Caligan Partners (NASDAQ: ANIK) details 9.95% stake and swap exposure

Rhea-AI Filing Summary

Caligan Partners and David Johnson report their current stake in Anika Therapeutics, Inc. on Amendment No. 5 to Schedule 13D. They report beneficial ownership of 1,435,130 shares of Anika common stock, representing 9.95% of the outstanding class, with shared voting and dispositive power over all these shares.

The filing also describes additional economic exposure through cash-settled swap agreements. Caligan-related funds hold derivative agreements referencing 623,621 Anika shares, providing economic results comparable to ownership for about 4.3% of the common stock. These swaps do not give voting or dispositive power, and the reporting persons explicitly disclaim beneficial ownership of the referenced shares.

Insights

Activist and ownership disclosure analyst

Amended 13D updates Caligan’s 9.95% stake and additional swap exposure.

Caligan Partners and David Johnson disclose beneficial ownership of 1,435,130 Anika shares, or 9.95% of the common stock, with shared voting and dispositive power. This level sits just below the common 10% threshold that can trigger additional regulatory scrutiny.

The filing also details cash-settled swap agreements referencing 623,621 shares, giving economic exposure to about 4.3% of Anika’s stock. These derivatives provide price-linked returns but confer no voting or disposition rights, and the reporting persons formally disclaim beneficial ownership of those referenced shares.

This amendment primarily refreshes ownership and derivative exposure information rather than indicating a new transaction. Future company communications and filings may clarify whether this stake aligns with an active engagement strategy or remains a financial investment.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Anika Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

035255108

(CUSIP Number)

David Johnson
Caligan Partners LP, 780 Third Avenue, 30th Floor
New York, NY, 10017
(646) 859-8204

Ele Klein & Adriana Schwartz
McDermott Will & Schulte LLP, 919 Third Avenue
New York, NY, 10022
212-756-2000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

01/23/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 035255108

1

Name of reporting person

Caligan Partners LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,435,130.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,435,130.00

11

Aggregate amount beneficially owned by each reporting person

1,435,130.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.95 %

14

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13D

CUSIP No. 035255108

1

Name of reporting person

David Johnson

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,435,130.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,435,130.00

11

Aggregate amount beneficially owned by each reporting person

1,435,130.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.95 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.01 per share
(b)	Name of Issuer: Anika Therapeutics, Inc.
(c)	Address of Issuer's Principal Executive Offices: 32 WIGGINS AVENUE, BEDFORD, MASSACHUSETTS , 01730.
Item 1 Comment: The following constitutes Amendment No. 5 ("Amendment No. 5") to the Schedule 13D filed by the undersigned on August 17, 2023 (as amended, the "Schedule 13D"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein. Capitalized terms used herein and not otherwise defined in this Amendment No. 5 have the meanings set forth in the Schedule 13D.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	The first paragraph of Item 6 of the Schedule 13D is hereby amended and restated as follows: The Caligan Fund and Caligan Accounts have entered into notional principal amount derivative agreements (the "Derivative Agreements") in the form of cash settled swaps with respect to an aggregate of 623,621 shares of Common Stock of the Issuer (collectively representing economic exposure comparable to 4.3% of the shares of Common Stock of the Issuer). The Derivative Agreements provide the Caligan Fund and Caligan Accounts with economic results that are comparable to the economic results of ownership but do not provide them or the Reporting Persons with the power to vote or direct the voting or dispose of or direct the disposition of the shares that are referenced in the Derivative Agreements (such shares, the "Subject Shares"). The Reporting Persons disclaim beneficial ownership in the Subject Shares.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Caligan Partners LP

Signature:	/s/ David Johnson
Name/Title:	David Johnson, Managing Partner
Date:	01/27/2026

David Johnson

Signature:	/s/ David Johnson
Name/Title:	David Johnson, individually
Date:	01/27/2026

FAQ

What ownership stake in Anika Therapeutics (ANIK) does Caligan Partners report?

Caligan Partners and David Johnson report beneficial ownership of 1,435,130 Anika common shares, representing 9.95% of the outstanding class. They have shared voting and dispositive power over these shares, according to Amendment No. 5 to their Schedule 13D filing.

What type of SEC filing did Caligan submit regarding Anika Therapeutics (ANIK)?

They submitted Amendment No. 5 to a Schedule 13D concerning Anika Therapeutics’ common stock. This amendment updates their reported beneficial ownership and related derivative positions, providing investors with refreshed information on a significant shareholder’s stake and economic exposure.

How much additional economic exposure to Anika (ANIK) does Caligan have via derivatives?

Caligan-related funds hold cash-settled swap agreements referencing 623,621 Anika shares, providing economic exposure comparable to ownership of about 4.3% of the common stock. These swaps are economic only, with no voting or disposition rights over the referenced shares.

Do the derivative positions give Caligan voting power over Anika (ANIK) shares?

No. The filing states the cash-settled swap agreements provide only economic results, not voting or dispositive power. Caligan and the other reporting persons explicitly disclaim beneficial ownership of the shares referenced in these derivative agreements, called the “Subject Shares.”

Who are the reporting persons in the Anika Therapeutics (ANIK) Schedule 13D/A?

The reporting persons are Caligan Partners LP and David Johnson. Caligan is organized in Delaware, and Johnson is a United States citizen. Both report shared voting and dispositive power over 1,435,130 Anika common shares in this amended Schedule 13D.

What percentage of Anika’s (ANIK) common stock is tied to Caligan’s derivatives?

The filing states that the cash-settled swap agreements reference 623,621 Anika shares, collectively representing economic exposure comparable to 4.3% of Anika’s common stock. These are separate from the 9.95% beneficially owned shares and do not convey voting rights.