<SEC-DOCUMENT>0000902664-25-005133.txt : 20251121
<SEC-HEADER>0000902664-25-005133.hdr.sgml : 20251121
<ACCEPTANCE-DATETIME>20251121092142
ACCESSION NUMBER:		0000902664-25-005133
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251121
DATE AS OF CHANGE:		20251121

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Anika Therapeutics, Inc.
		CENTRAL INDEX KEY:			0000898437
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				043145961
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45573
		FILM NUMBER:		251504807

	BUSINESS ADDRESS:	
		STREET 1:		32 WIGGINS AVENUE
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730
		BUSINESS PHONE:		(781) 457-9000

	MAIL ADDRESS:	
		STREET 1:		32 WIGGINS AVENUE
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA THERAPEUTICS INC
		DATE OF NAME CHANGE:	19970114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA RESEARCH INC
		DATE OF NAME CHANGE:	19930309

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Caligan Partners LP
		CENTRAL INDEX KEY:			0001727492
		ORGANIZATION NAME:           	
		EIN:				822603419
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		780 THIRD AVENUE
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		718-570-6018

	MAIL ADDRESS:	
		STREET 1:		780 THIRD AVENUE
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13D/A</submissionType>
    <previousAccessionNumber>0000902664-23-004496</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Caligan Partners LP -->
          <cik>0001727492</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>4</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>11/19/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0000898437</issuerCIK>
        <issuerCUSIP>035255108</issuerCUSIP>
        <issuerName>Anika Therapeutics, Inc.</issuerName>
        <address>
          <com:street1>32 WIGGINS AVENUE</com:street1>
          <com:city>BEDFORD</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>01730</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>David Johnson</personName>
          <personPhoneNum>(646) 859-8204</personPhoneNum>
          <personAddress>
            <com:street1>Caligan Partners LP</com:street1>
            <com:street2>780 Third Avenue, 30th Floor</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10017</com:zipCode>
          </personAddress>
        </notificationInfo>
        <notificationInfo>
          <personName>Ele Klein &amp; Adriana Schwartz</personName>
          <personPhoneNum>212-756-2000</personPhoneNum>
          <personAddress>
            <com:street1>McDermott Will &amp; Schulte LLP</com:street1>
            <com:street2>919 Third Avenue</com:street2>
            <com:city>New York</com:city>
            <com:stateOrCountry>NY</com:stateOrCountry>
            <com:zipCode>10022</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001727492</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>Caligan Partners LP</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1435130.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1435130.00</sharedDispositivePower>
        <aggregateAmountOwned>1435130.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.95</percentOfClass>
        <typeOfReportingPerson>IA</typeOfReportingPerson>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonCIK>0001785557</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>David Johnson</reportingPersonName>
        <memberOfGroup>a</memberOfGroup>
        <fundType>AF</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>X1</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
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        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1435130.00</sharedDispositivePower>
        <aggregateAmountOwned>1435130.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>9.95</percentOfClass>
        <typeOfReportingPerson>IN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>Anika Therapeutics, Inc.</issuerName>
        <issuerPrincipalAddress>
          <com:street1>32 WIGGINS AVENUE</com:street1>
          <com:city>BEDFORD</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>01730</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>The following constitutes Amendment No. 4 ("Amendment No. 4") to the Schedule 13D filed by the undersigned on August 17, 2023 (as amended, the "Schedule 13D"). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein. Capitalized terms used herein and not otherwise defined in this Amendment No. 4 have the meanings set forth in the Schedule 13D.</commentText>
      </item1>
      <item5>
        <percentageOfClassSecurities>The first paragraph of Item 5(a) of the Schedule 13D is hereby amended and restated as follows:

See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of and percentages of the shares of Common Stock beneficially owned by each Reporting Person. The percentages set forth in this Schedule 13D are based upon 14,421,219 shares of Common Stock outstanding as of October 29, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission (the "SEC") on November 5, 2025.</percentageOfClassSecurities>
        <numberOfShares>Item 5(b) of the Schedule 13D is hereby amended and restated in its entirety as follows:

See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition.</numberOfShares>
        <transactionDesc>Item 5(c) of the Schedule 13D is hereby amended and restated in its entirety as follows:

No transactions in the shares of Common Stock have been effected by the Reporting Persons during the past sixty (60) days.</transactionDesc>
      </item5>
      <item6>
        <contractDescription>Item 6 of the Schedule 13D is hereby amended and restated in its entirety 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 306,076 shares of Common Stock of the Issuer (collectively representing economic exposure comparable to 2.0% 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.

Except as set forth herein, the Reporting Persons have no contracts, arrangements, understandings or relationships (legal or otherwise) with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>Caligan Partners LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ David Johnson</signature>
          <title>David Johnson, Managing Partner</title>
          <date>11/21/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>David Johnson</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ David Johnson</signature>
          <title>David Johnson, individually</title>
          <date>11/21/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
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</SEC-DOCUMENT>
