Anika Therapeutics (NASDAQ: ANIK) names new CEO, reaffirms 2025 outlook

Rhea-AI Filing Summary

Anika Therapeutics, Inc. filed a report detailing a leadership transition while reaffirming its guidance for the year ended December 31, 2025, including expectations that Adjusted EBITDA margin will range from positive 3% to negative 3% of revenue.

The company announced that President and Chief Executive Officer Cheryl R. Blanchard will step down from the CEO role effective February 1, 2026, moving to Executive Chair for twelve months, then Special Advisor for six months, and remaining an employee through January 31, 2028. Under a transition agreement, she will receive cash severance equal to 18 months of base salary paid over 24 months and continued eligibility for benefits and equity vesting during her service.

Steve Griffin, currently Executive Vice President, Chief Financial Officer and Chief Operating Officer, has been appointed President and Chief Executive Officer effective February 1, 2026 and will also join the Board as a Class III director. His new employment agreement provides a $690,000 annual base salary, a target annual bonus equal to 75% of base salary starting in 2026, and equity awards with a target grant date fair value of $2,450,000 in restricted stock units and stock appreciation rights vesting over three years. Director Susan N. Vogt will resign from the Board effective February 1, 2026 with no reported disagreements, and the company has entered into indemnification agreements with each director.

Insights

Equity research analyst

Orderly CEO succession with reaffirmed 2025 guidance keeps outlook steady.

Anika Therapeutics combines a leadership change with confirmation of its 2025 expectations. Reaffirming guidance, including Adjusted EBITDA margin between positive 3% and negative 3% of revenue, suggests management currently sees no change in near-term business trends despite the transition.

The CEO succession from Cheryl R. Blanchard to Steve Griffin appears structured, with Dr. Blanchard remaining as Executive Chair, then Special Advisor, and as an employee through January 31, 2028. This extended involvement may help preserve continuity in strategy and customer relationships while the new CEO assumes operational control.

Compensation terms for Mr. Griffin, including a $690,000 base salary, a 75% target bonus from fiscal 2026, and equity awards valued at $2,450,000 vesting over three years, more closely align his incentives with long-term share performance. The resignation of director Susan N. Vogt without reported disagreements, and new indemnification agreements for directors, frame this as a governance-focused update rather than a shift in the underlying business model.

8-K Event Classification

3 items: 2.02, 5.02, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

false 0000898437 0000898437 2026-01-07 2026-01-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 7, 2026

Anika Therapeutics, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-14027		04-3145961
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

32 Wiggins Avenue

Bedford, Massachusetts 01730

(Address of Principal Executive Offices) (Zip Code)

(781) 457-9000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		ANIK		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On January 8, 2026, Anika Therapeutics, Inc. (the “Company”) issued a press release and reaffirmed guidance for the year ended on December 31, 2025. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1.

As previously announced, the Company expects 2025 revenue ranges by channel as follows:

• Commercial Channel, unchanged, of $47 to $49.5 million, up 12% to 18% year over year.

• OEM Channel, unchanged, of $62 to $65 million, down 16% to 20% year over year.

In addition, the Company expects Adjusted EBITDA as a percent of revenue to be positive 3% to negative 3%.

The information contained in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

President and Chief Executive Officer Transition

On January 8, 2026, the Company announced that, effective February 1, 2026 (the “Transition Date”), Cheryl R. Blanchard will transition from her role as President and Chief Executive Officer. Dr. Blanchard will transition into the role of Executive Chair of the Company’s Board of Directors (“Board”) for a period of twelve (12) months through January 31, 2027. Following her service as Executive Chair, Dr. Blanchard will serve as a Special Advisor to the Board for a period of six (6) months through July 31, 2027. Following her service as Special Advisor to the Board, Dr. Blanchard will remain as an employee of the Company for a period of six (6) months, concluding on January 31, 2028 (the “Anticipated Separation Date”), and continue to serve on the Board as a director through the 2028 Annual Meeting.

On January 8, 2026, the Company announced that Steve Griffin, currently serving as Executive Vice President, Chief Financial Officer and Chief Operating Officer, has been appointed by the Board to serve as the Company’s President and Chief Executive Officer, effective as of February 1, 2026. In connection with his appointment as President and Chief Executive Officer, Mr. Griffin will replace Dr. Blanchard as the Company’s principal executive officer and will continue to act as the Company’s principal financial officer.

On January 7, 2026, the Company and Dr. Blanchard entered into a Transitional Services and Separation Agreement (the “Transition Agreement”). Pursuant to the Transition Agreement, Dr. Blanchard will step down from her role as the Company’s President and Chief Executive Officer, effective as of the Transition Date. Dr. Blanchard will continue to serve on the Board through the Anticipated Separation Date. Pursuant to the Transition Agreement, Dr. Blanchard will receive an amount equal to eighteen (18) months of her base salary rate in effect immediately prior to the Transition Date, paid ratably in substantially equal installments in accordance with the Company’s payroll practice over twenty-four (24) months, beginning on the first payroll date following the Transition Date. Dr. Blanchard will remain eligible for continuation in Company health, dental and vision benefits, subject to her copayment of premium amounts at the active employee rate. Her equity awards granted under the Company’s 2017 Omnibus Incentive Plan and any other equity plan shall continue to vest throughout her service relationship, in accordance with the terms of the applicable award agreements and equity plans. Dr. Blanchard will also be eligible to receive a 2025 cash incentive bonus, as and to the extent determined by the Board in its sole discretion.

On January 7, 2026, the Company and Mr. Griffin entered into an Employment Agreement (the “Griffin Agreement”) pursuant to which his employment shall commence as Chief Executive Officer on February 1, 2026. Pursuant to the Griffin Agreement, Mr. Griffin will receive an annual base salary of $690,000, and commencing with fiscal year 2026, his target annual bonus shall be 75% of his base salary. In connection with his appointment,

Mr. Griffin will be granted, effective as of the Transition Date, an equity award or awards with a target grant date fair value of $2,450,000, comprised of fifty per cent (50%) restricted stock units and fifty per cent (50%) stock appreciation rights, under the Company’s 2017 Omnibus Incentive Plan. The restricted stock units and stock appreciation rights may be settled in shares of the Company’s common stock or in cash, at the Company’s discretion, as provided in the Griffin Agreement. These awards shall vest in equal installments on each of the first three anniversaries of the Transition Date, subject to Mr. Griffin’s continuous service with the Company through the relevant vesting dates.

The foregoing descriptions of the Transition Agreement and the Griffin Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of each such agreement, which are attached as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K, and incorporated by reference herein.

Biographical information regarding Mr. Griffin is set forth in the Company’s proxy statement for its 2025 annual meeting of stockholders, as filed with the U.S. Securities and Exchange Commission on April 28, 2025, and such information is incorporated by reference herein. No arrangement or understanding exists between Mr. Griffin and any other person pursuant to which Mr. Griffin was selected to serve as President and Chief Executive Officer. There have been no related party transactions between the Company or any of its subsidiaries and Mr. Griffin reportable under Item 404(a) of Regulation S-K. Mr. Griffin has no family relationships with any of the Company’s directors or executive officers.

Departure of Director

On January 7, 2026, Susan N. Vogt informed the Board of her resignation as a member of the Board and all committees of the Board, effective as of February 1, 2026. There are no disagreements between Ms. Vogt and the Company on any matter relating to the Company’s operations, policies or practices.

Election of Director

On January 7, 2026, upon the recommendation of its Governance and Nominating Committee, the Board appointed Steve Griffin to join the Board, effective as of February 1, 2026. Mr. Griffin will serve as a Class III director until his term expires at the 2026 annual meeting of stockholders at which time he will stand for election by the Company’s stockholders.

Indemnification Agreements

The Company entered into indemnification agreements with each of its directors. Each indemnification agreement provides for indemnification and advancements by the Company of certain expenses and costs relating to claims, suits or proceedings arising from each individual’s service to the Company as a director or, at the Company’s request, service to other entities, as applicable, to the maximum extent permitted by applicable law.

The foregoing description of the indemnification agreements is qualified in its entirety by the full text of the form of indemnification agreement, which is attached hereto as Exhibit 10.3 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
10.1		Transitional Services and Separation Agreement dated as of January 7, 2026, between Anika Therapeutics, Inc. and Cheryl R. Blanchard
10.2		Employment Agreement effective as of January 7, 2026, between Anika Therapeutics, Inc. and Stephen Griffin
10.3		Form of Indemnification Agreement by and between Anika Therapeutics, Inc. and each of its directors
99.1		Press release dated January 8, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Anika Therapeutics, Inc.
Date: January 8, 2026				By:		/s/ Ian McLeod
						Ian McLeod
						Vice President, Chief Accounting Officer and Treasurer

FAQ

What 2025 financial guidance did Anika Therapeutics (ANIK) reaffirm?

Anika Therapeutics reaffirmed its 2025 guidance, including expectations that Adjusted EBITDA as a percent of revenue will range from positive 3% to negative 3%.

Who is becoming the new CEO of Anika Therapeutics (ANIK) and when?

Steve Griffin, currently Executive Vice President, Chief Financial Officer and Chief Operating Officer, has been appointed President and Chief Executive Officer effective February 1, 2026.

What is happening to current Anika Therapeutics CEO Cheryl R. Blanchard?

Effective February 1, 2026, Cheryl R. Blanchard will step down as President and CEO and become Executive Chair for 12 months, then Special Advisor for 6 months, and remain an employee through January 31, 2028 while continuing to serve on the Board through the 2028 annual meeting.

What are the key compensation terms for new Anika CEO Steve Griffin?

Under his employment agreement, Steve Griffin will receive an annual base salary of $690,000, a target annual bonus equal to 75% of base salary starting in fiscal 2026, and equity awards with a target grant date fair value of $2,450,000 in restricted stock units and stock appreciation rights vesting over three years.

Is any Anika Therapeutics (ANIK) director resigning as part of this update?

Yes. Susan N. Vogt informed the Board of her resignation as a director and from all Board committees, effective February 1, 2026. The company states there are no disagreements with her on operations, policies or practices.

Will Steve Griffin also join the Anika Therapeutics Board of Directors?

Yes. The Board appointed Steve Griffin as a Class III director effective February 1, 2026. He will serve until his term expires at the 2026 annual meeting, when he will stand for election by stockholders.

What new indemnification arrangements did Anika Therapeutics put in place for directors?

Anika Therapeutics entered into indemnification agreements with each director. These provide for indemnification and advancement of certain expenses and costs related to claims, suits or proceedings arising from service to the company or, at its request, to other entities, to the maximum extent permitted by law.