptOwnerZipCode>70801</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-04-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1149</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>21.77</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>41814</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Reflects the grant of restricted stock to reporting person. The restricted stock fully vests on April 26, 2025.</footnote>
        <footnote id="F2">Includes (a) 1,584 shares of restricted stock granted on May 8, 2023, which vest on May 8, 2024 and (b) 1,149 shares of restricted stock granted on April 25, 2024, which vest on April 26, 2025.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Heather Roemer, as attorney-in-fact for Andrew D. McLindon</signatureName>
        <signatureDate>2024-04-29</signatureDate>
    </ownerSignature>
</ownershipDocument>
