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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13D/A 0000902664-23-004496 0001727492 XXXXXXXX LIVE 5 Common Stock, par value $0.01 per share 01/23/2026 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. 5 ("Amendment No. 5") to the Schedule 13D filed by the undersigned on August 17, 2023 (as amended, the "Schedule 13D"). This Amendment No. 5 amends the Schedule 13D as specifically set forth herein. Capitalized terms used herein and not otherwise defined in this Amendment No. 5 have the meanings set forth in the Schedule 13D. The first paragraph of Item 6 of the Schedule 13D is hereby amended and restated 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 623,621 shares of Common Stock of the Issuer (collectively representing economic exposure comparable to 4.3% 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. Caligan Partners LP /s/ David Johnson David Johnson, Managing Partner 01/27/2026 David Johnson /s/ David Johnson David Johnson, individually 01/27/2026