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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------------------------
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One:)
[x] Annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934 (no fee required)
For the fiscal year ended December 31, 1998
OR
[ ] Transition report pursuant to Section 15(d) of the Securities Exchange Act
of 1934 (No Fee Required)
For the transition period from to
------------ ------------
Commission file number: 000-21326
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A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
Anika Therapeutics, Inc.
Employees' Savings and Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Anika Therapeutics, Inc.
236 West Cummings Park
Woburn, MA 01801
(781) 932-6616
<PAGE>
ITEMS 1 AND 2. FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
PAGE NUMBER
IN THIS REPORT
--------------
<S> <C>
Statements of Financial Position--December 31, 1998 and 1997 F-1
Statements of Income and Changes in Members' Equity--For the year ended
December 31, 1998 and 1997 F-2
Note to Financial Statements. F-3
</TABLE>
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the trustees have duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
<TABLE>
<S> <C>
Anika Therapeutics, Inc.
Employees' Savings and Retirement Plan
(NAME OF PLAN)
By: /s/ S. Moran
-----------------------------------
(S. Moran, Trustee)
Dated: May 11, 1999
</TABLE>
<PAGE>
ANIKA THERAPEUTICS, INC.
EMPLOYEE SAVINGS & RETIREMENT PLAN
STATEMENTS OF FINANCIAL POSITION
December 31, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
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<S> <C> <C>
Assets:
Investment in Anika Therapeutics, Inc.
common stock, at market value--68,942 and 102,698
shares, respectively. $ 370,565 $ 956,378
Baron Asset Fund 135,108 --
Invesco Industrial Income Fund 57,660 15,501
Founders Balanced Fund 26,845 44,068
GAM International Fund 89,675 60,511
Janus Fund 177,102 120,799
N&B Guardian Fund 250,975 124,362
PBHG Growth -- 43,462
Strong Short-term Bond Fund 37,279 48,379
AMCENT: 20th Ultra Fund 74,919 56,626
Schwab S&P 500-E.Shares 95,255 50,032
Schwab Retirement Money Market 85,703 179,848
Loans receivable 79,444 57,939
Contributions receivable 9,973 --
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Total Assets: $1,490,503 $1,757,904
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---------- ----------
Liabilities and members' equity:
Members' equity $1,490,503 $1,757,904
---------- ----------
Total liabilities and members' equity $1,490,503 $1,757,904
---------- ----------
---------- ----------
</TABLE>
See Note to Financial Statements.
F-1
<PAGE>
Anika Therapeutics, Inc.
Employee's Savings & Retirement Plan
Statements of Income and Changes in Members'
Equity For the years ended December 31, 1998 and 1997
<TABLE>
<S> <C> <C>
Interest & dividends $ 75,457 $ 70,934
Contributions by:
Employees 340,627 239,243
Rollover contributions 34,635 --
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Total contributions 375,262 239,243
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Total additions 450,719 310,177
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Less:
Distributions from former participants 477,542 338,823
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Total deductions 477,542 338,823
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Net increase(decrease) before realized and unrealized gains and losses (26,823) (28,646)
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Net realized investment gains and losses (240,578) 552,796
---------- ----------
Net increase in members equity (267,401) 524,150
Members' equity, beginning of the year 1,757,904 1,233,754
---------- ----------
Members' equity, end of the year $1,490,503 $1,757,904
---------- ----------
---------- ----------
</TABLE>
See Note to Financial Statements.
F-2
<PAGE>
Anika Therapeutics, Inc.
Employee's Savings & Retirement Plan
Note to Financial Statements
Note 1
Organization, operations and significant accounting policies:
The Plan became effective May 1993 and is a qualified plan under the Internal
Revenue Code.
Operations of the Plan are funded through contributions received from
participating employees of Anika Therapeutics, Inc. Participation in the Plan is
voluntary.
The assets of the Plan are recorded at market value, measured by the closing
price of the Securities.
Dividends received by the Plan are reinvested for the benefit of the
participants.
The Plan provides for 100% vesting in Company contributions upon the completion
of five years of service. The nonvested portion of a participant's account at
the time of termination is used to offset future contributions by the employer.
F-3
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