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

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-03-31</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001734795</rptOwnerCik>
            <rptOwnerName>MELVILLE DAVID R. III</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>
            <isOfficer>1</isOfficer>
            <officerTitle>President and CEO</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>COMMON STOCK</value>
            </securityTitle>
            <transactionDate>
                <value>2025-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10641</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>24.35</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>213181</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>31259</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 10,103 shares of unvested restricted stock granted on February 1, 2024, which will vest on March 31, 2026. Under the terms of the relevant restricted stock grants, the reported shares of unvested restricted stock are subject to forfeiture upon the occurrence of certain events.</footnote>
        <footnote id="F2">Includes units of the employer stock fund through the issuer's 401(k) plan equivalent to approximately 13,786 shares of common stock of the issuer and 96,288 pledged shares of common stock of the issuer.</footnote>
        <footnote id="F3">Includes: (a) 14,966 time-based restricted stock units granted to the Reporting Person on December 12, 2024, which will vest in three substantially equal installments on the first, second, and third anniversary of the issuance date; and (b) 16,293 time-based restricted stock units granted to the Reporting Person on March 1, 2025, of which 5,376 shares will vest on March 1, 2026, 5,376 shares will vest on March 1, 2027, and the remaining 5,541 shares will vest on March 1, 2028.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Heather Roemer, as attorney-in-fact for David R. Melville III</signatureName>
        <signatureDate>2025-04-02</signatureDate>
    </ownerSignature>
</ownershipDocument>
