Exhibit 10.2 EMPLOYMENT AGREEMENT This Employment Agreement ("Agreement") shall be effective as of February 1, 2026 between Anika Therapeutics, Inc., a Delaware corporation (the "Company"), and Steve Griffin (the "Executive"). WHEREAS, the Executive is currently serving as Chief Financial Officer and Chief Operating Officer of the Company; WHEREAS, the Company and the Executive are currently party to an Executive Retention Agreement, dated December 12, 2024 (the "Prior Agreement"); and WHEREAS, the Company ...

Stephen (Steve) Griffin, Current Chief Financial Officer and Chief Operating Officer, Appointed President and Chief Executive OfficerCheryl Blanchard to Become Executive Chair of the Board of Directors BEDFORD, Mass., Jan. 08, 2026 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global leader in the osteoarthritis (“OA”) pain management and regenerative solutions spaces focused on early intervention orthopedics, today announced that Stephen (Steve) Griffin, current Executive Vice President, C ...

Group 1 - Anika Therapeutics, Inc. is under investigation by Kirby McInerney LLP for potential violations of federal securities laws or unlawful business practices by the company or its senior management [1] - On July 30, 2025, Anika announced topline results from its clinical trial of Hyalofast, which showed improvements in treated patients but did not meet pre-specified co-primary endpoints due to a higher dropout rate and missed visits during COVID [2] - Following the announcement, Anika's share price fell by $3.06, approximately 27.42%, closing at $8.10 per share on the same day [2] Group 2 - Investors who purchased or acquired Anika securities and have information regarding the investigation are encouraged to contact Kirby McInerney LLP for further discussion about their rights or interests [3] - Kirby McInerney LLP specializes in securities litigation and has achieved recoveries totaling billions of dollars for shareholders [4]

Core Viewpoint - Anika Therapeutics, Inc. is under investigation for potential violations of federal securities laws and unlawful business practices following the release of disappointing clinical trial results for its product Hyalofast [1][3]. Group 1: Investigation Details - The law firm Kirby McInerney LLP is leading the investigation into Anika Therapeutics [1]. - The investigation focuses on whether Anika and/or its senior management engaged in unlawful practices related to the company's securities [1]. Group 2: Clinical Trial Results - On July 30, 2025, Anika announced topline results from a clinical trial of Hyalofast, which is a resorbable hyaluronic acid scaffold for cartilage repair [3]. - The trial showed consistent improvements in treated patients compared to microfracture, but did not meet its pre-specified co-primary endpoints [3]. - Factors affecting the trial results included a higher dropout rate in the microfracture arm and missed visits during COVID, leading to missing data and a reduced evaluable sample size [3]. - Following the announcement, Anika's share price fell by $3.06, or approximately 27.42%, closing at $8.10 per share [3].

Revenue Performance - Revenue from the OEM Channel product family decreased by 20% for the three-month period and 19% for the nine-month period ended September 30, 2025, compared to the same periods in 2024, with a total decrease of $3.9 million and $11.0 million respectively [100]. - Revenue from the Commercial Channel product family increased by 22% for the three-month period and 13% for the nine-month period ended September 30, 2025, with international OA pain management product sales increasing by $1.5 million [101]. Profitability - Gross profit for the three- and nine-month periods ended September 30, 2025 was $15.6 million and $44.6 million, respectively, down from $19.4 million and $58.9 million in the same periods in 2024 [102]. - Gross margin decreased to 56% for the three-month period and 54% for the nine-month period ended September 30, 2025, compared to 66% for both periods in 2024 [103]. Expenses - Total research and development expenses for the three-month period ended September 30, 2025 were $5.9 million, a 17% decrease from $6.9 million in the same period in 2024 [105]. - Research and development external costs increased to $3.3 million for the three-month period ended September 30, 2025, up from $2.3 million in the same period in 2024 [106]. - Selling, general and administrative expenses decreased to $11.9 million for the three-month period ended September 30, 2025, down from $13.5 million in the same period in 2024 [107]. Losses - Loss from continuing operations increased to $3.2 million for the three-month period ended September 30, 2025, compared to a loss of $1.8 million in the same period in 2024 [108]. - Adjusted EBITDA for the three-month period ended September 30, 2025 was $865,000, a decrease of $3.7 million compared to $4.5 million in the same period in 2024 [116]. - Adjusted net loss for the nine-month period ended September 30, 2025 was $11.8 million, compared to a loss of $6.3 million in the same period in 2024 [118].

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Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $27.8 million, a 6% decline compared to the same period in 2024 [16] - Adjusted EBITDA from continuing operations was positive at $900,000, a decline of $3.7 million year over year [22] - Gross margin was 56%, a decrease of 10 percentage points year over year, but an improvement of 5 percentage points sequentially from Q2 [19] Business Line Data and Key Metrics Changes - Commercial channel revenue grew 22% year over year to $12 million, driven by a 25% increase in regenerative solutions [16][18] - OEM channel revenue declined 20% to $15.8 million, primarily due to pricing pressure [18] - Integrity procedures in the U.S. grew for the sixth consecutive quarter, with a projected doubling of procedures and revenue in 2025 compared to last year [7][17] Market Data and Key Metrics Changes - International OA pain management revenue grew 21% year over year, with year-to-date growth at 6% [9][18] - Cingal injections surpassed 1 million since its launch in 2016, indicating strong uptake outside the U.S. [9] Company Strategy and Development Direction - The company is focused on executing its product growth strategy and enhancing operational performance to create shareholder value [14] - A second $15 million share repurchase program has been initiated, reflecting a commitment to returning capital to shareholders [24] - The company is advancing toward key regulatory milestones, including the NDA submission for Cingal and the PMA submission for Hyalofast [14][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the OA pain management business despite Johnson & Johnson's separation of its orthopedic business [6] - The company anticipates flat to modestly lower revenue in the OEM channel due to ongoing pricing pressure but expects unit volume growth to offset this [18] - Management remains focused on improving expense profiles to deliver positive operating cash flow and sustainable returns for shareholders [25] Other Important Information - The third and final PMA module for Hyalofast was submitted to the FDA, marking a significant milestone [10] - The company has streamlined its organizational structure following two divestitures earlier in 2025, leading to a 12% reduction in SG&A expenses [20][21] Q&A Session Summary Question: What are the priorities for increasing Integrity utilization? - Management indicated a balanced focus on acquiring new surgeons and training existing ones to drive utilization [29][31] Question: What is the timeline for Cingal bioequivalents and toxicity studies? - Management stated that the timeline will be clearer after the bioequivalent study begins, expected by the end of the year [32] Question: How does the company prioritize capital deployment? - The hierarchy includes internal investments in product growth, CapEx for manufacturing support, and share repurchase, with M&A not currently prioritized [33][35] Question: Are production issues fully resolved? - Management confirmed that production issues were a hangover from earlier disruptions but are expected to be resolved by year-end [36] Question: What are the expectations for gross margin in Q4? - Management indicated that gross margin in Q4 is expected to be between current levels and slightly higher, depending on recovery from shipping dynamics [37]

Core Insights - Anika Therapeutics reported quarterly earnings of $0.04 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, compared to a loss of $0.25 per share a year ago, indicating a significant earnings surprise of +100.00% [1] - The company generated revenues of $27.82 million for the quarter ended September 2025, slightly surpassing the Zacks Consensus Estimate by 0.06%, but down from $38.75 million in the same quarter last year [2] - Anika's stock has underperformed, losing approximately 41.5% year-to-date, while the S&P 500 has gained 15.1% [3] Earnings Outlook - The future performance of Anika's stock will largely depend on management's commentary during the earnings call and the revisions of earnings estimates [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $29.1 million, and for the current fiscal year, it is -$0.14 on revenues of $111.3 million [7] Industry Context - Anika operates within the Medical - Biomedical and Genetics industry, which is currently ranked in the top 40% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - The correlation between near-term stock movements and earnings estimate revisions is strong, indicating that tracking these revisions can provide insights into stock performance [5][6]

Financial Performance - Commercial Channel Revenue increased by 22% year-over-year[8] - OEM Revenue decreased by 20% due to lower pricing both in transfer units and royalties on Monovisc® and Orthovisc® sales controlled by J&J MedTech[12, 14] - Total Revenue decreased by 6% to $278 million[12, 14] - Gross Profit decreased due to lower OEM Channel revenue and higher manufacturing costs[14] - SG&A expenses decreased by 12% reflecting cost discipline[8, 12] - Adjusted EBITDA was $09 million[8] - Cash provided by operations totaled $69 million[8] Product and Pipeline Updates - Regenerative Solutions portfolio grew 25% year-over-year[8] - International OA Pain business grew 21% year-over-year[8] - Integrity Implant System continues to outpace the market with approximately 500 cases in Q3[8, 11] - Hyalofast® PMA was submitted on October 31, supported by U S Phase III data[8] Strategic Initiatives - Commenced a $15 million 10b5-1 share repurchase program[8]

Revenue Performance - Anika reported third quarter revenue from continuing operations of $27.8 million, a 6% decrease compared to the same period in 2024[3]. - Commercial Channel revenue increased 22% year over year to $12.0 million, while OEM Channel revenue decreased 20% to $15.8 million[3][17]. - Regenerative Solutions revenue in the Commercial Channel grew 25% in the quarter, driven by strong performance of the Integrity Implant System and international Hyalofast growth[4]. - International Sales revenue grew 21% year over year, contributing to a year-to-date revenue increase of 6%[6]. - Revenue for the three months ended September 30, 2025, was $27,817 million, a decrease of 6% from $29,559 million in the same period of 2024[25]. - The OEM Channel revenue decreased by 20% to $15,844 million for the three months ended September 30, 2025, compared to $19,764 million in 2024[36]. - The Commercial Channel revenue increased by 22% to $11,973 million for the three months ended September 30, 2025, compared to $9,795 million in 2024[36]. Financial Guidance - Anika maintains its fiscal 2025 revenue guidance, projecting Commercial Channel revenue of $47 to $49.5 million, up 12% to 18% year over year, and OEM Channel revenue of $62 to $65 million, down 16% to 20% year over year[12][17]. Operating Expenses - Operating expenses decreased by 3% year over year to $18.8 million, with Selling, General and Administrative expenses down 12%[4][17]. - Operating expenses totaled $18,817 million for the three months ended September 30, 2025, compared to $19,489 million in 2024, a decrease of 3%[25]. Profitability - Anika reported a loss from continuing operations of $3.2 million, or $0.22 per share, with adjusted net income of $0.7 million, or $0.04 per share[17]. - Gross profit for the three months ended September 30, 2025, was $15,584 million, down from $19,408 million in 2024, reflecting a decline of 20%[25]. - The net loss for the three months ended September 30, 2025, was $2,329 million, significantly improved from a net loss of $29,918 million in the same period of 2024[25]. - Adjusted EBITDA for the three months ended September 30, 2025, was $865 million, down from $4,542 million in 2024[29]. Asset and Liability Management - Total current assets as of September 30, 2025, were $101,590 million, down from $113,652 million as of December 31, 2024[27]. - Total liabilities as of September 30, 2025, were $42,632 million, compared to $48,000 million as of December 31, 2024[27]. - Stockholders' equity decreased to $146,805 million as of September 30, 2025, from $153,989 million as of December 31, 2024[27]. Regulatory and Strategic Developments - Anika submitted the third and final module of the Hyalofast PMA application to the FDA, with positive clinical data released from the Phase III FastTRACK trial[7][8]. - The company is advancing towards filing the NDA for Cingal, with key activities including the completion of a toxicity study and initiation of a bioequivalence study[9]. - The company is commencing a $15 million 10b5-1 share repurchase program, expected to be completed by June 2026[13].