Anika Therapeutics Inc.
ANIK evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ANIK—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ANIK
Anika Therapeutics Inc. is a focused hyaluronic-acid (HA)-based company developing osteoarthritis pain management and regenerative solutions, with a streamlined portfolio following divestitures and a key U.S. regulatory milestone pending for its Hyalofast cartilage repair scaffold.
Key risk: Hyalofast U.S. approval delay
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 2 clinical trials for Anika Therapeutics Inc..
Anika Therapeutics Inc. is a focused hyaluronic-acid (HA)-based company developing osteoarthritis pain management and regenerative solutions, with a streamlined portfolio following divestitures and a key U.S. regulatory milestone pending for its Hyalofast cartilage repair scaffold.
- Generated total revenue of $112.8M for fiscal year 2025, reflecting continued demand across core businesses [sec · filed 2026-04-28].
- Latest reported financials (as of 2026-06-30): cash & equivalents $38.4M, total revenue $32.6M, net income $3.3M, shareholders' equity $143.5M [sec].
- Filed the final PMA module for Hyalofast in 2025 and received FDA feedback in early 2026, preparing responses toward a future U.S. launch [sec · filed 2026-04-28].
- Divested Arthrosurface (Q4 2024) and Parcus Medical (Q1 2025) to concentrate on HA-based OA Pain Management and Regenerative Solutions [sec · filed 2025-04-28].
- Commercial Channel revenue (including Integrity Implant System) exceeded target in 2025, achieving 111% of the individual metric [sec · filed 2026-04-28].
What works
- Commercial Channel revenue exceeded target in 2025, with Integrity Implant System achieving 197% of its individual metric, indicating strong product adoption [sec · filed 2026-04-28].
- International OA Pain Management business maintained strong double-digit growth (16% year over year) in 2024 [sec · filed 2025-04-28].
- Company delivered positive net income of $3.3M in the latest quarter (as of 2026-06-30) and maintains a solid equity base of $143.5M [sec].
- OEM Channel, driven by the long-standing J&J MedTech partnership, remains a highly cash-generative component of the business [sec · filed 2026-04-28].
What to weigh
- OEM Channel revenue declined in 2025 due to anticipated U.S. pricing pressures, partially offsetting gains in the Commercial Channel [sec · filed 2026-04-28].
- Hyalofast U.S. launch remains uncertain; the company received FDA feedback in early 2026 and is still preparing responses, with no approved timeline for approval [sec · filed 2026-04-28].
- Total revenue for fiscal year 2025 ($112.8M) is significantly lower than the $166.7M reported in fiscal 2023, reflecting the impact of portfolio divestitures [sec · filed 2026-04-28][sec · filed 2024-06-11].
- Accumulated deficit and net loss history not disclosed in latest filings; the company's transformation and divestitures may continue to pressure near-term revenue growth.
From the filings
Quoted directly from source documents.
Hyalofast PMA module filed and FDA feedback received in early 2026
“we filed the final PMA module for Hyalofast in 2025 and, in early 2026, received FDA feedback and are preparing responses as we continue progressing toward a future U.S. launch”
SEC filings · April 28, 2026
Commercial Channel revenue exceeded target in 2025
“Revenue: Commercial Channel - between Target and Maximum resulting in 111% achievement of the individual metric”
SEC filings · April 28, 2026
OEM Channel revenue declined due to U.S. pricing pressure
“While OEM revenue declined due to anticipated U.S. pricin”
SEC filings · April 28, 2026
Risks & what to watch (4)›
Key risks
- Hyalofast U.S. approval delay — FDA feedback received in early 2026; company still preparing responses with no set approval date [sec · filed 2026-04-28]
- OEM revenue decline — OEM Channel revenue declined due to anticipated U.S. pricing pressures [sec · filed 2026-04-28]
- Portfolio concentration risk — After divestitures, company is heavily reliant on HA-based OA Pain Management and Regenerative Solutions [sec · filed 2025-04-28]
- Revenue contraction post-divestiture — Total revenue fell from $166.7M (FY2023) to $112.8M (FY2025) due to divestitures [sec · filed 2024-06-11][sec · filed 2026-04-28]
What to watch
- FDA feedback and subsequent PMA response for Hyalofast, which could determine U.S. market entry timing [sec · filed 2026-04-28]
- Commercial Channel revenue growth trajectory, especially Integrity Implant System and international OA Pain Management [sec · filed 2026-04-28]
- OEM Channel revenue stabilization amid U.S. pricing pressures [sec · filed 2026-04-28]
- Cash position and operating cash flow trends as the company invests in regulatory and commercial milestones [sec]
Sources: SEC filings · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
248.4 months
D/E 0.34 · 3% dilution
Lead: Phase 3
1 candidate
No upcoming catalysts tracked
4 buys · 0 sells (180d)
Runway
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
129
Total value held
$179.0M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 1,594,893 | $23.1M |
| caligan partners lp | 1,435,130 | $20.8M |
| vanguard capital management llc | 1,211,554 | $17.6M |
| morgan stanley | 872,066 | $12.6M |
| boothbay fund management, llc | 529,503 | $7.7M |
| renaissance technologies llc | 502,217 | $7.3M |
| dimensional fund advisors lp | 458,847 | $6.7M |
| capital management corp /va | 447,721 | $6.5M |
| deutsche bank ag\ | 353,174 | $5.1M |
| state street corp | 346,092 | $5.0M |
Showing top 10 of 129 institutional holders of Anika Therapeutics Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 5.5%
- Days to cover
- 4.2
- Shares short
- 552,247
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ANIK short interestGovernance
Frequently asked questions
What is the AI investment thesis for Anika Therapeutics Inc.?
Anika Therapeutics Inc. is a focused hyaluronic-acid (HA)-based company developing osteoarthritis pain management and regenerative solutions, with a streamlined portfolio following divestitures and a key U.S. regulatory milestone pending for its Hyalofast cartilage repair scaffold.
What is Anika Therapeutics Inc.'s lead drug candidate?
Anika Therapeutics Inc.'s most advanced tracked candidate is cingal (Phase 3) for OA Pain Management.
Who is the CEO of Anika Therapeutics Inc.?
Mr. Stephen D. Griffin is the chief executive officer of Anika Therapeutics Inc. (ANIK).
Where is Anika Therapeutics Inc. headquartered?
Anika Therapeutics Inc. (ANIK) is headquartered in Bedford, MA, United States.
What therapeutic areas does Anika Therapeutics Inc. focus on?
Anika Therapeutics Inc. develops therapies across Pain, Musculoskeletal.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.