On May 28, 2024, Caligan Partners LP announced that it has entered into a cooperation agreement with Anika Therapeutics, Inc. Pursuant to the cooperation agreement, Caligan Partners withdrew its prior nomination of individuals to the Board of Directors of the Company and the Company appointed William Jellison (one of the individuals Caligan Partners nominated) and Joseph Capper to the Board effective as of May 28, 2024. Caligan Partners stated that the cooperation agreement contains customary standstill provisions, including, among other things, a restriction on the ability of Caligan Partners to acquire cumulative ownership (directly or indirectly) of more than 9.7% of the outstanding shares of common stock during the standstill period.