aibioAnika Therapeutics amends $50.0 million Bank of America revolving credit line
Tickers ANIK
Anika Therapeutics signed a fifth amendment to its Bank of America revolving credit line, now maturing July 10, 2031. The filing names no amount drawn, and the line carries a first-priority lien on most of the company's assets.
Key facts
- Company
- Anika Therapeutics, Inc. (NASDAQ: ANIK)
- News type
- Debt Financing
- Primary source
- SEC filing (Form 8-K)
Anika Therapeutics, Inc. entered into a Fifth Amendment to Credit Agreement on July 10, 2026. The amendment changes a revolving line of credit dated October 24, 2017, with Bank of America, N.A. as administrative agent, issuer of letters of credit and lender. Under the amended agreement, the line is a $50.0 million senior revolving facility maturing July 10, 2031. The company's Form 8-K, signed by President and Chief Executive Officer Stephen D. Griffin, says the company may ask for up to an additional $50.0 million in commitments, for a maximum of $100.0 million, subject to lender approval. The filing does not state an amount drawn, and it names no placement agent, underwriter or advisor.
Pricing and fees
Loans bear interest at SOFR plus a margin of 0.25% to 1.25%, set by the company's consolidated leverage ratio at the time of each borrowing. The company pays a commitment fee of 0.20% to 0.30% a year on unused amounts, also set by the leverage ratio, payable quarterly in arrears. Loan origination costs will be amortized over the five-year term of the agreement.
The 10-K filed March 3, 2026 says the line had no outstanding borrowings at December 31, 2025 or December 31, 2024. It describes the Third Amendment of November 2021 as providing up to $75.0 million, with a possible $75.0 million increase to a maximum of $150.0 million. The 8-K describes a $50.0 million base line with the same kind of increase to $100.0 million. The filing does not explain the change in the base amount.
Lenders and covenants
The lenders hold a first-priority lien and security interest in substantially all of the company's assets, except certain intangible assets. The covenants include maximum leverage and minimum interest coverage ratios, limits on liens and debt, and limits on certain mergers, acquisitions and dispositions. The filing says the company must not exceed the maximum leverage and interest coverage ratios, and it describes the covenants as subject to certain exceptions. The 8-K names Bank of America, N.A. as the only lender, and refers to other lenders without naming them.
The 10-K says the company believes its operating cash flows, cash on the balance sheet and availability under its credit facility will be sufficient to fund its existing business and anticipated operating cash needs. That is the company's own statement.
The business and its concentration
The 10-K says the company expects to keep investing in research and clinical trials for new products based on its HA-based technology, particularly Cingal and Integrity. The 10-K says J&J MedTech accounted for 50% of revenue in 2025, down from 57% a year earlier, and that the company expects to stay dependent on a small number of large customers. The loss of any of them, or a delay in their orders, could seriously harm the business.
Revenue was $112.8 million in 2025, against $119.9 million in 2024. The company reported a net loss of $10.9 million for 2025, against a net loss of $56.4 million for 2024. The 10-K ties the rise in operating cash flow to a lower net loss, because the prior year included a $47.6 million loss from discontinued operations, offset somewhat by $44.1 million in non-cash impairment charges tied to the Arthrosurface and Parcus Medical divestitures. Cash provided by operations was $11.2 million in 2025, up from $5.4 million in 2024. Cash and cash equivalents were $57.5 million at December 31, 2025, and $55.6 million a year earlier. Working capital was $80.2 million and $90.3 million over the same dates.
Short-term investments were $23.7 million at the end of 2025, according to a 10-Q filed April 30, 2026. The company also reported $23.6 million a year earlier.
What comes next
The line matures on July 10, 2031. Any draw depends on the company meeting the leverage and interest coverage tests in the amended agreement and on lender approval of any increase. The 8-K says the rate on any loan moves with the company's leverage. The 8-K gives no amount for any future draw.