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Note 8 - Goodwill | 12 Months Ended
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Dec. 31, 2025
Notes to Financial Statements |
Goodwill Disclosure [Text Block] | 8. Goodwill The following table provides a roll forward of goodwill for the years ended December 31, 2025 and 2024:
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Balance, beginning January 1 |  | $ | 7,125 |  |  | $ | 7,571 |
Effect of foreign currency adjustments |  |  | 929 |  |  |  | (446 | )
Balance, ending December 31 |  | $ | 8,054 |  |  | $ | 7,125 |
The goodwill balance at December 31, 2025 and 2024 was related to the Company’s legacy Anika reporting unit. The Company estimated the fair value of its reporting unit using a combination of the income and market approaches. The discounted cash flow method of the income approach estimates the present value of projected cash flows and a terminal value, which represents the expected normalized cash flows of the reporting units beyond the cash flows from the discrete projection period. This approach incorporates significant estimates and assumptions related to the forecasted results including revenues, expenses, the achievement of certain cost synergies, terminal growth rates and discount rates to estimate future cash flows. While assumptions utilized are subject to a high degree of judgment and complexity, the Company made its best estimate of future cash flows under a high degree of economic uncertainty that existed as of November 30, 2025. In developing its assumptions, the Company also considered observed trends of its industry participants. In addition, the Company estimated the fair value of its reporting unit based on its market capitalization and an appropriate control premium. Market capitalization is determined by multiplying the number of shares of common stock outstanding by the market price of its common stock. The control premium, or the amount paid by a new controlling shareholder for the benefits resulting from synergies and other potential benefits derived from controlling the acquired company, is determined by utilizing data from publicly available premium studies for similarly situated public company transactions. As a result of this impairment testing, the Company determined it was not more likely than not that the fair value of the legacy Anika reporting unit is less than its carrying amount and thus goodwill was not impaired as of November 30, 2025. For its legacy Anika reporting unit, the Company performed a quantitative assessment as of November 30, 2025. The results of the impairment test indicated that the estimated fair value of the legacy Anika reporting unit was greater than its carrying value, therefore the Company determined that was more likely than not that the fair value of the legacy Anika reporting unit was not impaired as of November 30, 2025.

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