Exhibit 10.1

ANIKA THERAPEUTICS, INC.

TRANSITIONAL SERVICES AND

GENERAL RELEASE OF CLAIMS AGREEMENT

This Transitional Services and General Release of Claims (“Release”) (collectively the “Agreement”) supplements the Executive Retention Agreement (the “ERA”) between Anika Therapeutics, Inc. (“Employer” or “Company”) and David Colleran (the “Executive”) (collectively referred to as the “Parties”). By signing this Agreement, the Executive confirms that the Executive will be transitioning from employment and will continue the Executive’s employment during a transition period. The Executive also agrees to release any and all legally waivable claims against the Employer (“Claims”) arising through the execution of this Release.

The Release does not otherwise modify or supersede the provisions of the ERA. The Executive’s continuing obligations to the Company under the Confidentiality and Proprietary Rights Agreement, as well as any other confidentiality or restrictive covenant obligations, remain in full force and effect.

Unless otherwise specified, capitalized terms in this Release have the same meaning as defined in the ERA, and those definitions are incorporated by reference.

WHEREAS, Executive and Company entered into the ERA to provide for certain severance protections to Executive;

WHEREAS, certain additional compensation and severance benefits under the ERA are subject to the Executive signing and not revoking a general release of claims in a form and manner satisfactory to the Company pursuant to Section 4(b) of the ERA; and

WHEREAS, the Executive now wishes to execute this Release.

NOW, THEREFORE, in consideration of the mutual promises and agreements set forth in this Release and the ERA, the Parties agree as follows:

1. ERA. The terms of the ERA remain in full force and effect.

2. Separation Date; Transition Period. If the Executive enters into and complies with this Agreement the Executive will continue to be employed until May 1, 2026 (the “Anticipated Separation Date”) unless the Executive resigns, whether to begin alternative employment or otherwise, or the Executive is terminated for Cause (as defined in the ERA) prior to that date. The Executive’s last day of employment, whether it is the Anticipated Separation Date or an earlier date, shall be referred to as the “Separation Date.” The time period between the date of this letter and the Separation Date shall be referred to as the “Transition Period.”

During the Transition Period the Executive will (i) continue to provide the Executive’s existing services to the Company; and (ii) provide such other services as the Chief Executive Officer (the “CEO”) or the CEO’s designee requests (collectively, the “Transitional Services”). The Executive shall continue to receive the Executive’s current salary and benefits as a regular employee during the Transition Period except the Executive will not accrue vacation during the Transition Period. The Executive’s benefits will cease on the Separation Date, subject to the COBRA provisions of the ERA.

For the avoidance of doubt, the Executive’s equity rights, shall continue to vest during the Transition Period, subject to the applicable equity agreements the Company’s Omnibus Incentive Plan (the “Equity Documents”) and the Separation Date shall be the end of the Executive’s employment relationship under the ERA and any applicable equity documents. The Executive’s equity rights shall remain subject to the applicable equity agreements and the Company’s equity plan in all respects.

3. Severance Benefits. Provided the Executive fully complies with this Agreement (including by provided satisfactory Transitional Services), is not terminated for Cause or breach of this Agreement and does not resign, and signs and returns the Certificate attached as Exhibit A (the “Certificate”) within the 7 days following the Separation Date, The Company shall pay the Executive the consideration provided in Sections 4(b) or 5(a) of the ERA as applicable in accordance with the payment terms described in the ERA; provided that, the payments will not begin until the first payroll date after the Certificate Effective Date (as defined in Exhibit A below).

4. Return of Property. The Executive warrants and represents that the Executive will return all Employer property, including identification cards or badges, access codes or devices, keys, laptops, computers, telephones, mobile phones, hand-held electronic devices, credit cards, electronically stored documents or files, physical files, and any other Employer property in the Executive’s possession, on the Separation Date.

5. General Release and Waiver of Claims. In exchange for and as a condition of receiving the consideration and other benefits described in the ERA, the Executive and the Executive’s heirs, executors, representatives, administrators, agents, and assigns irrevocably and unconditionally fully and forever waive, release, and discharge the Employer and/or any of its parents, subsidiaries or affiliates, predecessors, successors or assigns, and its and their respective current and/or former directors, shareholders/stockholders, officers, employees, attorneys and/or agents, all both individually and in their official capacities (collectively, the “Released Parties”), from any and all Claims that the Executive may have or ever has had against the Released Parties, or any of them, arising at any time through and including the date of the Executive’s execution of this Release.

For the avoidance of doubt, Claims include, but are not limited to:

(a) any and all claims under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Age Discrimination in Employment Act (“ADEA”), the Americans With Disabilities Act (“ADA”), the ADA Amendments Act, the Equal Pay Act (“EPA”), the Lilly Ledbetter Fair Pay Act, the Family and Medical Leave Act (“FMLA”), the Pregnant Workers Fairness Act, the Occupational Health and Safety Act, the Worker Adjustment and Retraining Notification Act (“WARN”), the Genetic Information Non-Discrimination Act (“GINA”), the Employee Retirement Income Security Act (“ERISA”), the Massachusetts Fair Employment Practices Law (M.G.L. ch. 151B), the Massachusetts Equal Rights Act, the Massachusetts Equal Pay Act, the Massachusetts Earned Sick Leave law, the Massachusetts Pregnant Workers Fairness Act, the Massachusetts Privacy Statute, the Massachusetts Civil Rights Act, the Massachusetts Domestic Violence Leave Act, the Massachusetts Consumer Protection Act, the Massachusetts Labor and Industries Act, the anti-retaliation provisions of the Massachusetts Paid Family and Medical Leave Act, M.G.L. c. 175M, s. 9, and the Massachusetts Independent Contractor Statute, all including any amendments and their respective implementing regulations, and any other federal, state, local, or foreign law (statutory, regulatory, or otherwise) that may be legally waived and released; however, the identification of specific statutes is for purposes of example only, and the omission of any specific statute or law shall not limit the scope of this general release in any manner;

(b) any and all claims for compensation of any type whatsoever, including but not limited to claims for salary, wages, bonuses, commissions, incentive compensation, vacation, and severance that may be legally waived and released. This release of legal claims includes the Massachusetts Payment of Wages Act (M.G.L. ch. 149 §§148 and 150), the Massachusetts Overtime regulations (M.G.L. ch.151 §§ 1A and 1B), the Meal Break regulations (M.G.L. ch.149 §§ 100 and 101), and the Earned Sick Time Law (M.G.L. ch. 149, § 148C), and any other state wage and hour related claims arising out of or in any way connected with the Executive’s

employment with the Company, including any claims for unpaid or delayed payment of wages, overtime, bonuses, commissions, incentive payments or severance, missed or interrupted meal periods, as well as interest, attorneys’ fees, costs, expenses, liquidated damages, treble damages or damages of any kind relating to a wage and hour claim, to the maximum extent permitted by law;

(c) any and all claims arising under tort, contract, and quasi-contract law, including but not limited to claims of breach of an express or implied contract, tortious interference with contract or prospective business advantage, breach of the covenant of good faith and fair dealing, promissory estoppel, detrimental reliance, invasion of privacy, violation of biometric and data privacy laws, nonphysical injury, personal injury or sickness or any other harm, wrongful or retaliatory discharge, fraud, defamation, slander, libel, false imprisonment, and negligent or intentional infliction of emotional distress; and

(d) any and all claims for monetary or equitable relief, including but not limited to attorneys’ fees, back pay, front pay, reinstatement, experts’ fees, medical fees or expenses, costs and disbursements, punitive damages, liquidated damages, and penalties.

The Executive agrees not to accept damages of any nature, other equitable or legal remedies for the Executive’s own benefit or attorney’s fees or costs from any of the Released Parties with respect to any Claim released by this Agreement. As a material inducement to the Company to enter into this Agreement, the Executive represents that the Executive has not assigned any Claim to any third party.

6. Protected Activities. Nothing contained in this Release, any other agreement with the Employer, or any Employer policy limits Executive’s ability, with or without notice to the Employer, to:

(a) file a charge or complaint with any federal, state or local governmental agency or commission (a “Government Agency”), including without limitation, the Equal Employment Opportunity Commission, the National Labor Relations Board or the Securities and Exchange Commission (the “SEC”);

(b) communicate with any Government Agency or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including by providing non-privileged documents or information;

(c) exercise any rights under Section 7 of the National Labor Relations Act, which are available to non-supervisory employees, including assisting co-workers with or discussing any employment issue as part of engaging in concerted activities for the purpose of mutual aid or protection;

(d) discuss or disclose information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Employer has reason to believe is unlawful; or

(e) testify truthfully in a legal proceeding.

Any such communications and disclosures must not violate applicable law and the information disclosed must not have been obtained through a communication that was subject to the attorney- client privilege (unless disclosure of that information would otherwise be permitted consistent with such privilege or applicable law). If a Government Agency or any other third party pursues any claim on Executive’s behalf, Executive waives any right to monetary or other individualized relief (either individually or as part of any collective or class action), but the Employer will not limit any right Executive may have to receive an award pursuant to the whistleblower provisions of any applicable law or regulation for providing information to the SEC or any other Government Agency.

7. ADEA Acknowledgment. The release in this Release includes a release of claims under the Age Discrimination in Employment Act (“ADEA”). By signing this Release, the Executive hereby acknowledges and confirms that:

(a) the Executive has read this Release in its entirety and understands all of its terms;

(b) by this Release, the Executive has been advised in writing to consult with an attorney of the Executive’s choosing before signing this Release;

(c) the Executive knowingly, freely, and voluntarily agrees to all of the terms and conditions in this Release including, without limitation, the waiver and general release contained in it;

(d) the Executive is signing this Release, including the waiver and release, in exchange for good and valuable consideration in addition to anything of value to which the Executive is otherwise entitled;

(e) the Executive was given at least twenty-one (21) days to consider the terms of this Release and to consult with an attorney of the Executive’s choice, although the Executive may sign it sooner if desired;

(f) the Executive understands that the Executive has seven (7) days after signing this Release to revoke the general release by delivering a notice of revocation to Vice President, Human Resources, Anika Therapeutics, Inc., 32 Wiggins Ave, Bedford MA 01730, or by email to [email protected] before the end of this seven-day period; and

(g) the Executive understands that the release contained in this Release does not apply to rights and claims that may arise after the Executive signs it.

If the Executive revokes this Release, the Executive is not entitled to receive the consideration provided for in Sections 4(b) or 5(a) of the ERA.

8. Mutual Non-Disparagement. Subject to the Protected Activities section above, Executive agrees not to make any oral or written disparaging statements (including through social media) concerning the Employer or any of its affiliates or current or former officers, directors, shareholders, employees or agents. Executive further agree not to take any actions or conduct himself or herself in any way that would reasonably be expected to affect adversely the reputation or goodwill of the Employer or any of its affiliates or any of its current or former officers, members, directors, shareholders, employees or agents. The Employer agrees to instruct the Employer’s Board of Directors and C-suite executives not to make any oral or written disparaging statements (including through social media) concerning Executive. These non-disparagement obligations shall not in any way affect any of the above-referenced individuals’ obligation to testify truthfully in any legal proceeding.

9. Consideration. The Executive acknowledges that the consideration provided in Sections 4(b) or 5(a) of the ERA is satisfactory and adequate in exchange for the Executive’s waiver and general release of claims in this Release, and that the Executive’s entitlement to this consideration was conditioned on signing, and not revoking, this Release.

10. No Existing Suit or Charge. The Executive represents, warrants, and confirms that the Executive has not filed any complaint, claim, or lawsuit of any kind against the Employer with any court of law or arbitral forum.

11. Acknowledgment of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ, UNDERSTANDS, AND VOLUNTARILY ENTERS INTO THIS RELEASE. THE EXECUTIVE FURTHER ACKNOWLEDGES THAT BY SIGNING THIS RELEASE THE EXECUTIVE IS AGREEING TO A GENERAL RELEASE OF CLAIMS AGAINST THE EMPLOYER AND ALL RELEASED PARTIES.

Signatures on next page

IN WITNESS WHEREOF, the Parties have executed this Release as of the date(s) shown below.

 

 

David Colleran

Signature:		/s/ David Colleran

Date:		02/26/2026

EXHIBIT A

CERTIFICATE UPDATING RELEASE OF CLAIMS

(THIS SHOULD NOT BE SIGNED AT THE SAME TIME THE TRANSITION AGREEMENT IS SIGNED. IT SHOULD BE SIGNED INSTEAD WITHIN THE 7 DAYS FOLLOWING THE SEPARATION DATE)

I, hereby acknowledge and certify that I entered into the Transitional Services and General Release of Claims Agreement with the Company to which this Agreement is attached. Capitalized but undefined terms in this Certificate are defined in the Agreement. Pursuant to the Agreement, I am required to sign this “Certificate,” which updates the release of claims in the Agreement, in order to receive the severance benefits described in the Agreement. For this Certificate to become effective and for me to receive such severance benefits, I must sign this Certificate after the Separation Date but no later than seven days after the Separation Date. I will not sign this Certificate before the Separation Date. Subject to the foregoing, the date I sign this Certificate is the “Certificate Effective Date.” I further agree as follows:

 

1.

A copy of this Certificate was attached as an Exhibit to the Agreement.

 

2.

In consideration of the benefits described in the Agreement, for which I become eligible only if I sign this Certificate, I hereby extend the release of claims set forth in the Agreement to any and all claims that arose after the date I signed the Agreement through the date I signed this Certificate, subject to all other exclusions and terms set forth in the Agreement.

 

3.

I have carefully read and fully understand all of the provisions of this Certificate, I knowingly and voluntarily agree to all of the terms set forth in this Certificate, and I acknowledge that in entering into this Certificate, I am not relying on any representation, promise or inducement made by the Company or its officers, directors, employees, agents or other representatives with the exception of those promises expressly contained in this Certificate and the Agreement.

 

4.

I also represent that I have not been subject to any retaliation or any other form of adverse action by the released parties for any action taken by me as an employee or resulting from my exercise of or attempt to exercise any statutory rights recognized under federal, state or local law. I agree that I have been paid all unpaid wages and other compensation owed to me of the Separation Date. I also agree that and that none of my rights have been violated under any statute, common law or Company policy, program or agreement. I represent that I have reported any and all workplace injuries that I suffered during my employment, if any, to the Company before executing this Certificate.

 

5.

I agree that this Certificate is part of the Agreement.

 

Accepted and Agreed:
David Colleran						Date

Exhibit 99.1

 

Anika Reports Fourth Quarter and Full Year 2025 Financial Results

Met 2025 revenue and exceeded revised adjusted EBITDA; reaffirms 2026 revenue and sets adjusted EBITDA target

Commercial Channel grew 22% and 15% for Q4 and full year, respectively

Generated $11.2 million operating cash flow and $4.4 million in free cash flow for the full year

FDA response for Hyalofast^® PMA received in January 2026, Anika developing responses for submission

Bedford, Mass., February 26, 2026 — Anika Therapeutics, Inc. (Nasdaq: ANIK), a global leader in the osteoarthritis (“OA”) pain management and regenerative solutions spaces focused on early-intervention orthopedics, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Anika reported fourth quarter revenue of $30.6 million, flat compared to the fourth quarter of 2024. Gross margin expanded to 63%, driven by favorable product mix and operating leverage. Commercial Channel revenue increased 22% year over year driven by timing of 2025 shipments to international customers and growth in the Integrity^TM Implant System, while OEM Channel revenue declined 12%, reflecting anticipated U.S. OA Pain Management pricing dynamics.

For the full year 2025, total revenue was $112.8 million, a decrease of 6% compared to 2024, in line with expectations. Commercial Channel revenue increased 15% year over year, supported by continued Integrity growth and international OA Pain Management performance. OEM Channel revenue declined 17% for the year driven by lower Monovisc^® and Orthovisc^® pricing in the U.S. The Company delivered 57% gross margin for the year and generated $11.2 million in operating cash flow and $4.4 million in free cash flow.

“We closed 2025 with a strong fourth quarter, with top-line growth led by our Commercial Channel and company-wide results that included expanded gross margin, and positive operating income and free cash flow,” said Steve Griffin, President and Chief Executive Officer of Anika Therapeutics. “Our operating income performance in the fourth quarter and full year underscores the strength of our core OA Pain Management business despite U.S. pricing headwinds in 2025 and establishes a foundation for improved profitability.

2025 was an important year for advancing our product portfolio, highlighted by more than doubling Integrity procedures, the filing of the Hyalofast PMA with the FDA, and continued progress on the remaining filing requirements, the toxicity and bioequivalence studies, for the Cingal^® NDA. Cingal and Hyalofast remain core strategic priorities for 2026 as we prepare for future U.S. market launches.

I’m proud to lead this organization as we build upon a strong foundation and deliver results for patients and shareholders. Looking ahead, our priorities are driving revenue and volume growth, including building on the momentum in our Commercial Channel; advancing our R&D pipeline; and improving execution – supported by rigorous expense management and productivity improvements at our manufacturing facility – to enhance profitability.”

 

Fourth Quarter and Full Year 2025 Business Highlights and Current Business Updates

 

•

International OA Pain Management grew 28% and 12% in the fourth quarter and full year, respectively, led by the international sales team’s continued regional expansion and improved market share.

 

•

Integrity continued to demonstrate strong momentum, with procedures increasing for the seventh consecutive quarter and revenue more than doubling in 2025 to $6 million, driven by sustained surgeon adoption in the U.S., new line extensions, and expanding international penetration.

 

•

Hyalofast PMA responses were received from the FDA in January 2026 as expected, and the Company is preparing responses to PMA deficiencies. The FDA review remains in line with the previously provided extended timeline.

 

•

Successfully completed Cingal toxicity studies initiated in 2025; bioequivalence study initiated in December 2025 in preparation for an FDA NDA submission.

 

•

The Company has initiated actions to reduce general and administrative expenses in the first half of 2026, reflecting a more focused cost structure following recent strategic divestitures and supporting continued investment in manufacturing and product development. Following these actions and customary transition periods for affected team members, the Company anticipates approximately $2.5 million in annualized adjusted EBITDA savings and $3.0 million in annualized stock-based compensation savings.

Fourth Quarter 2025 Continuing Operations Financial Summary

 

•

Revenue $30.6 million, flat year over year

 

•

Commercial Channel revenue $13.3 million, up 22%

 

•

OEM Channel revenue $17.3 million, down 12%

 

•

Gross margin 63%

 

•

Operating expenses $18.5 million

 

•

GAAP income from continuing operations $1.8 million, $0.13 per diluted share

 

•

Adjusted net income from continuing operations1 $4.6 million, $0.31 per diluted share

 

•

Adjusted EBITDA1 $4.5 million

 

•

Cash and cash equivalents $57.5 million as of December 31, 2025

Full Year 2025 Continuing Operations Financial Summary

 

•

Revenue $112.8 million, down 6% year over year

 

•

Commercial Channel revenue $48.4 million, up 15%

 

•

OEM Channel revenue $64.4 million, down 17%

 

•

Gross margin 57%

 

•

Operating expenses $74.9 million

 

•

GAAP loss from continuing operations $(10.0) million, $(0.70) per diluted share

 

•

Adjusted net income from continuing operations1 $1.6 million, $0.11 per diluted share

 

•

Adjusted EBITDA1 $5.3 million

 

1	See description of non-GAAP financial information contained in this release.

 

Fiscal 2026 Guidance

Anika is providing the following 2026 guidance:

 

•

Total Company Revenue between $114 and $122.5 million, up 1% to 9% year over year

 

•

Commercial Channel, $53 to $58 million, maintaining up 10% to 20% year over year

 

•

OEM Channel, $61 to $64.5 million, maintaining flat to modestly lower year over year

 

•

Adjusted EBITDA as a percent of revenue to 5% to 10%, reflecting higher revenues and reduced expenses offset by modestly lower U.S. pricing dynamics.

Company Continues $15 Million 10b5-1 Share Repurchase

In accordance with Anika’s commitment to return capital to shareholders while maintaining the flexibility to execute on strategic growth objectives, the Company is continuing the $15 million 10b5-1 share repurchase which commenced in Q4 2025. Through the end of Q4 2025, the Company funded $5.5 million of this share repurchase commitment. To date, the Company has funded $10.7 million of the commitment, and the program’s completion is expected in the second quarter of 2026.

Conference Call and Webcast Information

Anika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Thursday, February 26, 2026, at 8:30 am ET. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and providing the conference ID number 89327. A live audio webcast will be available in the Investor Relations section of Anika’s website, www.anika.com. A slide presentation with highlights from the conference call will be available in the Investor Relations section of the Anika website. A replay of the webcast will be available on Anika’s website approximately two hours after the completion of the event.

About Anika

Anika Therapeutics, Inc. (NASDAQ: ANIK), is the global leader in the design, development, manufacturing, and commercialization of hyaluronic acid innovations. In partnership with clinicians, our sole focus is dedicated to delivering and advancing osteoarthritis pain management and orthopedic regenerative solutions. At our core is a passion to deliver a differentiated portfolio that improves patient outcomes around the world. Anika’s global operations are headquartered outside of Boston, Massachusetts. For more information about Anika, please visit www.anika.com.

ANIKA, ANIKA THERAPEUTICS, CINGAL, HYALOFAST, INTEGRITY, MONOVISC, ORTHOVISC, and the Anika logo are trademarks of Anika Therapeutics, Inc. or its subsidiaries or are licensed to Anika Therapeutics, Inc. for its use.

Non-GAAP Financial Information¹

Non-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore, the Company’s definition of non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, Anika strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company presents these non-GAAP financial measures because it uses them as supplemental measures in internally assessing the Company’s operating performance, and, in the case of Adjusted EBITDA, it is set as a key performance metric to determine executive compensation. The Company also recognizes that these non-GAAP measures are commonly used in determining business performance more broadly and believes that they are helpful to investors, securities analysts, and other interested parties as a measure of comparative operating performance from period to period.

 

Adjusted EBITDA

Adjusted EBITDA is defined by the Company as GAAP net income (loss) from continuing operations excluding depreciation and amortization, interest and other income (expense), income taxes, stock-based compensation expense, and shareholder activism costs.

Adjusted Net Income (Loss) from Continuing Operations and Adjusted EPS from Continuing Operations

Adjusted net income (loss) is defined by the Company as GAAP net income from continuing operations, on a tax effected basis, excluding stock-based compensation. Adjusted diluted EPS from continuing operations is defined by the Company as GAAP diluted EPS from continuing operations excluding stock-based compensation.

A reconciliation of adjusted EBITDA to adjusted net income (loss) from continuing operations to net income (loss) from continuing operations and adjusted diluted EPS from continuing operations to diluted EPS from continuing operations, the most directly comparable financial measures calculated and presented in accordance with GAAP, is shown in the tables at the end of this release.

Forward-Looking Statements

This press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning the Company’s expectations, anticipations, intentions, beliefs or strategies regarding the future which are not statements of historical fact, including statements in Mr. Griffin’s quote about revenue and volume growth, the Company’s portfolio and improving profitability, statements about the clinical and regulatory pathway with respect to Hyalofast in the U.S., statements about the anticipated regulatory pathway for the NDA filing for Cingal, statements about potential savings associated with the reduction of general and administrative expenses, statements regarding the timing of the share repurchase program, and statements in the sub-headings and the section titled “Fiscal 2026 Guidance” regarding 2026 revenue and adjusted EBITDA. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties, and other factors. The Company’s actual results could differ materially from any anticipated future results, performance, or achievements described in the forward-looking statements as a result of a number of factors including, but not limited to, (i) the Company’s ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all; (ii) the Company’s ability to obtain pre-clinical or clinical data to support, or to timely file domestic and international pre-market approval applications, 510(k) applications, or new drug applications, including the PMA for Hyalofast and the NDA for Cingal; (iii) that the FDA or other regulatory bodies may not approve or clear the Company’s applications, including the Hyalofast PMA because of the failure to achieve the pre-defined primary endpoints or because the FDA may determine that achievement of secondary endpoints and/or post hoc data analyses are not sufficient to support approval; (iii) that such approvals or clearances will not be obtained in a timely manner or without the need for additional clinical trials, other testing or regulatory submissions, as applicable; (iv) the Company’s research and product development efforts and their relative success, including whether we have any meaningful sales of any new products resulting from such efforts; (v) the cost effectiveness and efficiency of the Company’s clinical studies, manufacturing operations, and production planning; (vi) the strength of the economies in which the Company operates or will be operating, as well as the political stability of any of those geographic areas; (vii) future determinations by the

 

Company to allocate resources to products and in directions not presently contemplated; (viii) the Company’s ability to successfully commercialize its products, in the U.S. and abroad; (ix) the Company’s ability to provide an adequate and timely supply of its products to its customers; and (x) the Company’s ability to achieve its growth targets. Additional factors and risks are described in the Company’s periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC’s website at www.sec.gov. Forward-looking statements are made based on information available to the Company on the date of this press release, and the Company assumes no obligation to update the information contained in this press release.

For Investor Inquiries:

Anika Therapeutics, Inc.

Matt Hall, 781-457-9554

Director, Corporate Development and Investor Relations

[email protected]

 

Anika Therapeutics, Inc. and Subsidiaries

Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

		For the Three Months Ended December 31,								For the Year Ended December 31,
		2025				2024				2025				2024
Revenue		$	30,615			$	30,602			$	112,819			$	119,907
Cost of Revenue			11,436				13,476				49,012				43,909
Gross Profit			19,179				17,126				63,807				75,998
Operating expenses:
Research and development			6,452				6,507				25,770				25,544
Selling, general and administrative			12,081				11,324				49,088				55,555
Total operating expenses			18,533				17,831				74,858				81,099
Loss from operations			646				(705	)			(11,051	)			(5,101	)
Interest and other income (expense), net			118				744				1,744				2,337
Income (loss) before income taxes			764				39				(9,307	)			(2,764	)
Provision for income taxes			(1,037	)			2,525				672				6,064
Income (loss) from continuing operations			1,801				(2,486	)			(9,979	)			(8,828	)
Loss from discontinued operations, net of tax			(1,509	)			(19,379	)			(901	)			(47,557	)
Net loss		$	292			$	(21,865	)		$	(10,880	)		$	(56,385	)
Net income (loss) per share:
Basic
Continuing Operations		$	0.13			$	(0.17	)		$	(0.70	)		$	(0.60	)
Discontinued Operations		$	(0.11	)		$	(1.33	)		$	(0.06	)		$	(3.23	)
		$	0.02			$	(1.50	)		$	(0.76	)		$	(3.83	)
Diluted
Continuing Operations		$	0.12			$	(0.17	)		$	(0.70	)		$	(0.60	)
Discontinued Operations		$	(0.10	)		$	(1.33	)		$	(0.06	)		$	(3.23	)
		$	0.02			$	(1.50	)		$	(0.76	)		$	(3.83	)
Weighted average common shares outstanding:
Basic			14,273				14,578				14,339				14,721
Diluted			14,669				14,578				14,339				14,721

 

Anika Therapeutics, Inc. and Subsidiaries

Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

 

		December 31,				December 31,
ASSETS		2025				2024
Current assets:
Cash and cash equivalents		$	57,481			$	55,629
Accounts receivable, net			23,690				23,594
Inventories, net			18,787				23,809
Prepaid expenses and other current assets			3,400				5,494
Current assets held for sale			—				5,126
Total current assets			103,358				113,652
Property and equipment, net			40,324				38,994
Right-of-use assets			25,939				25,685
Other long-term assets			4,034				5,656
Notes receivable			5,636				5,935
Deferred tax assets			1,275				1,177
Intangible assets, net			1,650				2,490
Goodwill			8,054				7,125
Non-current assets held for sale			—				2,026
Total assets		$	190,270			$	202,740
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	6,041			$	5,617
Accrued expenses and other current liabilities			15,867				13,567
Current liabilities held for sale			—				4,122
Total current liabilities			21,908				23,306
Other long-term liabilities			701				772
Lease liabilities			24,196				24,014
Non-current liabilities held for sale			—				659
Stockholders’ equity:
Common stock, $0.01 par value			139				144
Additional paid-in-capital			87,498				88,961
Accumulated other comprehensive loss			(4,959	)			(6,783	)
Retained earnings			60,787				71,667
Total stockholders’ equity			143,465				153,989
Total liabilities and stockholders’ equity		$	190,270			$	202,740

 

Anika Therapeutics, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

		For the Years Ended December 31,
		2025				2024
Cash flows from operating activities:
Net loss		$	(10,880	)		$	(56,385	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			5,372				6,884
Amortization of acquisition related intangible assets			357				1,237
Non-cash operating lease cost			2,061				2,150
(Gain) loss on sale of assets			(166	)			2,864
Loss on impairment of intangible asset			—				2,462
Stock-based compensation expense			10,084				13,130
Deferred income taxes			(7	)			260
Provision for doubtful accounts			265				1,185
Provision for inventory			5,821				44,708
Interest income on notes receivable			(896	)			—
Changes in operating assets and liabilities:
Accounts receivable			408				3,366
Inventories			30				(9,424	)
Prepaid expenses, other current and long-term assets			2,327				558
Accounts payable			42				(2,506	)
Operating lease liabilities			(1,996	)			(2,082	)
Accrued expenses, other current and long-term liabilities			(1,500	)			(3,669	)
Income taxes			(134	)			665
Net cash provided by operating activities			11,188				5,403
Cash flows from investing activities:
Purchases of property and equipment			(6,826	)			(7,734	)
Proceeds from sale of Parcus			4,496				—
Note receivable			1,329				—
Proceeds from sale of intangible asset			600				—
Acquisition of intangible asset			—				(600	)
Net cash used in investing activities			(401	)			(8,334	)
Cash flows from financing activities:
Repurchases of common stock			(9,485	)			(10,914	)
Proceeds from employee stock purchase plan			500				708
Cash paid for tax withheld on vested restricted stock awards			(1,566	)			(2,599	)
Proceeds from exercises of equity awards			—				76
Net cash used in financing activities			(10,551	)			(12,729	)
Exchange rate impact on cash			86				(48	)
Increase (decrease) in cash and cash equivalents			322				(15,708	)
Cash and cash equivalents at beginning of period			57,159				72,867
Cash and cash equivalents at end of period		$	57,481			$	57,159

 

Anika Therapeutics, Inc. and Subsidiaries

Reconciliation of GAAP Income (Loss) from Continued Operations to Adjusted EBITDA

(in thousands)

(unaudited)

 

		For the Three Months Ended December 31,								For the Years Ended December 31,
		2025				2024				2025				2024
Income (loss) from continuing operations		$	1,801			$	(2,486	)		$	(9,979	)		$	(8,828	)
Interest and other (income) expense, net			(118	)			(744	)			(1,744	)			(2,337	)
Provision for income taxes			(1,037	)			2,524				672				6,064
Depreciation and amortization			1,318				1,434				5,580				5,688
Stock-based compensation			2,458				2,251				10,216				12,158
Product rationalization			—				606				—				606
Non-recurring professional fees			116				—				596				—
Costs of shareholder activism			—				—				—				2,185
Adjusted EBITDA		$	4,538			$	3,585			$	5,341			$	15,536

Anika Therapeutics, Inc. and Subsidiaries

Reconciliation of GAAP Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations

(in thousands)

(unaudited)

 

		For the Three Months Ended December 31,								For the Years Ended December 31,
		2025				2024				2025				2024
Income (loss) from continuing operations		$	1,801			$	(2,486	)		$	(9,979	)		$	(8,828	)
Product rationalization, tax effected			—				457				—				457
Stock-based compensation, tax effected			2,636				1,697				10,954				9,167
Non-recurring professional fees, tax effected			124				—				639				—
Costs of shareholder activism, tax effected			—				—				—				1,647
Adjusted net income (loss) from continuing operations		$	4,561			$	(332	)			1,614			$	2,443

Anika Therapeutics, Inc. and Subsidiaries

Reconciliation of GAAP Diluted Earnings from Continuing Operations Per Share to Adjusted Diluted Earnings from Continuing Opertions Per Share

(in thousands, except per share data)

(unaudited)

 

		For the Three Months Ended December 31,								For the Years Ended December 31,
		2025				2024				2025				2024
Diluted income (loss) from continuing operations per share		$	0.12			$	(0.17	)		$	(0.70	)		$	(0.60	)
Product rationalization, tax effected		$	—				0.03			$	—				0.03
Stock-based compensation, tax effected		$	0.18				0.11			$	0.77				0.62
Non-recurring professional fees, tax effected		$	0.01				—			$	0.04				—
Costs of shareholder activism, tax effected		$	—				—				—				0.11
Adjusted diluted net income (loss) from continuing operations per share		$	0.31			$	(0.03	)		$	0.11			$	0.16

Anika Therapeutics, Inc. and Subsidiaries

Revenue by Product Family

(in thousands, except percentages)

(unaudited)

 

		For the Three Months Ended December 31,																For the Year Ended December 31,
		2025				2024				$ change				% change				2025				2024				$ change				% change
OEM Channel		$	17,313			$	19,669			$	(2,356	)			-12	%		$	64,406			$	77,770			$	(13,364	)			-17	%
Commercial Channel			13,302				10,933				2,369				22	%			48,413				42,137				6,276				15	%
		$	30,615			$	30,602			$	13				0	%		$	112,819			$	119,907			$	(7,088	)			-6	%