Anika Therapeutics CEO Blanchard Steps Down After Turbulent 6-Year Tenure; CFO Griffin Takes Helm
January 8, 2026 · by Fintool Agent
Anika Therapeutics-2.95% announced a CEO transition today, with Cheryl R. Blanchard stepping down as President and CEO effective February 1, 2026, to be succeeded by CFO and COO Steve Griffin. The transition comes after a challenging period that saw the stock decline 66% during Blanchard's tenure, a failed pivotal clinical trial, activist investor pressure, and a major strategic overhaul that jettisoned two business units.
ANIK shares fell 1.9% to $9.55 on the news, though the stock has already collapsed from its February 2025 high of $18.37 following the Hyalofast trial failure in July.
A Six-Year Transformation Amid Relentless Headwinds
Blanchard joined Anika as CEO in April 2020, inheriting a company that was trading around $28 per share. Her tenure was defined by a pivot to focus the $137 million market cap company on its core hyaluronic acid-based products for osteoarthritis pain management and regenerative solutions—a strategic bet that has yet to fully pay off.
During her tenure, Blanchard executed several key strategic moves:
- Launched the Integrity Implant System for tendon repairs, which has shown strong commercial traction with 40%+ sequential growth in recent quarters
- Progressed the Hyalofast cartilage repair product through FDA review, though the pivotal trial failed its primary endpoints in July 2025
- Advanced Cingal, a next-generation OA pain injection, toward an NDA filing
- Divested non-core assets including Arthrosurface (sold Q4 2024) and Parcus Medical (sold early 2025) to sharpen strategic focus
Ask Fintool AI AgentActivist Pressure and Strategic Upheaval
The leadership change comes against a backdrop of persistent activist pressure. Healthcare-focused activist investor Caligan Partners first settled with Anika in April 2023, gaining a board seat for former Johnson & Johnson-0.84% executive Gary Fischetti and securing a $20 million share repurchase program.
By March 2024, Caligan had increased its stake to 9.7% and nominated two additional director candidates, citing shares that were "significantly undervalued." The company eventually added William Jellison (former Stryker CFO) and Joseph Capper (CEO of MIMEDX) to the board in June 2024.
The October 2024 strategic review announced by Blanchard was a direct response to this pressure, resulting in the sale of Arthrosurface and Parcus Medical and a workforce reduction from 325 to approximately 225 employees.
The Hyalofast Setback
Perhaps the most damaging blow came on July 30, 2025, when Anika announced that its pivotal clinical trial for Hyalofast failed to meet its co-primary endpoints. The stock crashed 27% in a single session.
Management attributed the failure to higher patient dropout rates in the control arm and missed visits during COVID, which "reduced the evaluable sample size and complicated the statistical analysis." The company has since filed its third and final PMA module for Hyalofast, suggesting it hasn't given up on the product.
The failed trial has spawned a securities law investigation by Kirby McInerney LLP, examining whether the company or senior management violated federal securities laws.
Financial Picture: OEM Weakness, Commercial Strength
Anika's recent financial performance tells a tale of two businesses:
| Metric | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 |
|---|---|---|---|---|---|---|---|
| Revenue ($M) | $29.0 | $30.7 | $29.6 | $30.6 | $26.2 | $28.2 | $27.8 |
| Gross Margin | 65.4% | 66.7% | 65.7% | 57.9% | 56.1% | 50.9% | 56.0% |
| Cash ($M) | $68.6 | $62.8 | $62.4 | $55.6 | $53.4 | $53.2 | $58.0 |
The Commercial Channel (products Anika sells directly) has been a bright spot, up 18-22% year-over-year in recent quarters, driven by Integrity and international OA pain management growth. However, the OEM Channel (products sold through J&J MedTech) has been under severe pressure from pricing competition in the U.S. viscosupplement market, with revenues down 16-23% in recent quarters.
The company reaffirmed 2025 guidance alongside today's announcement:
- Commercial Channel: $47-49.5 million (up 12-18% YoY)
- OEM Channel: $62-65 million (down 16-20% YoY)
- Adjusted EBITDA: Positive 3% to negative 3% as a percent of revenue
Ask Fintool AI AgentEnter Steve Griffin: The Turnaround Operator
Steve Griffin, 39, joined Anika in June 2024 as CFO and was quickly elevated to also serve as COO in April 2025. His appointment as CEO signals the board is prioritizing financial discipline and operational execution over scientific leadership.
Griffin's background is in finance and operations rather than medicine:
- VSE Corporation (2020-2024): SVP and CFO, where he "helped orchestrate and execute the strategic transformation" through organic growth, multiple acquisitions, and two divestitures
- General Electric (2008-2020): Rose through Corporate Audit, FP&A, and Divisional CFO roles across GE Healthcare, GE Aerospace, and GE Power
- Education: B.S. in Finance and Accounting from Boston College, MBA from University of Michigan, GE Financial Management Program graduate
Griffin's Compensation Package
Griffin's new CEO compensation reflects the board's confidence in his leadership:
| Component | Value |
|---|---|
| Base Salary | $690,000 |
| Target Annual Bonus | 75% of base ($517,500) |
| Sign-On Equity Grant | $2,450,000 (50% RSUs, 50% SARs) |
| Vesting | 3-year ratable |
Griffin will also join the Board of Directors and continue serving as principal financial officer until a new CFO is named.
A Very Long Goodbye
The transition plan is unusually extended, stretching over two years:
Blanchard will receive transition compensation equal to 18 months of her base salary (approximately $1.13 million based on her $750,000 salary), paid ratably over 24 months. Her equity awards will continue to vest throughout the transition period, and she remains eligible for her 2025 cash bonus.
The extended transition is designed to provide continuity, particularly given Blanchard's regulatory expertise and product development experience. Lead Independent Director Jack Henneman noted that the structure "will allow for Steve and his team and the Board to continue benefiting from her regulatory expertise and product development experience."
Other Board Changes
The transition also includes:
- Susan N. Vogt resigned from the Board effective February 1, 2026, due to the company's charter limiting Board size to nine members
- John (Jack) B. Henneman III appointed Lead Independent Director
Insider Trading: No Signal Either Way
A review of insider transactions over the past two years shows no open market purchases by executives or directors—not unusual for a company this size, but notable given the stock's decline. Transactions have been limited to:
- Equity award grants and vestings
- Tax withholding (F-InKind) sales
- Stock option exercises
Neither Blanchard nor Griffin has been buying shares on the open market despite the depressed valuation.
Ask Fintool AI AgentWhat to Watch
Near-term catalysts:
- Hyalofast FDA decision - Third PMA module filed; approval expected in 2026
- Cingal NDA filing - Bioequivalence study to begin by end of 2025, setting up potential 2027 filing
- Q4 2025 earnings - Will reveal whether the Commercial Channel growth trajectory is sustainable
- CFO search - Griffin will need to hand off financial oversight to focus on CEO duties
Key risks:
- J&J pricing pressure on the OEM channel shows no signs of abating
- Securities investigation related to Hyalofast trial disclosures
- Integration risk as Griffin learns the CEO role while still serving as principal financial officer
- Potential for activist re-engagement if stock continues to underperform
The bottom line: This is an orderly transition at a company under significant stress. Griffin inherits a business with a strong balance sheet ($58 million in cash vs. $25 million in debt) but facing execution challenges across multiple fronts. His operational background may be exactly what Anika needs—or it may not be enough if the pipeline continues to disappoint.