[Form 4] Anika Therapeutics Inc Insider Trading Activity

Rhea-AI Filing Summary

Form 4 snapshot: On 06/20/2025, Anika Therapeutics, Inc. (ANIK) director Sheryl L. Conley received an equity grant of 14,164 restricted stock units (RSUs) at no cost. The award lifts her beneficial ownership to 42,568 common shares following the transaction.

The RSUs will vest in full on the earlier of the 2026 annual shareholder meeting or June 20, 2026, providing a one-year vesting horizon. Each RSU converts into one share of ANIK common stock upon vesting, subject to continued service. No derivative securities or open-market purchases/sales were reported, and no 10b5-1 trading plan was indicated.

This filing reflects routine director compensation rather than a discretionary purchase. The share amount is modest relative to ANIK’s 14 million-plus outstanding shares and therefore is unlikely to materially affect the company’s capital structure or near-term valuation. Nevertheless, it marginally strengthens director-level alignment with shareholder interests by increasing Conley’s equity stake.

Insights

Securities Analyst

TL;DR: Routine RSU grant to ANIK director; neutral market impact.

The Form 4 shows a standard annual equity award—14,164 RSUs—to Director Sheryl Conley. No cash outlay, no open-market activity and a one-year vesting schedule signal ordinary board compensation. With post-grant ownership at 42,568 shares (≈0.3% of basic shares), dilution and signaling effects are immaterial. Investors should view the filing as housekeeping rather than a trading cue.

Corporate Governance Specialist

TL;DR: Filing modestly improves director–shareholder alignment; governance neutral.

Annual RSU awards are a best-practice tool for aligning board incentives with long-term value creation. Vesting tied to the 2026 AGM encourages at least a one-year service horizon. The size of the grant is consistent with mid-cap governance norms and does not raise pay-for-performance red flags. Because no 10b5-1 plan or sale accompanies the award, the filing should neither alarm nor excite governance-focused investors.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CONLEY SHERYL L

(Last) (First) (Middle)

32 WIGGINS AVENUE

(Street)

BEDFORD MA 01730

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Anika Therapeutics, Inc. [ ANIK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/20/2025		A		14,164(1)	A	$0	42,568	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares represent restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Company's common stock. The RSUs vest in full on the earlier of the 2026 annual meeting of the Company's stockholders or June 20, 2026.

	/s/ Sheryl L. Conley	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many ANIK shares did Sheryl L. Conley acquire in this Form 4 filing?

The director was granted 14,164 RSUs, each representing one share of Anika Therapeutics common stock.

When do the 14,164 RSUs granted to ANIK's director vest?

The RSUs vest in full on the earlier of the 2026 annual shareholder meeting or June 20, 2026.

What is Sheryl Conley's total beneficial ownership after the reported transaction?

Following the grant, her aggregate beneficial ownership is 42,568 shares of ANIK common stock.

Was the transaction part of a Rule 10b5-1 trading plan?

The Form 4 does not indicate that the grant was made under a Rule 10b5-1 plan.

Did the filing report any open-market purchases or sales of ANIK shares?

No. The only transaction disclosed was the equity grant of RSUs; no purchases or sales occurred.