Anika Therapeutics, Inc. 8-K

What Happened
Anika Therapeutics (ANIK) announced a leadership change and reaffirmed its full-year 2025 financial guidance. Effective February 1, 2026, Steve Griffin (current EVP, CFO & COO) will become President and Chief Executive Officer and will continue as the company’s principal financial officer. Cheryl R. Blanchard will move from CEO to Executive Chair for 12 months, then Special Advisor, and remain employed through an anticipated separation date of January 31, 2028. The company also furnished a press release reaffirming 2025 revenue and Adjusted EBITDA guidance.

Key Details

• 2025 revenue guidance by channel: Commercial $47.0M–$49.5M (up ~12%–18% YoY); OEM $62.0M–$65.0M (down ~16%–20% YoY).
• Adjusted EBITDA expected roughly between +3% and -3% of revenue for 2025.
• CEO transition terms: Cheryl Blanchard will receive cash equal to 18 months of her base salary, paid ratably over 24 months beginning after Feb 1, 2026; continued vesting of equity awards and benefit continuation at active employee rates while employed.
• Griffin’s compensation: $690,000 base salary; 2026 target bonus = 75% of base; equity grant with target fair value $2,450,000 (50% restricted stock units, 50% stock appreciation rights) vesting in three equal annual installments, effective Feb 1, 2026.
• Director changes: Susan N. Vogt resigned effective Feb 1, 2026; Griffin appointed to the Board as a Class III director effective Feb 1, 2026. Indemnification agreements were entered for directors.

Why It Matters
For investors, the filing combines management continuity and clear financial expectations. Promoting the CFO/COO to CEO suggests continuity in financial and operational leadership while Blanchard’s multi-stage transition spreads institutional knowledge transfer over two years. The reaffirmed guidance highlights a split performance picture—commercial growth offset by an expected decline in OEM sales—and projects adjusted EBITDA near breakeven, which are key metrics for assessing near-term profitability and cash flow. The disclosed cash and equity arrangements (separation payments, Griffin’s equity award) are material to executive incentives and near-term cash/stock dilution considerations.