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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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SCHEDULE 13D/A 0000902664-23-004496 0001727492 XXXXXXXX LIVE 4 Common Stock, par value $0.01 per share 11/19/2025 false 0000898437 035255108 Anika Therapeutics, Inc. 32 WIGGINS AVENUE BEDFORD MA 01730 David Johnson (646) 859-8204 Caligan Partners LP 780 Third Avenue, 30th Floor New York NY 10017 Ele Klein & Adriana Schwartz 212-756-2000 McDermott Will & Schulte LLP 919 Third Avenue New York NY 10022 0001727492 N Caligan Partners LP a AF N DE 0.00 1435130.00 0.00 1435130.00 1435130.00 N 9.95 IA PN 0001785557 N David Johnson a AF N X1 0.00 1435130.00 0.00 1435130.00 1435130.00 N 9.95 IN Common Stock, par value $0.01 per share Anika Therapeutics, Inc. 32 WIGGINS AVENUE BEDFORD MA 01730 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. 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. 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. 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. 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. Caligan Partners LP /s/ David Johnson David Johnson, Managing Partner 11/21/2025 David Johnson /s/ David Johnson David Johnson, individually 11/21/2025