0001171843-15-005922.txt : 20151103 0001171843-15-005922.hdr.sgml : 20151103 20151103160613 ACCESSION NUMBER: 0001171843-15-005922 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151103 DATE AS OF CHANGE: 20151103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Anika Therapeutics, Inc. CENTRAL INDEX KEY: 0000898437 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 043145961 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14027 FILM NUMBER: 151193728 BUSINESS ADDRESS: STREET 1: 32 WIGGINS AVENUE CITY: BEDFORD STATE: MA ZIP: 01730 BUSINESS PHONE: (781) 457-9000 MAIL ADDRESS: STREET 1: 32 WIGGINS AVENUE CITY: BEDFORD STATE: MA ZIP: 01730 FORMER COMPANY: FORMER CONFORMED NAME: ANIKA THERAPEUTICS INC DATE OF NAME CHANGE: 19970114 FORMER COMPANY: FORMER CONFORMED NAME: ANIKA RESEARCH INC DATE OF NAME CHANGE: 19930309 10-Q 1 gff10q_110315.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-21326

Anika Therapeutics, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Massachusetts	04-3145961
(State or Other Jurisdiction of	(I.R.S. Employer Identification No.)
Incorporation or Organization)

32 Wiggins Avenue, Bedford, Massachusetts	01730
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (781) 457-9000

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

(Do not check if a smaller

reporting company)

Smaller reporting

company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes o No x

As of October 29, 2015 there were 14,637,666 outstanding shares of Common Stock, par value $.01 per share.

ANIKA THERAPEUTICS, INC.

TABLE OF CONTENTS

			Page
Part I
	Item 1.	Financial Statements (unaudited):	3
		Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014	3
		Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2015 and 2014	4
		Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014	5
		Notes to condensed consolidated financial statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
	Item 4.	Controls and Procedures	19
Part II
	Item 1.	Legal Proceedings	19
	Item 1A.	Risk Factors	19
	Item 6.	Exhibits	20
Signatures			21

References in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “our company,” and other similar references refer to Anika Therapeutics, Inc. and its subsidiaries unless the context otherwise indicates.

ANIKA, ANIKA THERAPEUTICS, CINGAL, HYAFF, HYVISC, MONOVISC, and ORTHOVISC are our registered trademarks. This Quarterly Report on Form 10-Q also contains registered marks, trademarks, and trade names that are the property of other companies.

PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

ASSETS	September 30, 2015			December 31, 2014
Current assets:
Cash and cash equivalents	$	108,469,021		$	100,155,864
Investments		22,007,370			6,750,000
Accounts receivable, net of reserves of $135,618 and $146,618 at September 30, 2015 and December 31, 2014, respectively		23,375,657			17,152,028
Inventories		12,075,157			12,406,776
Prepaid income taxes		-			412,301
Current portion deferred income taxes		1,409,328			1,188,768
Prepaid expenses and other		947,119			959,305
Total current assets		168,283,652			139,025,042
Property and equipment, at cost		57,667,111			53,619,589
Less: accumulated depreciation		(23,869,798	)		(21,950,706	)
		33,797,313			31,668,883
Long-term deposits and other		69,020			69,042
Intangible assets, net		12,987,683			14,894,710
Goodwill		7,713,039			8,338,699
Total assets	$	222,850,707		$	193,996,376

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	2,220,734		$	1,201,226
Accrued expenses		6,547,775			4,747,526
Deferred revenue		33,948			24,510
Income taxes payable		4,442,342			-
Total current liabilities		13,244,799			5,973,262
Other long-term liabilities		803,571			893,935
Long-term deferred revenue		73,964			102,192
Deferred tax liability		8,974,122			8,929,890
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively		-			-
Common stock, $.01 par value; 30,000,000 shares authorized, 15,011,512 and 14,851,703 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively		150,115			148,517
Additional paid-in-capital		81,052,103			77,539,699
Accumulated other comprehensive loss		(6,066,627	)		(4,494,800	)
Retained earnings		124,618,660			104,903,681
Total stockholders’ equity		199,754,251			178,097,097
Total Liabilities and Stockholders’ Equity	$	222,850,707		$	193,996,376

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income

(unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2015		2014			2015			2014
Product revenue	$	23,675,696	$	21,975,312		$	62,088,410		$	57,593,873
Licensing, milestone and contract revenue		5,561		80,111			16,732			24,746,497
Total revenue		23,681,257		22,055,423			62,105,142			82,340,370

Operating expenses:
Cost of product revenue		5,175,723		5,724,800			14,763,222			15,418,732
Research & development		2,061,689		1,999,867			5,971,771			6,160,740
Selling, general & administrative		3,308,731		4,044,538			10,301,886			11,401,399
Total operating expenses		10,546,143		11,769,205			31,036,879			32,980,871
Income from operations		13,135,114		10,286,218			31,068,263			49,359,499
Interest income, net		33,667		9,937			81,297			16,339
Income before income taxes		13,168,781		10,296,155			31,149,560			49,375,838
Provision for income taxes		4,788,916		4,125,355			11,434,581			18,872,435
Net income	$	8,379,865	$	6,170,800		$	19,714,979		$	30,503,403

Basic net income per share:
Net income	$	0.56	$	0.42		$	1.32		$	2.09
Basic weighted average common shares outstanding		14,967,322		14,758,781			14,944,921			14,626,933
Diluted net income per share:
Net income	$	0.55	$	0.40		$	1.29		$	1.97
Diluted weighted average common shares outstanding		15,315,808		15,434,875			15,310,758			15,469,237

Net income	$	8,379,865	$	6,170,800		$	19,714,979		$	30,503,403
Other comprehensive income (loss):
Unrealized gain (loss) on securities, net of tax		2,294		431			(904	)		431
Foreign currency translation adjustment		257,521		(1,679,968	)		(1,570,923	)		(1,896,823	)
Total other comprehensive income (loss)		259,815		(1,679,537	)		(1,571,827	)		(1,896,392	)
Comprehensive income	$	8,639,680	$	4,491,263		$	18,143,152		$	28,607,011

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended September 30,
	2015			2014
Cash flows from operating activities:
Net income	$	19,714,979		$	30,503,403
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		2,800,158			3,576,441
Stock-based compensation expense		1,562,391			1,196,361
Deferred income taxes		(15,873	)		-
Provision for inventory		147,560			220,207
Tax benefit from equity awards		(876,797	)		(9,236,708	)
Changes in operating assets and liabilities:
Accounts receivable		(6,549,905	)		(1,840,407	)
Inventories		82,360			(2,923,628	)
Prepaid expenses, other current and long-term assets		403,211			183,481
Accounts payable		970,373			(992,822	)
Accrued expenses		(120,334	)		(989,291	)
Deferred revenue		(9,135	)		(2,078,543	)
Income taxes payable		5,756,972			7,771,001
Other long-term liabilities		(75,777	)		(167,123	)
Net cash provided by operating activities		23,790,183			25,222,372

Cash flows from investing activities:
Proceeds from maturity of investments		14,750,000			-
Purchase of investments		(30,008,761	)		(19,999,169	)
Purchase of property and equipment		(2,028,093	)		(920,132	)
Net cash used in investing activities		(17,286,854	)		(20,919,301	)

Cash flows from financing activities:
Proceeds from exercise of equity awards		1,074,814			1,379,294
Tax benefit from equity awards		876,797			9,236,708
Minimum tax withholdings on share-based awards		-			(6,348,900	)
Net cash provided by financing activities		1,951,611			4,267,102

Exchange rate impact on cash		(141,783	)		(131,139	)

Increase in cash and cash equivalents		8,313,157			8,439,034
Cash and cash equivalents at beginning of period		100,155,864			63,333,160
Cash and cash equivalents at end of period	$	108,469,021		$	71,772,194
Noncash Investing Activities:
Purchases of property and equipment included in accounts payable and accrued expenses	$	2,197,088		$	215,783

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

ANIKA THERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Nature of Business

Anika Therapeutics, Inc. develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.

The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business.

2. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The year-end consolidated balance sheet is derived from the Company’s audited financial statements, but does not include all disclosures required by US GAAP. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of September 30, 2015, the results of its operations for the three- and nine-month periods ended September 30, 2015 and 2014, and cash flows for the nine-month periods ended September 30, 2015 and 2014.

The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three- and nine-month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income.

A revision was made to the condensed consolidated statement of cash flows for the six months ended June 30, 2014 to correctly reflect the tax benefit from the exercise of certain equity awards. This revision had an impact on the statement of cash flows as a reduction of cash provided by operating activities of approximately $2.5 million with a corresponding increase to cash provided by financing activities related to the tax benefit from exercise of stock options for the six months ended June 30, 2014 of the same amount. This revision had no impact on the statement of operations or cash position. The revision to the condensed consolidated statement of cash flows noted above represents amounts that are not deemed to be material, individually or in the aggregate, to the prior period condensed consolidated financial statements.

3. Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB issued a deferral of ASU 2014-09 of one year making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption not to occur before the original effective date. The Company is assessing the appropriate method for implementing ASU 2014-09, as well as the impact the adoption of ASU 2014-09 will have on its consolidated financial statements.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) “Simplifying the Measurement of Inventory.” ASU 2015-11 more closely aligns the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The provisions of ASU 2015-11 are effective for annual and interim periods beginning after December 15, 2016. ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of this amendment is not expected to have a material impact on the Company’s financial position or results of operations.

4. Investments

All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company’s investments at September 30, 2015 and December 31, 2014 are as follows:

	September 30, 2015
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Corporate debt securities	$	3,008,761	$	-	$	(1,391	)	$	3,007,370
Bank certificates of deposit		19,000,000		-		-			19,000,000
	$	22,008,761	$	-	$	(1,391	)	$	22,007,370

	December 31, 2014
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Bank certificates of deposit	$	6,750,000	$	-	$	-	$	6,750,000

5. Fair Value Measurements

Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs that are observable either directly or indirectly; and (Level 3) significant unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company records its investments at fair value.

The Company’s investments are all classified within Level 2 of the fair value hierarchy. These investments classified within Level 2 of the fair value hierarchy are valued based on matrix pricing compiled by third party pricing vendors, using observable market inputs such as interest rates, yield curves, and credit risk.

The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows:

			Fair Value Measurements at Reporting Date Using
	September 30, 2015		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash & cash equivalents:
Money market funds	$	57,353,567	$	-	$	57,353,567	$	-

Investments:
Corporate debt securities	$	3,007,370	$	-	$	3,007,370	$	-
Bank certificates of deposit		19,000,000		-		19,000,000		-
Total investments	$	22,007,370	$	-	$	22,007,370	$	-

			Fair Value Measurements at Reporting Date Using
	December 31, 2014		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3
Cash & cash equivalents:
Money market funds	$	69,551,754	$	-	$	69,551,754	$	-
Bank certificates of deposit		3,000,000		-		3,000,000		-
Total cash & cash equivalents	$	72,551,754	$	-	$	72,551,754	$	-

Investments:
Bank certificates of deposit	$	6,750,000	$	-	$	6,750,000	$	-

6. Equity Incentive Plan

The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three- and nine-month periods ended September 30, 2015 and 2014, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

	Nine Months Ended September 30,
	2015			2014
Risk free interest rate	1.15%	-	1.46%	1.16%	-	1.39%
Expected volatility	53.15%	-	54.65%		53.28%
Expected life (years)		4.5			4
Expected dividend yield		0.00%			0.00%

The Company recorded $498,442 and $390,578 of share-based compensation expense for the three-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company recorded $1,562,391 and $1,196,361 of share-based compensation expense for the nine-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective recipients.

There were no stock options, SARs, Restricted Stock Awards (“RSAs”) or Restricted Stock Units (“RSUs”) granted under the Anika Therapeutics, Inc. Second Amended and Restated 2003 Stock Option and Incentive Plan, as amended (the “Plan”), during the three-month period ended September 30, 2015. During the nine-month period ended September 30, 2015, the Company granted under the Plan a total of 111,625 stock options, 23,375 RSAs, and 9,678 RSUs. All of the RSUs were granted to directors of the Company. The stock options, RSAs, and RSUs granted to employees and directors generally become exercisable or vest ratably over four years from the date of grant.

A portion of the stock options granted during the nine-month period ended September 30, 2015 contained certain performance features, as compared to established targets, in addition to time-based vesting conditions. The compensation cost associated with these grants was estimated using the Black-Scholes valuation method multiplied by the expected number of shares to be issued, which is adjusted based on the estimated probabilities of achieving the performance goals.

As of September 30, 2015, there was approximately $4.5 million of total unrecognized compensation cost related to non-vested stock options, SARs, RSAs, and RSUs granted under the Plan. This cost is expected to be recognized over a weighted-average period of 2.73 years.

The total intrinsic value of stock options and SARs exercised during the nine-month periods ended September 30, 2015 and 2014 was $3,165,838 and $25,473,089, respectively. Cash received from the exercise of stock options during the three- month periods ended September 30, 2015 and 2014 was $105,785 and $17,513, respectively. Cash received from the exercise of options during the nine-month periods ended September 30, 2015 and 2014 was $1,074,814 and $1,379,294, respectively. During the second quarter of 2014, the Company acquired and subsequently retired 133,774 common shares related to an employee SARs exercise to meet minimum statutory tax withholding requirements.

There were 812,457 options and SARs outstanding under the Plan as of September 30, 2015 with a weighted-average exercise price of $17.92 per share, an aggregate intrinsic value of approximately $12.9 million, and a weighted-average remaining contractual term of 6.7 years. None of the options or SARs outstanding at September 30, 2015 or 2014, respectively, had cash-settlement features.

The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards containing service conditions generally become exercisable ratably over one to four years, have a ten year contractual term, and sometimes contain performance conditions.

7. Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, and RSUs using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Shares used in the calculation of basic earnings per share		14,967,322		14,758,781		14,944,921		14,626,933
Effect of dilutive securities:
Stock options, SARs, and RSAs		348,486		676,094		365,837		842,304
Diluted shares used in the calculation of earnings per share		15,315,808		15,434,875		15,310,758		15,469,237

Equity awards of 230,880 and 215,723 shares were outstanding for the three- and nine-month periods ended September 30, 2015, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. Equity awards of 122,967 and 118,725 shares were outstanding for the three- and nine-month periods ended September 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.

8. Inventories

Inventories consist of the following:

	September 30, 2015		December 31, 2014
Raw materials	$	4,861,828	$	6,161,363
Work-in-process		3,924,389		3,041,227
Finished goods		3,288,940		3,204,186
Total	$	12,075,157	$	12,406,776

Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead. Inventory costs associated with product candidates that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use and future economic benefit.

9. Intangible Assets and Goodwill

In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”), the Company acquired various intangible assets and goodwill. The Company evaluated the various intangible assets and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangible assets. The in-process research and development (“IPR&D”) intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition, including write-off(s) for abandoned projects. Until such determination is made, they are not amortized.

In January 2015 the Company received CE Mark approval for HYALOSPINE which is an innovative adhesion prevention gel for use after spinal surgery, and was a component of the IPR&D intangible assets initially identified. As a result of this approval the Company has reclassified $400,000 from IPR&D to developed technology and began amortization on the HYALOSPINE asset.

Intangible assets as of September 30, 2015 and December 31, 2014 consist of the following:

			September 30, 2015											December 31, 2014
	Gross Value		Current Period Completed Projects			Accumulated Currency Translation Adjustment			Accumulated Amortization			Net Book Value		Net Book Value		Useful Life
Developed technology	$	16,700,000	$	400,000		$	(2,963,427	)	$	(5,706,488	)	$	8,430,085	$	9,409,937		15
In-process research & development		5,502,686		(400,000	)		(1,202,735	)		-			3,899,951		4,652,874		Indefinite
Distributor relationships		4,700,000		-			(415,344	)		(4,284,656	)		-		-		5
Patents		1,000,000		-			(178,071	)		(320,968	)		500,961		581,199		16
Elevess trade name		1,000,000		-			-			(843,314	)		156,686		250,700		9
Total	$	28,902,686	$	-		$	(4,759,577	)	$	(11,155,426	)	$	12,987,683	$	14,894,710

The aggregate amortization expense related to intangible assets was $266,863 and $518,699 for the three-month periods ended September 30, 2015 and 2014, respectively. The aggregate amortization expense related to intangible assets was $802,643 and $1,593,260 for the nine-month periods ended September 30, 2015 and 2014, respectively.

Changes in the carrying value of goodwill for the nine-month periods ended September 30, 2015 and 2014 were as follows:

Goodwill	Nine Months Ended September 30, 2015			Twelve Months Ended December 31, 2014

Balance, beginning	$	8,338,699		$	9,443,894
Effect of foreign currency adjustments		(625,660	)		(1,105,195	)
Balance, ending	$	7,713,039		$	8,338,699

10. Accrued Expenses

Accrued expenses consist of the following:

	September 30, 2015		December 31, 2014
Compensation and related expenses	$	2,806,699	$	2,791,935
Facility construction costs		2,073,561		-
Professional fees		524,938		553,630
Clinical trial costs		240,987		508,042
Research grants		393,085		539,053
Other		508,505		354,866
Total	$	6,547,775	$	4,747,526

11. Commitments and Contingencies

In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company has no accrued warranties at September 30, 2015 or December 31, 2014, respectively, and has no history of claims paid.

The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.

12. U.S. Monovisc Commercial Partnership Agreement

In December 2011, the Company entered into a fifteen-year licensing agreement (the “Mitek MONOVISC Agreement”) with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopedic, Inc., to exclusively market MONOVISC in the United States. The Company received an upfront payment of $2,500,000 in December 2011. This non-refundable upfront payment did not have standalone value without the Company’s completion of development obligations, which included obtaining regulatory approval of the product and resolving the related patent litigation. As a result, the Company recognized the upfront payment over the development obligation period. During the first quarter of 2014, the Company received FDA approval of MONOVISC and resolved the patent lawsuit with Genzyme Corporation. As a result of the full delivery of its development obligations under this agreement, the Company recognized approximately $2,200,000, which represented the remaining balance of deferred revenue relating to the initial $2,500,000 payment, in accordance with current generally accepted principles on revenue recognition. In the first quarter of 2014, the Company also received a milestone payment of $17,500,000 as a result of achieving FDA approval for MONOVISC and resolving the patent litigation with Genzyme. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014. On April 15, 2014 the first U.S. commercial sale of MONOVISC was made by the Company’s commercial partner, Mitek. Under the terms of the Mitek MONOVISC Agreement, the Company earned and collected a milestone payment of $5,000,000, which was fully recognized as revenue in the second quarter of 2014. On November 10, 2014, the Centers for Medicare & Medicaid Services ("CMS") assigned a unique Healthcare Common Procedure Coding System code, or J-Code, to MONOVISC. The issuance of this J-Code by CMS allowed for the fixing of national Medicare reimbursement rates for the product. The new J-Code became effective on January 1, 2015. As a result of CMS assigning the J-Code, the Company collected a milestone payment of $5,000,000, which was fully recognized as revenue in the fourth quarter of 2014. For the year ended December 31, 2014, the Company recognized a total of $29,652,778 in milestone revenue related to MONOVISC.

13. Income Taxes

Provisions for income taxes were $4,788,916 and $11,434,581 for the three- and nine-month periods ended September 30, 2015, respectively, based on effective tax rates of 36% and 37%. Provisions for income taxes were $4,125,355 and $18,872,435 for the three- and nine-month periods ended September 30, 2014, respectively, based on effective tax rates of 40% and 38%. The increase in income taxes over the three-month period ended September 30, 2015 resulted from higher net income as compared to the same period last year. The decrease in income taxes over the nine-month period ended September 30, 2014 was primarily due to decreased net income as a result of the approximately $24.7 million in milestone and contract revenue recognized for the nine months ended September 30, 2014 associated with the Company’s U.S. license agreement for MONOVISC. See the previous discussion under Note 12. The decrease in the effective tax rate for each of the three- and nine-month periods ended September 30, 2015, as compared to the same periods in 2014, was primarily due to an increase in the expected tax benefit of the domestic production deduction.

The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The Company’s filings from 2012 through the present tax year remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The Company’s filings from 2011 through the present tax year remain subject to examination by the appropriate governmental authorities in Italy.

In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward. The Company concluded that the positive evidence outweighs the negative evidence and, thus, those deferred tax assets are realizable on a “more likely than not” basis. As such, the Company did not record a valuation allowance at September 30, 2015 or December 31, 2014.

14. Segment and Geographic Information

The Company has one reportable operating segment, for the purposes of assessing performance and deciding how to allocate resources.

Product revenue by product group is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Orthobiologics	$	20,461,181	$	18,899,873	$	51,716,600	$	48,750,277
Dermal		412,357		401,355		1,131,657		938,966
Surgical		1,413,039		1,452,946		4,449,639		4,581,496
Ophthalmic		344,119		366,138		1,263,582		938,134
Veterinary		1,045,000		855,000		3,526,932		2,385,000
	$	23,675,696	$	21,975,312	$	62,088,410	$	57,593,873

Total revenue by geographic location and as a percentage of overall total revenue for the three- and nine-month periods ended September 30, 2015 and 2014 are as follows:

	Three Months Ended September 30,
	2015					2014
	Total Revenue		Percentage of Revenue			Total Revenue		Percentage of Revenue
Geographic Location:
United States	$	19,239,247		81	%	$	18,455,167		84	%
Europe		1,976,751		8	%		1,784,414		8	%
Other		2,465,259		11	%		1,815,842		8	%
Total	$	23,681,257		100	%	$	22,055,423		100	%

	Nine Months Ended September 30,
	2015					2014
	Total Revenue		Percentage of Revenue			Total Revenue		Percentage of Revenue
Geographic Location:
United States	$	51,048,132		82	%	$	72,935,722		89	%
Europe		6,293,965		10	%		5,274,071		6	%
Other		4,763,045		8	%		4,130,577		5	%
Total	$	62,105,142		100	%	$	82,340,370		100	%

15. Subsequent Event

On October 9, 2015, Anika S.r.l, entered into a build-to-suit lease agreement for a new European headquarters facility, consisting of approximately 25,000 square feet of general office, research and development, training, and warehousing space located in Padova, Italy. The Lease has an initial term of fifteen years, which is expected to commence during the fourth quarter of 2016. The Lease will automatically renew for up to three additional six-year terms, subject to certain terms and conditions. The Lease provides for an initial yearly rent of €360,000.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with our financial statements and related notes appearing elsewhere in this report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties, and assumptions that could cause our actual results to differ materially from our expectations. Words such as “will,” “likely,” “may,” “believe,” “expect,” “anticipate,” “intend,” “seek,” “designed,” “develop,” “would,” “future,” “can,” “could,” and other expressions that are predictions of or indicate future events and trends and which do not relate to historical matters are intended to identify such forward-looking statements. These statements are likely to relate to, among other things, our goals, plans and projections regarding our financial position, results of operations, cash flows, market position, product development, product approvals, sales efforts, expenses, performance, and results related to current or anticipated products. You should carefully consider forward-looking statements and understand that such statements may be affected by inaccurate assumptions and may involve a variety of risks and uncertainties, known and unknown, including, among others, risks related to competition in the medical device industry, reduction or interruption in our supply, quality problems, decreasing prices, changes in applicable tax rates, adverse regulatory action, health care policy changes, international operations, or disruption of our current plans and operations, as well as those factors described in Part II, Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2014, and as may be updated in our subsequent Quarterly Reports on Form 10-Q. Consequently, no forward-looking statements can be guaranteed and actual results may vary materially, and you should take caution not to place undue reliance on such statements. We undertake no obligation to release publicly any revisions to forward-looking statements as a result of new information, future events, or otherwise.

Management Overview

We develop, manufacture, and commercialize therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.

Our wholly-owned subsidiary, Anika S.r.l., commercializes over 20 products, primarily in Europe. These products are also all made from HA, based on two technologies: HYAFF, which is a solid form of HA, and ACP gel, an autocross-linked polymer of HA. Both technologies are protected by an extensive portfolio of owned and licensed patents.

Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to therapeutic use. Our patented technology chemically modifies the HA to allow for longer residence time in the body. We offer therapeutic products from these aforementioned technologies in the following areas:

	Anika	Anika S.r.l.
Orthobiologics	X	X
Dermal
Advanced wound care		X
Aesthetic dermatology	X
Surgical
Anti-adhesion	X	X
Ear, nose and throat care (“ENT”)		X
Ophthalmic	X
Veterinary	X

Please see the section captioned “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Management Overview” in our Annual Report on Form 10-K for the year ended December 31, 2014, for a description of each of the above therapeutic areas, including the individual products.

Research and Development

Our research and development efforts primarily consist of the development of new medical applications for our HA-based technology, the management of clinical trials for certain product candidates, including HYALOFAST, the preparation and processing of applications for regulatory approvals or clearances at all relevant stages of product development, including for CINGAL, and process development and scale-up manufacturing activities related to our existing and new products. Our development focus includes products for tissue protection, healing, and repair. Our investment in research and development has been important over the years, and it has varied considerably depending on the number, size, and timing of clinical trials and studies underway. We anticipate that we will continue to commit significant resources to research and development, including in relation to clinical trials, in the future.

Our wholly owned subsidiary, Anika S.r.l., enhances our research and development capabilities, our technology base, and our pipeline of product candidates. Anika S.r.l. has research and development programs underway for new products including for HYALOFAST, an innovative product for cartilage tissue repair, HYALOBONE, a bone void filler, and other early stage regenerative medicine development programs. HYALOFAST received CE Mark approval in September 2009, and it is commercially available in Europe and certain international countries. During the first quarter of 2015, we submitted an Investigational Device Exemption (“IDE”) to the FDA, which was approved in July 2015. We are preparing for the phase III clinical trial for HYALOFAST, with the expectation that patient enrollment will commence by the end of the year. Another of our products, HYALOSPINE, is an innovative adhesion prevention gel for use after spinal surgery. We completed a HYALOSPINE pilot clinical study in 2012, submitted the CE Mark application in September 2013, and received the CE Mark approval in January 2015.

In February 2014, we received FDA approval for MONOVISC, and Mitek began selling the product in the United States in the second quarter of 2014. MONOVISC is the first FDA-approved, single-injection treatment for osteoarthritis that uses non-animal sourced HA. It is also our first osteoarthritis product based on our proprietary, cross-linked HA technology. We received CE Mark approval for MONOVISC in October 2007, and we began selling in Europe through our distribution network during the second quarter of 2008. In June 2015, we submitted an IDE to the FDA to conduct a phase III clinical trial to support the expanded use of MONOVISC for the treatment of pain associated with osteoarthritis of the hip, which was approved by the FDA in July 2015. The associated study will be sponsored by Mitek, and the current plan is for Mitek to begin enrolling patients in U.S. investigational sites in the fourth quarter of 2015.

Our second single-injection osteoarthritis product under development is CINGAL, which is based on our HA material with an added active therapeutic molecule designed to provide both short- and long-term pain relief to patients. During the second quarter of 2013, we commenced a phase III clinical trial to obtain the needed clinical data for a CE Mark submission and to support other product registrations, including in the United States. We completed the CINGAL clinical trial and associated statistical analysis during the fourth quarter of 2014. In December 2014, we submitted an application for CE Mark approval of the product, and we submitted a Pre-Market Application to the FDA for U.S. marketing approval in February 2015. In May 2015, we also submitted an application for regulatory approval of CINGAL to Health Canada. We received notification of approval for CINGAL from Health Canada in early November 2015. During the first quarter of 2015, we commenced a retreatment study related to CINGAL with patients who had participated in the initial clinical trial, and we completed the study, as well as the associated statistical analysis, and reported safety data during the second quarter of this year. We conducted a formal meeting with the FDA’s Office of Combination Products (“OCP”) during September 2015 to present and discuss our data. This meeting resulted in the subsequent submission of a formal request for designation with OCP in October 2015 through which we expect to receive a definitive response related to the regulatory pathway for CINGAL by the end of the year.

In June 2015, we entered into an agreement with the Institute for Applied Life Sciences at the University of Massachusetts Amherst to collaborate on research to develop a therapy for rheumatoid arthritis. The purpose of this research is to develop a novel modality for the treatment of rheumatoid arthritis, and if successful, it is expected to yield a potential product candidate that we could move towards commercialization as early as 2017.

Results of Operations

Three and Nine Months Ended September 30, 2015 Compared to the Three and Nine Months Ended September 30, 2014

	Three Months Ended September 30,							Nine Months Ended September 30,
	2015		2014		% Inc/(Dec)			2015		2014		% Inc/(Dec)
Product revenue	$	23,675,696	$	21,975,312		8	%	$	62,088,410	$	57,593,873		8	%
Licensing, milestone and contract revenue		5,561		80,111		(93	%)		16,732		24,746,497		(100	%)
Total revenue		23,681,257		22,055,423		7	%		62,105,142		82,340,370		(25	%)

Operating expenses:
Cost of product revenue		5,175,723		5,724,800		(10	%)		14,763,222		15,418,732		(4	%)
Research & development		2,061,689		1,999,867		3	%		5,971,771		6,160,740		(3	%)
Selling, general & administrative		3,308,731		4,044,538		(18	%)		10,301,886		11,401,399		(10	%)
Total operating expenses		10,546,143		11,769,205		(10	%)		31,036,879		32,980,871		(6	%)
Income from operations		13,135,114		10,286,218		28	%		31,068,263		49,359,499		(37	%)
Interest income, net		33,667		9,937		239	%		81,297		16,339		398	%
Income before income taxes		13,168,781		10,296,155		28	%		31,149,560		49,375,838		(37	%)
Provision for income taxes		4,788,916		4,125,355		16	%		11,434,581		18,872,435		(39	%)
Net income	$	8,379,865	$	6,170,800		36	%	$	19,714,979	$	30,503,403		(35	%)
Product gross profit	$	18,499,973	$	16,250,512		14	%	$	47,325,188	$	42,175,141		12	%
Product gross margin		78%		74%					76%		73%

Product Revenue

Product revenue for the quarter ended September 30, 2015 was $23,675,696, an increase of 8%, as compared to $21,975,312 for the quarter ended September 30, 2014. Product revenue for the nine-month period ended September 30, 2015 was $62,088,410, an increase of 8%, as compared to $57,593,873 for the nine-month period ended September 30, 2014. For the three months ended September 30, 2015, increases in product revenue from our Orthobiologics, Dermal, and Veterinary franchises were partially offset by moderate decreases in revenue as a result of the timing of orders for our Surgical and Ophthalmic products. Included in product revenue for the three-month periods ended June 30, and September 30, 2015 were approximately $1.8 million and $0.5 million, respectively, of non-recurring revenue related to a high end-user average selling price for MONOVISC products sold to our U.S. partner, Mitek, prior to the fourth quarter of 2014. Products sold to Mitek after the third quarter of 2014 are not impacted by this arrangement, which will not result in additional related revenue. For the nine-month period ended September 30, 2015, product revenue grew in all franchises, both domestically and internationally, with the exception of our Surgical franchise, which decreased slightly year-over-year primarily due to the unfavorable impact from foreign currency exchange rate fluctuations.

The following tables present product revenue by group for the three- and nine-month periods ended September 30, 2015 and 2014:

	Three Months Ended September 30,				Increase (Decrease)
	2015		2014		$			%
Orthobiologics	$	20,461,181	$	18,899,873	$	1,561,308			8	%
Dermal		412,357		401,355		11,002			3	%
Surgical		1,413,039		1,452,946		(39,907	)		(3	%)
Ophthalmic		344,119		366,138		(22,019	)		(6	%)
Veterinary		1,045,000		855,000		190,000			22	%
	$	23,675,696	$	21,975,312	$	1,700,384			8	%

	Nine Months Ended September 30,				Increase (Decrease)
	2015		2014		$			%
Orthobiologics	$	51,716,600	$	48,750,277	$	2,966,323			6	%
Dermal		1,131,657		938,966		192,691			21	%
Surgical		4,449,639		4,581,496		(131,857	)		(3	%)
Ophthalmic		1,263,582		938,134		325,448			35	%
Veterinary		3,526,932		2,385,000		1,141,932			48	%
	$	62,088,410	$	57,593,873	$	4,494,537			8	%

Orthobiologics

Our orthobiologics franchise consists of our joint health and orthopedic products. Overall, sales increased 8% and 6% for the three and nine months ended September 30, 2015, respectively, as compared to the same periods in 2014. The growth in the third quarter of 2015 reflected a growing end-user demand, increased revenue from international ORTHOVISC and worldwide MONOVISC sales, as well as the non-recurring product revenue discussed in the prior section. These increases were partially offset by decreases in product sales to Mitek as a result of its planned reduction in inventory, which was completed during the third quarter of 2015. We expect orthobiologics revenue to continue to grow in 2015, led by increased MONOVISC revenue in the United States, as well as overall revenue growth from our viscosupplementation products both domestically and internationally.

Dermal

Our dermal franchise consists of advanced wound care products, which are based on the HYAFF technology, and aesthetic dermal fillers. Our advanced wound care products treat complex skin wounds ranging from burns to diabetic ulcers, with HYALOMATRIX and HYALOFILL as the lead products. For the three- and nine-month periods ended September 30, 2015, dermal product sales increased 3% and 21%, respectively, as compared to the same periods in 2014. The increase for the nine-month period primarily reflects revenue from the agreement we entered into in July 2014 with Medline Industries, Inc. to commercialize HYALOMATRIX in the United States on an exclusive basis through 2019. We expect advanced wound care revenue to increase in 2015 compared to 2014 primarily due to geographic expansion, and particularly in the U.S. market as a result of the grant of reimbursement eligibility by the Centers for Medicare & Medicaid Services for HYALOMATRIX in 11 states and Washington D.C.

Surgical

Our surgical franchise consists of products used to prevent post-surgical adhesions after abdominal-pelvic, spinal, and ear, nose, and throat (“ENT”) surgeries. Sales of our surgical products decreased 3% for the three- and nine-month periods ended September 30, 2015 to $1,413,039 and $4,449,639, respectively, as compared to the same periods in 2014. The decreases of surgical product revenue for both the three- and nine-month periods was primarily due to the unfavorable impact from foreign currency exchange rate fluctuations compared with the same periods in the prior year. We expect the unfavorable foreign currency impact will contribute to a slightly lower full year surgical product revenue in 2015, as compared to 2014.

Ophthalmic

Our ophthalmic franchise consists of HA viscoelastic products used in ophthalmic surgery. Ophthalmic product sales decreased 6% and increased 35%, respectively, for the three- and nine-month periods ended September 30, 2015, to $344,119 and $1,263,582 as compared to the same periods in 2014. The increase for the nine-month period was primarily attributable to order timing and strong first quarter demand from customers for our ophthalmic products in the United States. For the full year 2015, we expect ophthalmic revenue to decrease due to the termination of the Bausch & Lomb supply agreement for AMVISC, which expired as expected at the end of 2014. Operating margins under this agreement were low, and given that the ophthalmic franchise is not part of our core business, and that it has been steadily diminishing for the past few years, we do not expect this event to have a material impact on our results going forward.

Veterinary

Veterinary revenue from HYVISC increased by 22% and 48% to $1,045,000 and $3,526,932 for the three- and nine-month periods ended September 30, 2015, as compared to the same periods in 2014. The growth in HYVISC demand was a result of increased sales and marketing efforts by our distribution partner, Boehringer Ingelheim. We expect the overall veterinary revenue to be higher in 2015, as compared to 2014, due to increased demand for the product in the United States. We continue to look at other veterinary applications and opportunities to expand geographic territories.

Licensing, milestone, and contract revenue

Licensing, milestone, and contract revenue for the three- and nine-month periods ended September 30, 2015 was $5,561 and $16,732 respectively as compared to $80,111 and $24,746,497 for the same periods in 2014. The year over year decrease was primarily the result of the recognition of licensing and milestone revenue through the nine months ended September 30, 2014 of $22,500,000 for milestone payments related to development obligations under the Mitek MONOVISC Agreement. It also included the recognition of approximately $2,200,000 unamortized upfront payments previously received in December 2011. The FDA’s approval of our MONOVISC product during the first quarter in 2014 completed the delivery of development obligations under the Mitek MONOVISC Agreement, and it resulted in the immediate recognition of a $17,500,000 milestone payment, as well as the full recognition of prior deferred revenue in that quarter. During the second quarter of 2014, a $5,000,000 milestone payment associated with the first commercial sale of MONOVISC in the United States was also earned, received, and recognized as revenue. We expect that our licensing, milestone, and contract revenue will decrease in 2015 compared to 2014 in large part due to the multiple significant milestones achieved by us in 2014 in relation to our commercial agreement with Mitek for MONOVISC in the U.S.

Product gross profit and margin

Product gross profit for the three and nine months ended September 30, 2015 was $18,499,973 and $47,325,188, or 78% and 76% of product revenue for each period, respectively. Product gross margin for the three- and nine-month periods ended September 30, 2014 was $16,250,512 and $42,175,141, or 74% and 73% of the product revenue for each period, respectively. The increase in product gross margin for the three- and nine-month periods ended September 30, 2015, as compared to the same periods in 2014, was attributable to a more favorable revenue mix and continued efficiency gains at our Bedford, Massachusetts facility. This quarter’s product gross margin may not be indicative of the rest of the year due to dynamics such as future revenue mix.

Research and development

Research and development expenses for the three- and nine-month periods ended September 30, 2015 were $2,061,689 and $5,971,711, or 9% and 10% of total revenue for each period, respectively. Research and development expenses increased $61,822 and decreased $188,969 for the three- and nine-month periods ended September 30, 2015, respectively, as compared to the same periods in 2014. The decrease in research and development expenses for the nine-months was primarily due to the timing of and higher level of clinical activities related to the CINGAL pivotal study in 2014 compared with the smaller scale CINGAL retreatment study in 2015. Research and development spending is expected to increase in future quarters as we further develop new products and initiate new clinical trials based on our existing technology assets, including HYALOFAST.

Selling, general, and administrative

Selling, general, and administrative (“SG&A”) expenses for the three- and nine-month periods ended September 30, 2015 were $3,308,731 and $10,301,886, representing 14% and 17% of total revenue, a decrease of $735,807 and $1,099,513 compared to the same periods last year, respectively. SG&A expenses decreased for the three- and nine-month periods ending September 30, 2015 primarily as a result of the full amortization of certain intangible assets on December 31, 2014, certain former employee termination and related expenses in 2014, as well as beneficial impact from foreign currency exchange rate fluctuations. We expect SG&A expenses to increase for the full year in 2015, as compared to 2014, reflective of the support required to grow our business both domestically and internationally.

Income taxes

Liquidity and Capital Resources

We expect that our requirements for cash to fund operations and capital expenditures will increase as the scope of our operations expands. Historically, we have generated positive cash flow from operations, which together with our available cash and investments have met our cash requirements. Cash, cash equivalents, and investments totaled approximately $130.5 million and $106.9 million at September 30, 2015 and December 31, 2014, respectively. Working capital totaled approximately $155.0 million at September 30, 2015 and $133.1 million at December 31, 2014. We believe that we have adequate financial resources to support our business for at least the next twelve months.

Cash provided by operating activities was $23,790,183 for the nine months ended September 30, 2015, as compared to cash provided by operating activities of $25,222,372 for the same period in the prior year. The decrease in cash provided by operations was due primarily to decreased net income for the nine months ended September 30, 2015 compared to the same period last year, which reflected $24.7 million in milestone and contract revenue associated with our U.S. license agreement for MONOVISC. Cash provided by operations was also impacted by an increase in net working capital requirements as compared to the same period in 2014 related to higher accounts receivable and the timing of sales during the year, which was partially offset by lower inventory levels.

Cash used in investing activities was $17,286,854 for the nine months ended September 30, 2015, as compared to cash used in investing activities of $20,919,301 for the same period in 2014. The decrease in cash used in investing activities was primarily the result of the purchase of investments offset by maturities of investments during the first half of 2015. We expect an increase in investing activities in 2015 as a result of our on-going project to establish additional manufacturing capabilities at the Bedford, Massachusetts facility to manufacture our HYAFF-based products, which currently are manufactured by a third party. We expect to expend approximately $25 million on this project over the course of the next 18 to 24 months.

Cash provided by financing activities was $1,951,611 for the nine months ended September 30, 2015, as compared to cash provided by financing activities of $4,267,102 for the same period in 2014. The decrease in cash provided by financing activities through the nine months ended September 30, 2015 was attributable to the lower tax benefits received in regards to employees’ exercise of stock options compared to the first nine months of 2014.

Critical Accounting Estimates

There were no other significant changes in our critical accounting estimates during the three months ended September 30, 2015, as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

Recent Accounting Pronouncements

A discussion of Recent Accounting Pronouncements is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and updated in Note 3 to the condensed consolidated financial statements included in this quarterly report.

Contractual Obligations and Other Commercial Commitments

Our contractual obligations and other commercial commitments are summarized in the section captioned “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2014. We have had no material changes outside the ordinary course to our contractual obligations as reported in our 2014 Annual Report on Form 10-K during the first nine months of 2015.

To the extent that funds generated from our operations, together with our existing capital resources, are insufficient to meet future requirements, we will be required to obtain additional funds through equity or debt financings, strategic alliances with corporate partners and others, or through other sources. No assurance can be given that any additional financing will be made available to us or will be available on acceptable terms should such a need arise.

Off-balance Sheet Arrangements

We do not use special purpose entities or other off-balance sheet financing techniques, except for operating leases, that we believe have, or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity or capital resources.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our market risks, and the ways we manage them, are summarized in the section captioned “Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2014. There have been no material changes in the first nine months of 2015 to our market risks or to our management of such risks.

ITEM 4.

CONTROLS AND PROCEDURES

	(a)	Evaluation of disclosure controls and procedures.

		As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the chief executive officer and chief financial officer have concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports it files or submits under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. On an on-going basis, we review and document our disclosure controls and procedures, and our internal control over financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.

	(b)	Changes in internal controls over financial reporting.

		There were no changes in our internal control over financial reporting during the three-month period ended September 30, 2015 that have materially affected, or that are reasonably likely to materially affect, our internal controls over financial reporting.

PART II: OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

We are involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flow. There have been no material changes to the information provided in the section captioned “Part I, Item 3, Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2014.

ITEM 1A.

RISK FACTORS

There have been no material changes to the risk factors described in the section captioned “Part I, Item 1A, Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014. In addition to the other information set forth in this report, you should carefully consider the factors discussed in the section captioned “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, which could materially affect our business, financial condition, or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 6. EXHIBITS

Exhibit No.	Description

10.1	Translation of Lease Agreement entered into as of October 9, 2015 by and between Consorzio Zona Industriale E Porto Fluviale di Padova and Anika Therapeutics S.r.l. (incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed by Anika Therapeutics, Inc. on October 14, 2015)

(31)	Rule 13a-14(a)/15d-14(a) Certifications

*31.1	Certification of Charles H. Sherwood, Ph.D., pursuant to Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

*31.2	Certification of Sylvia Cheung pursuant to Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(32)	Section 1350 Certifications

**32.1	Certification of Charles H. Sherwood, Ph.D., and Sylvia Cheung, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(101)	XBRL

101*	The following materials from Anika Therapeutics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, as filed with the SEC on November 3, 2015, formatted in XBRL (eXtensible Business Reporting Language), as follows:

	i.	Condensed Consolidated Balance Sheets as of September 30, 2015 (unaudited) and December 31, 2014
	ii.	Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2015 and September 30, 2014 (unaudited)
	iii.	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2015 and September 30, 2014 (unaudited)
	iv.	Notes to Condensed Consolidated Financial Statements (unaudited)

*	Filed herewith
**	Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		ANIKA THERAPEUTICS, INC.

Date: November 3, 2015	By:	/s/ SYLVIA CHEUNG
		Sylvia Cheung
		Chief Financial Officer
		(Authorized Officer and Principal Financial Officer)

EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Charles H. Sherwood, certify that:

1.	I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2015 of Anika Therapeutics, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2015	/s/ CHARLES H. SHERWOOD
	Charles H. Sherwood, Ph.D.
	Chief Executive Officer
	Principal Executive Officer

EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Sylvia Cheung, certify that:

1.	I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2015 of Anika Therapeutics, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2015	/s/ SYLVIA CHEUNG
	Sylvia Cheung
	Chief Financial Officer
	Principal Financial Officer

EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

Section 906 Certification

The undersigned officers of Anika Therapeutics, Inc. (the “Company”) hereby certify to their knowledge and in their respective capacities that the Company’s quarterly report on Form 10-Q to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 3, 2015	/s/ CHARLES H. SHERWOOD
	Charles H. Sherwood, Ph.D.
	Chief Executive Officer
	Principal Executive Officer


Date: November 3, 2015	/s/ SYLVIA CHEUNG
	Sylvia Cheung
	Chief Financial Officer
	Principal Financial Officer

This certification shall not be deemed “filed” for any purpose, nor shall it be deemed to be incorporated by reference into any filing, under the Securities Act of 1933, as amended, or the Exchange Act.

EX-101.INS 5 anik-20150930.xml XBRL INSTANCE FILE 240987 508042 393085 539053 360000 P15Y 2963427 1202735 415344 178071 4759577 69020 69042 400000 -400000 16700000 5502686 4700000 1000000 1000000 28902686 3 P6Y P15Y 0.81 0.84 0.08 0.08 0.11 0.08 1 1 0.82 0.89 0.1 0.06 0.08 0.05 1 1 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">September 30, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31, 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Gross Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Current Period Completed Projects</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Accumulated Currency Translation Adjustment</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Accumulated Amortization</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Net Book Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Net Book Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Useful Life</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-size: 10pt; text-align: left">Developed technology</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">16,700,000</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">400,000</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">(2,963,427</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">(5,706,488</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">8,430,085</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">9,409,937</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 7%; font-size: 10pt; text-align: center">15</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">In-process research & development</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,502,686</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(400,000</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,202,735</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,899,951</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,652,874</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">Indefinite</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Distributor relationships</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,700,000</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(415,344</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(4,284,656</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">5</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Patents</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,000,000</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(178,071</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(320,968</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">500,961</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">581,199</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">16</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Elevess trade name</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">1,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">(843,314</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">156,686</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">250,700</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">9</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">    Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">28,902,686</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(4,759,577</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(11,155,426</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">12,987,683</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">14,894,710</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Geographic Location:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-left: 12px">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">19,239,247</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">81</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">18,455,167</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">84</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Europe</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,976,751</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">8</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,784,414</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">8</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 12px">Other</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">2,465,259</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">11</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">1,815,842</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">8</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 12px">    Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">23,681,257</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,055,423</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center">Nine Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Geographic Location:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-left: 12px">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">51,048,132</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">82</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">72,935,722</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">89</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Europe</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6,293,965</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,274,071</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 12px">Other</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">4,763,045</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">8</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">4,130,577</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">5</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 12px">    Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">62,105,142</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">82,340,370</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div> 3165838 25473089 12900000 P6Y255D 17.92 812457 0 0 false --12-31 Q3 2015 2015-09-30 10-Q 0000898437 14637666 Yes Accelerated Filer Anika Therapeutics, Inc. No No anik

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">10.     Accrued Expenses</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.5in">Accrued expenses consist of the following:</div> <div style=" font-size: 10pt; text-align: center; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Black"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">September 30,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31,<br /> 2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left; padding-left: 12px">Compensation and related expenses</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right">2,806,699</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right">2,791,935</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Facility construction costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,073,561</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Professional fees</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">524,938</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">553,630</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Clinical trial costs</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">240,987</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">508,042</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Research grants</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">393,085</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">539,053</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 12px">Other</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">508,505</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">354,866</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 12px">   Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">6,547,775</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">4,747,526</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>

2220734

1201226

23375657

17152028

4442342

6547775

4747526

524938

553630

23869798

21950706

-6066627

-4494800

81052103

77539699

498442

390578

1562391

1196361

135618

146618

266863

518699

802643

1593260

230880

215723

122967

118725

25000

222850707

193996376

168283652

139025042

3007370

19000000

22007370

6750000

1391

3008761

19000000

22008761

6750000

2197088

215783

108469021

100155864

63333160

71772194

57353567

69551754

3000000

72551754

8313157

8439034

0.01

30000000

15011512

14851703

15011512

14851703

150115

148517

8639680

4491263

18143152

28607011

2073561

24700000

5175723

5724800

14763222

15418732

10546143

11769205

31036879

32980871

-15873

2500000

33948

24510

73964

102192

2200000

1409328

1188768

8974122

8929890

2800158

3576441

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">6.     Equity Incentive Plan</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three- and nine-month periods ended September 30, 2015 and 2014, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center">Nine Months Ended<br /> September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Risk free interest rate</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">1.15%</td> <td style="font-size: 10pt; text-align: center"> -</td> <td style="font-size: 10pt; text-align: left">1.46%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: right">1.16%</td> <td style="font-size: 10pt; text-align: center"> -</td> <td style="font-size: 10pt; text-align: left">1.39%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 61%; font-size: 10pt; text-align: left">Expected volatility</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 6%; font-size: 10pt; text-align: right">53.15%</td> <td style="width: 6%; font-size: 10pt; text-align: center"> -</td> <td style="width: 6%; font-size: 10pt; text-align: left">54.65%</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 6%; font-size: 10pt; text-align: left"> </td> <td style="width: 6%; font-size: 10pt; text-align: center">53.28%</td> <td style="width: 6%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">4.5</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">4</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected dividend yield</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">0.00%</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">0.00%</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in">The Company recorded $498,442 and $390,578 of share-based compensation expense for the three-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company recorded $1,562,391 and $1,196,361 of share-based compensation expense for the nine-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective recipients.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">There were no stock options, SARs, Restricted Stock Awards (“RSAs”) or <div style="display: inline; background-color: white">Restricted Stock Units (“RSUs”) </div>granted under <div style="display: inline; font-size: 10pt">the Anika Therapeutics, Inc. Second Amended and Restated 2003 Stock Option and Incentive Plan, as amended (the “Plan”), during the three-month period ended September 30, 2015. During the nine-month period ended September 30, 2015, the Company granted under the Plan a total of 111,625 stock options, 23,375 RSAs, and 9,678 RSUs. All of the RSUs were granted to directors of the Company. The stock options, RSAs, and RSUs granted to employees and directors generally become exercisable or vest ratably over four years from the date of grant.</div></div> <div style=" margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">A portion of the stock options granted during the nine-month period ended September 30, 2015 contained certain performance features, as compared to established targets, in addition to time-based vesting conditions. The compensation cost associated with these grants was estimated using the Black-Scholes valuation method multiplied by the expected number of shares to be issued, which is adjusted based on the estimated probabilities of achieving the performance goals.</div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">As of September 30, 2015, there was approximately $4.5 million of total unrecognized compensation cost related to non-vested stock options, SARs, RSAs, and RSUs granted under the Plan. This cost is expected to be recognized over a weighted-average period of 2.73 years.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The total intrinsic value of stock options and SARs exercised during the nine-month periods ended September 30, 2015 and 2014 was $3,165,838 and $25,473,089, respectively. Cash received from the exercise of stock options during the three- month periods ended September 30, 2015 and 2014 was $105,785 and $17,513, respectively. Cash received from the exercise of options during the nine-month periods ended September 30, 2015 and 2014 was $1,074,814 and $1,379,294, respectively. During the second quarter of 2014, the Company acquired and subsequently retired 133,774 common shares related to an employee SARs exercise to meet minimum statutory tax withholding requirements.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">There were 812,457 options and SARs outstanding under the Plan as of September 30, 2015 with a weighted-average exercise price of $17.92 per share, an aggregate intrinsic value of approximately $12.9 million, and a weighted-average remaining contractual term of 6.7 years. None of the options or SARs outstanding at September 30, 2015 or 2014, respectively, had cash-settlement features.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards containing service conditions generally become exercisable ratably over one to four years, have a ten year contractual term, and sometimes contain performance conditions. </div></div>

0.56

0.42

1.32

2.09

0.55

0.40

1.29

1.97

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">7.     Earnings Per Share (“EPS”)</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, and RSUs using the treasury stock method.</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white"> </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white"></div>The following table provides share information used in the calculation of the Company's basic and diluted earnings per share:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Three Months Ended September 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Nine Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Shares used in the calculation of basic earnings per share</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">14,967,322</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">14,758,781</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">14,944,921</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">14,626,933</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Effect of dilutive securities:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 24px">Stock options, SARs, and RSAs</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">348,486</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">676,094</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">365,837</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">842,304</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Diluted shares used in the calculation of earnings per share</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,315,808</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,434,875</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,310,758</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">15,469,237</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div style=" font-size: 10pt; text-align: center; margin: 0pt 0; color: Black"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Equity awards of 230,880 and 215,723 shares were outstanding for the three- and nine-month periods ended September 30, 2015, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. Equity awards of 122,967 and 118,725 shares were outstanding for the three- and nine-month periods ended September 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. </div></div></div>

-141783

-131139

0.36

0.37

0.4

0.38

2806699

2791935

4500000

P2Y266D

876797

9236708

876797

9236708

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Fair Value Measurements at Reporting<br /> Date Using</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">September 30, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Quoted Prices in<br /> Active Markets<br />  for Identical Assets <br />  (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant Other<br />  Observable Inputs <br />  (Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant<br />  Unobservable Inputs <br />  (Level 3)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Cash & cash equivalents:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Money market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">57,353,567</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">57,353,567</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Investments:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Corporate debt securities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">3,007,370</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">3,007,370</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Bank certificates of deposit</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">19,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">19,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total investments</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,007,370</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,007,370</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Fair Value Measurements at Reporting<br /> Date Using</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31, 2014</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Quoted Prices in<br /> Active Markets<br />  for Identical Assets <br />  (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant Other<br />  Observable Inputs <br />  (Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant<br />  Unobservable Inputs <br />  (Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Cash & cash equivalents:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left">Money market funds</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">69,551,754</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">69,551,754</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Bank certificates of deposit</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash & cash equivalents</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">72,551,754</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">72,551,754</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Investments:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Bank certificates of deposit</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">6,750,000</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">6,750,000</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">5.     Fair Value Measurements</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs that are observable either directly or indirectly; and (Level 3) significant unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company records its investments at fair value.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">The Company’s investments are all classified within Level 2 of the fair value hierarchy. These investments classified within Level 2 of the fair value hierarchy are valued based on matrix pricing compiled by third party pricing vendors, using observable market inputs such as interest rates, yield curves, and credit risk.</div></div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Fair Value Measurements at Reporting<br /> Date Using</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">September 30, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Quoted Prices in<br /> Active Markets<br />  for Identical Assets <br />  (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant Other<br />  Observable Inputs <br />  (Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant<br />  Unobservable Inputs <br />  (Level 3)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Cash & cash equivalents:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Money market funds</td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">57,353,567</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">57,353,567</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Investments:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Corporate debt securities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">3,007,370</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">3,007,370</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Bank certificates of deposit</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">19,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">19,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total investments</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,007,370</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,007,370</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Fair Value Measurements at Reporting<br /> Date Using</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31, 2014</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Quoted Prices in<br /> Active Markets<br />  for Identical Assets <br />  (Level 1)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant Other<br />  Observable Inputs <br />  (Level 2)</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Significant<br />  Unobservable Inputs <br />  (Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Cash & cash equivalents:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font-size: 10pt; text-align: left">Money market funds</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">69,551,754</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">69,551,754</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">-</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Bank certificates of deposit</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Total cash & cash equivalents</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">72,551,754</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">72,551,754</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Investments:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt">Bank certificates of deposit</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">6,750,000</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">6,750,000</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>

P15Y

P5Y

P16Y

P9Y

5706488

4284656

320968

843314

11155426

400000

7713039

8338699

9443894

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">9.     Intangible Assets and Goodwill</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”), the Company acquired various intangible assets and goodwill. The Company evaluated the various intangible assets and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangible assets. The in-process research and development (“IPR&D”) intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition, including write-off(s) for abandoned projects. Until such determination is made, they are not amortized. </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">In January 2015 the Company received CE Mark approval for HYALOSPINE which is an innovative adhesion prevention gel for use after spinal surgery, and was a component of the IPR&D intangible assets initially identified. As a result of this approval the Company has reclassified $400,000 from IPR&D to developed technology and began amortization on the HYALOSPINE asset.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Intangible assets as of September 30, 2015 and December 31, 2014 consist of the following:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">September 30, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31, 2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Gross Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Current Period Completed Projects</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Accumulated Currency Translation Adjustment</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Accumulated Amortization</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Net Book Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Net Book Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Useful Life</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 30%; font-size: 10pt; text-align: left">Developed technology</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">16,700,000</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">400,000</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">(2,963,427</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">(5,706,488</td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">8,430,085</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 7%; font-size: 10pt; text-align: right">9,409,937</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 7%; font-size: 10pt; text-align: center">15</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">In-process research & development</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,502,686</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(400,000</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(1,202,735</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,899,951</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,652,874</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">Indefinite</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Distributor relationships</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,700,000</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(415,344</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(4,284,656</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">5</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Patents</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,000,000</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">-</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(178,071</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">(320,968</td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">500,961</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">581,199</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">16</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Elevess trade name</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">1,000,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">(843,314</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">156,686</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">250,700</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: center">9</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">    Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">28,902,686</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">-</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(4,759,577</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(11,155,426</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">12,987,683</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">14,894,710</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The aggregate amortization expense related to intangible assets was $266,863 and $518,699 for the three-month periods ended September 30, 2015 and 2014, respectively. The aggregate amortization expense related to intangible assets was $802,643 and $1,593,260 for the nine-month periods ended September 30, 2015 and 2014, respectively.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Changes in the carrying value of goodwill for the nine-month periods ended September 30, 2015 and 2014 were as follows:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold">Goodwill</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Nine<br /> Months Ended<br /> September 30, <br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Twelve<br /> Months Ended<br /> December 31,<br /> 2014</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Balance, beginning</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right">8,338,699</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right">9,443,894</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Effect of foreign currency adjustments</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">(625,660</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">(1,105,195</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Balance, ending</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">7,713,039</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">8,338,699</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>

-625660

-1105195

13168781

10296155

31149560

49375838

4788916

11434581

4125355

18872435

970373

-992822

6549905

1840407

5756972

7771001

-120334

-989291

-9135

-2078543

-82360

2923628

-75777

-167123

-403211

-183481

12987683

14894710

8430085

9409937

3899951

4652874

500961

581199

156686

250700

33667

9937

81297

16339

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">8.     Inventories </div></div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Inventories consist of the following:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">September 30,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">December 31, <br /> 2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right">4,861,828</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 2%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right">6,161,363</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Work-in-process</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,924,389</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3,041,227</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,288,940</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,204,186</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 24px">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">12,075,157</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">12,406,776</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead. Inventory costs associated with product candidates that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use and future economic benefit.</div></div>

3288940

3204186

12075157

12406776

4861828

6161363

3924389

3041227

147560

220207

222850707

193996376

13244799

5973262

22007370

6750000

3007370

19000000

22007370

6750000

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">1.     Nature of Business</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">Anika Therapeutics, Inc. develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.</div> <div style=" font-size: 10pt; margin: 0pt 0; background-color: white; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business.</div></div>

1951611

4267102

-17286854

-20919301

23790183

25222372

19714979

30503403

8379865

6170800

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">3.     Recent Accounting Pronouncements</div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white"><div style="display: inline; background-color: white">In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. </div> In July 2015, the FASB issued a deferral of ASU 2014-09 of one year making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption not to occur before the original effective date. The Company is assessing the appropriate method for implementing ASU 2014-09, as well as the impact the adoption of ASU 2014-09 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) “Simplifying the Measurement of Inventory.”<div style="display: inline; font-style: italic;"> </div>ASU 2015-11 more closely aligns the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The provisions of ASU 2015-11 are effective for annual and interim periods beginning after December 15, 2016. ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of this amendment is not expected to have a material impact on the Company’s financial position or results of operations.</div></div>

2012

2011

13135114

10286218

31068263

49359499

508505

354866

2294

431

-904

431

257521

-1679968

-1570923

-1896823

259815

-1679537

-1571827

-1896392

803571

893935

6348900

30008761

19999169

2028093

920132

0.01

1250000

947119

959305

412301

2500000

-2500000

14750000

105785

17513

1074814

1379294

57667111

53619589

33797313

31668883

2061689

1999867

5971771

6160740

124618660

104903681

17500000

5000000

29652778

23675696

21975312

62088410

57593873

20461181

18899873

51716600

48750277

412357

401355

1131657

938966

1413039

1452946

4449639

4581496

344119

366138

1263582

938134

1045000

855000

3526932

2385000

23681257

22055423

62105142

82340370

19239247

18455167

1976751

1784414

2465259

1815842

51048132

72935722

6293965

5274071

4763045

4130577

5561

80111

16732

24746497

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">14.     Segment and Geographic Information</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company has one reportable operating segment, for the purposes of assessing performance and deciding how to allocate resources.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Product revenue by product group is as follows:</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Three Months Ended September 30,</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Nine Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-left: 12px">Orthobiologics</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">20,461,181</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">18,899,873</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">51,716,600</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">48,750,277</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Dermal</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">412,357</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">401,355</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,131,657</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">938,966</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Surgical</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,413,039</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,452,946</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,449,639</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4,581,496</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Ophthalmic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">344,119</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">366,138</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,263,582</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">938,134</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 12px">Veterinary</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">1,045,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">855,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">3,526,932</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">2,385,000</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 12px"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">23,675,696</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">21,975,312</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">62,088,410</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">57,593,873</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: Black"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Total revenue by geographic location and as a percentage of overall total revenue for the three- and nine-month periods ended September 30, 2015 and 2014 are as follows:</div> <div style=" font-size: 10pt; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center">Three Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Geographic Location:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-left: 12px">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">19,239,247</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">81</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">18,455,167</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">84</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Europe</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,976,751</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">8</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,784,414</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">8</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 12px">Other</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">2,465,259</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">11</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">1,815,842</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">8</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 12px">    Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">23,681,257</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,055,423</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div>  <div style="page-break-before: always; margin-top: 6pt">   </div>  <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center">Nine Months Ended September 30,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">2014</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Total<br /> Revenue</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1.1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.1pt solid">Percentage of<br /> Revenue</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; font-weight: bold; text-align: left">Geographic Location:</td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: right"> </td> <td style="font-size: 10pt; font-weight: bold; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 48%; font-size: 10pt; text-align: left; padding-left: 12px">United States</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">51,048,132</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">82</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">72,935,722</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">89</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 12px">Europe</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6,293,965</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5,274,071</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1.1pt; padding-left: 12px">Other</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">4,763,045</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">8</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">4,130,577</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1.1pt"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: right">5</td> <td style="border-bottom: Black 1.1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 12px">    Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">62,105,142</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">82,340,370</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">100</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div></div>

3308731

4044538

10301886

11401399

1562391

1196361

P4Y

P1Y

P4Y

23375

9678

0.5315

0.5465

0.5328

0.0115

0.0146

0.0116

0.0139

111625

P10Y

P4Y182D

P4Y

133774

199754251

178097097

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">15.     Subsequent Event</div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">On October 9, 2015, Anika S.r.l, entered into a build-to-suit lease agreement for a new European headquarters facility, consisting of approximately 25,000 square feet of general office, research and development, training, and warehousing space located in Padova, Italy. The Lease has an initial term of fifteen years, which is expected to commence during the fourth quarter of 2016. The Lease will automatically renew for up to three additional six-year terms, subject to certain terms and conditions. The Lease provides for an initial yearly rent of €360,000.</div></div>

348486

676094

365837

842304

15315808

15434875

15310758

15469237

14967322

14758781

14944921

14626933

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Schedule of Segment Reporting Information, by Segment [Table Text Block] Property and equipment, at cost anik_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedAverageRemainingContractualTerm Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm Represents share-based compensation arrangement by share-based payment award options and stock appreciation rights outstanding weighted average remaining contractual term. us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment Less: accumulated depreciation Elevess Trade Name [Member] Represents Elevess trade name. us-gaap_SalesRevenueNet Total revenue Total Revenue Reclassified from in Process Research and Development [Member] Represents information about the amount of reclassification from In-process research & development to developed technology. anik_IntangibleAssetsCompletedProjectsAmount Current Period Completed Projects The total amount of intangible assets which are reclassified from in-process research & development to completed technology. anik_IntangibleAssetsGrossCarryingAmount Gross Value Represents the gross carrying amount of intangible assets. Orthobiologics [Member] Represents Orthobiologics. Entity Common Stock, Shares Outstanding (in shares) Commitments and contingencies (Note 11) Type of Arrangement and Non-arrangement Transactions [Axis] Earnings Per Share [Text Block] Board of Directors [Member] Represents the Board of Directors. anik_ShareBasedCompensationArrangementBySharebBsedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding Number Represents share-based compensation arrangement by share-based payment award options and stock appreciation rights outstanding number. Segment Reporting Disclosure [Text Block] Veterinary [Member] Represents veterinary. Ophthalmic [Member] Represents Ophthalmic. Surgical [Member] Represents Surgical. Arrangements and Non-arrangement Transactions [Domain] Dermal [Member] Represents Dermal. Adjustments for Error Corrections [Axis] Trading Symbol Adjustments for Error Correction [Domain] Scenario [Axis] Scenario, Unspecified [Domain] Intangible assets, net Net Book Value us-gaap_FiniteLivedIntangibleAssetsGross Finite-Lived Intangible Assets, Gross us-gaap_AssetsCurrent Total current assets us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization Accumulated Amortization Other comprehensive income (loss): us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest Income before income taxes EX-101.PRE 10 anik-20150930_pre.xml XBRL PRESENTATION FILE XML 11 R39.htm IDEA: XBRL DOCUMENT

Note 9 - Intangible Assets and Goodwill - Changes in Carrying Value of Goodwill (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Balance, beginning	$ 8,338,699	$ 9,443,894
Effect of foreign currency adjustments	(625,660)	(1,105,195)
Balance, ending	$ 7,713,039	$ 8,338,699

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Note 8 - Inventories (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Inventory, Current [Table Text Block]

September 30,
2015 December 31,
2014

Raw materials $ 4,861,828 $ 6,161,363

Work-in-process 3,924,389 3,041,227

Finished goods 3,288,940 3,204,186

Total $ 12,075,157 $ 12,406,776

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Note 12 - Mitek Monovisc Agreement (Details Textual) - Miltek MONOVISC Agreement [Member] - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended

Dec. 31, 2011

Dec. 31, 2014

Jun. 30, 2014

Mar. 31, 2014

Dec. 31, 2014

Contract Term Years 15 years

Deferred Revenue $ 2,500,000

Deferred Revenue, Revenue Recognized $ 2,200,000

Revenue Recognition, Milestone Method, Revenue Recognized $ 5,000,000 $ 5,000,000 $ 17,500,000 $ 29,652,778

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Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Jan. 31, 2015

Reclassified from in Process Research and Development [Member] | Developed Technology Rights [Member]

Finite-Lived Intangible Assets, Gross $ 400,000

Amortization of Intangible Assets $ 266,863 $ 518,699 $ 802,643 $ 1,593,260

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Note 15 - Subsequent Event (Details Textual) - European Headquarters Facility [Member] - Subsequent Event [Member] - Padova, Italy [Member]

Oct. 09, 2015

EUR (€)

ft²

Area of Real Estate Property | ft² 25,000

Lessee Leasing Arrangements, Term of Contract 15 years

Lessee Leasing Arrangements, Number of Renewal Terms 3

Lessee Leasing Arrangements, Renewal Term 6 years

Annual Rent Expense € 360,000

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Note 4 - Investments
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
4.     Investments

All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company’s investments at September 30, 2015 and December 31, 2014 are as follows:

September 30, 2015

Amortized
Cost Unrealized
Gains Unrealized
Losses Fair
Value

Corporate debt securities $ 3,008,761 $ - $ (1,391 ) $ 3,007,370

Bank certificates of deposit 19,000,000 - - 19,000,000

$ 22,008,761 $ - $ (1,391 ) $ 22,007,370

December 31, 2014

Amortized
Cost Unrealized
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Note 13 - Income Taxes (Details Textual) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Miltek MONOVISC Agreement [Member]

Contracts Revenue $ 24,700,000

Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | Domestic Tax Authority [Member]

Open Tax Year 2012

Ministry of Economic Affairs and Finance, Italy [Member] | Earliest Tax Year [Member] | Foreign Tax Authority [Member]

Open Tax Year 2011

Deferred Tax Assets, Valuation Allowance $ 0 $ 0 $ 0

Income Tax Expense (Benefit) $ 4,788,916 $ 4,125,355 $ 11,434,581 $ 18,872,435

Effective Income Tax Rate Reconciliation, Percent 36.00% 40.00% 37.00% 38.00%

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Note 2 - Basis of Presentation (Details Textual)
$ in Millions
6 Months Ended

Jun. 30, 2014

USD ($)

Increase to Cash Provided by Financing Activities [Member]

Prior Period Reclassification Adjustment $ 2.5

Derease to Cash Provided by Operating Activities [Member]

Prior Period Reclassification Adjustment $ (2.5)

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Note 14 - Segment and Geographic Information (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Three Months Ended September 30, Nine Months Ended September 30,

2015 2014 2015 2014

Orthobiologics $ 20,461,181 $ 18,899,873 $ 51,716,600 $ 48,750,277

Dermal 412,357 401,355 1,131,657 938,966

Surgical 1,413,039 1,452,946 4,449,639 4,581,496

Ophthalmic 344,119 366,138 1,263,582 938,134

Veterinary 1,045,000 855,000 3,526,932 2,385,000

$ 23,675,696 $ 21,975,312 $ 62,088,410 $ 57,593,873

Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]

Three Months Ended September 30,

2015 2014

Total
Revenue Percentage of
Revenue Total
Revenue Percentage of
Revenue

Geographic Location:

United States $ 19,239,247 81 % $ 18,455,167 84 %

Europe 1,976,751 8 % 1,784,414 8 %

Other 2,465,259 11 % 1,815,842 8 %

    Total $ 23,681,257 100 % $ 22,055,423 100 %

Nine Months Ended September 30,

2015 2014

Total
Revenue Percentage of
Revenue Total
Revenue Percentage of
Revenue

Geographic Location:

United States $ 51,048,132 82 % $ 72,935,722 89 %

Europe 6,293,965 10 % 5,274,071 6 %

Other 4,763,045 8 % 4,130,577 5 %

    Total $ 62,105,142 100 % $ 82,340,370 100 %

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Note 4 - Investments - Marketable Securities (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Corporate Bond Securities [Member]

Amortized Cost $ 3,008,761

Unrealized Losses (1,391)

Fair Value 3,007,370

Certificates of Deposit [Member]

Amortized Cost 19,000,000 $ 6,750,000

Fair Value 19,000,000 $ 6,750,000

Amortized Cost 22,008,761

Unrealized Losses (1,391)

Fair Value $ 22,007,370

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Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]

Cash & cash equivalents:

Cash & cash equivalents $ 57,353,567 $ 69,551,754

Money Market Funds [Member]

Cash & cash equivalents:

Cash & cash equivalents 57,353,567 69,551,754

Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]

Cash & cash equivalents:

Cash & cash equivalents 3,000,000

Investments:

Investments 19,000,000 6,750,000

Certificates of Deposit [Member]

Cash & cash equivalents:

Cash & cash equivalents 3,000,000

Investments:

Investments 19,000,000 6,750,000

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Investments:

Investments 3,007,370

Corporate Debt Securities [Member]

Investments:

Investments 3,007,370

Fair Value, Inputs, Level 2 [Member]

Cash & cash equivalents:

Cash & cash equivalents 72,551,754

Investments:

Investments 22,007,370

Cash & cash equivalents 72,551,754

Investments $ 22,007,370 $ 6,750,000

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Note 3 - Recent Accounting Pronouncements
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
3.     Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
In July 2015, the FASB issued a deferral of ASU 2014-09 of one year making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption not to occur before the original effective date. The Company is assessing the appropriate method for implementing ASU 2014-09, as well as the impact the adoption of ASU 2014-09 will have on its consolidated financial statements.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) “Simplifying the Measurement of Inventory.”

ASU 2015-11 more closely aligns the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The provisions of ASU 2015-11 are effective for annual and interim periods beginning after December 15, 2016. ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of this amendment is not expected to have a material impact on the Company’s financial position or results of operations.

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Note 6 - Equity Incentive Plan (Details Textual)
3 Months Ended 9 Months Ended

Sep. 30, 2015

USD ($)

$ / shares

shares

Sep. 30, 2014

USD ($)

shares

Jun. 30, 2014

shares

Sep. 30, 2015

USD ($)

$ / shares

shares

Sep. 30, 2014

USD ($)

shares

Plan [Member] | Restricted Stock Units (RSUs) [Member] | Board of Directors [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 9,678

Plan [Member] | Restricted Stock Units (RSUs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 4 years

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 0

Plan [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 4 years

Plan [Member] | Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 4 years

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 23,375

Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0 111,625

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 1 year

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 4 years

Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights Outstanding, Cash Settlement Features, Number 0 0 0 0

Allocated Share-based Compensation Expense | $ $ 498,442 $ 390,578 $ 1,562,391 $ 1,196,361

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,500,000 $ 4,500,000

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 2 years 266 days

Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value | $ $ 3,165,838 25,473,089

Proceeds from Stock Options Exercised | $ $ 105,785 $ 17,513 $ 1,074,814 $ 1,379,294

Stock Repurchased and Retired During Period, Shares 133,774

Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding Number 812,457 812,457

Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Weighted Average Exercise Price | $ / shares $ 17.92 $ 17.92

Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Intrinsic Value | $ $ 12,900,000 $ 12,900,000

Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm 6 years 255 days

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period 10 years

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Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Compensation and related expenses $ 2,806,699 $ 2,791,935

Facility construction costs 2,073,561

Professional fees 524,938 $ 553,630

Clinical trial costs 240,987 508,042

Research grants 393,085 539,053

Other 508,505 354,866

Total $ 6,547,775 $ 4,747,526

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Current assets:

Cash and cash equivalents $ 108,469,021 $ 100,155,864

Investments 22,007,370 6,750,000

Accounts receivable, net of reserves of $135,618 and $146,618 at September 30, 2015 and December 31, 2014, respectively 23,375,657 17,152,028

Inventories $ 12,075,157 12,406,776

Prepaid income taxes 412,301

Current portion deferred income taxes $ 1,409,328 1,188,768

Prepaid expenses and other 947,119 959,305

Total current assets 168,283,652 139,025,042

Property and equipment, at cost 57,667,111 53,619,589

Less: accumulated depreciation (23,869,798) (21,950,706)

Property and equipment, net 33,797,313 31,668,883

Long-term deposits and other 69,020 69,042

Intangible assets, net 12,987,683 14,894,710

Goodwill 7,713,039 8,338,699

Total assets 222,850,707 193,996,376

LIABILITIES AND STOCKHOLDERS’ EQUITY

Accounts payable 2,220,734 1,201,226

Accrued expenses 6,547,775 4,747,526

Deferred revenue 33,948 $ 24,510

Income taxes payable 4,442,342

Total current liabilities 13,244,799 $ 5,973,262

Other long-term liabilities 803,571 893,935

Long-term deferred revenue 73,964 102,192

Deferred tax liability $ 8,974,122 $ 8,929,890

Commitments and contingencies (Note 11)

Stockholders’ equity:

Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively $ 0 $ 0

Common stock, $.01 par value; 30,000,000 shares authorized, 15,011,512 and 14,851,703 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively 150,115 148,517

Additional paid-in-capital 81,052,103 77,539,699

Accumulated other comprehensive loss (6,066,627) (4,494,800)

Retained earnings 124,618,660 104,903,681

Total stockholders’ equity 199,754,251 178,097,097

Total Liabilities and Stockholders’ Equity $ 222,850,707 $ 193,996,376

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Note 14 - Segment and Geographic Information - Product Revenue by Product Group (Details) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Orthobiologics [Member]

Product revenue $ 20,461,181 $ 18,899,873 $ 51,716,600 $ 48,750,277

Dermal [Member]

Product revenue 412,357 401,355 1,131,657 938,966

Surgical [Member]

Product revenue 1,413,039 1,452,946 4,449,639 4,581,496

Ophthalmic [Member]

Product revenue 344,119 366,138 1,263,582 938,134

Veterinary [Member]

Product revenue 1,045,000 855,000 3,526,932 2,385,000

Product revenue $ 23,675,696 $ 21,975,312 $ 62,088,410 $ 57,593,873

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Note 1 - Nature of Business
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Nature of Operations [Text Block]
1.     Nature of Business

Anika Therapeutics, Inc. develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.

The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business.

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Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Shares used in the calculation of basic earnings per share (in shares) 14,967,322 14,758,781 14,944,921 14,626,933

Effect of dilutive securities:

Stock options, SARs, and RSAs (in shares) 348,486 676,094 365,837 842,304

Diluted shares used in the calculation of earnings per share (in shares) 15,315,808 15,434,875 15,310,758 15,469,237

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Note 5 - Fair Value Measurements (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

Fair Value Measurements at Reporting
Date Using

September 30, 2015 Quoted Prices in
Active Markets
for Identical Assets
(Level 1) Significant Other
Observable Inputs
(Level 2) Significant
Unobservable Inputs
(Level 3)

Cash & cash equivalents:

Money market funds $ 57,353,567 $ - $ 57,353,567 $ -

Investments:

Corporate debt securities $ 3,007,370 $ - $ 3,007,370 $ -

Bank certificates of deposit 19,000,000 - 19,000,000 -

Total investments $ 22,007,370 $ - $ 22,007,370 $ -

Fair Value Measurements at Reporting
Date Using

December 31, 2014 Quoted Prices in
Active Markets
for Identical Assets
(Level 1) Significant Other
Observable Inputs
(Level 2) Significant
Unobservable Inputs
(Level 3

Cash & cash equivalents:

Money market funds $ 69,551,754 $ - $ 69,551,754 $ -

Bank certificates of deposit 3,000,000 - 3,000,000 -

Total cash & cash equivalents $ 72,551,754 $ - $ 72,551,754 $ -

Investments:

Bank certificates of deposit $ 6,750,000 $ - $ 6,750,000 $ -

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Note 8 - Inventories - Inventories (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Raw materials $ 4,861,828 $ 6,161,363

Work-in-process 3,924,389 3,041,227

Finished goods 3,288,940 3,204,186

Total $ 12,075,157 $ 12,406,776

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Note 7 - Earnings Per Share ("EPS") (Tables)
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Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Three Months Ended September 30, Nine Months Ended September 30,

2015 2014 2015 2014

Shares used in the calculation of basic earnings per share 14,967,322 14,758,781 14,944,921 14,626,933

Effect of dilutive securities:

Stock options, SARs, and RSAs 348,486 676,094 365,837 842,304

Diluted shares used in the calculation of earnings per share 15,315,808 15,434,875 15,310,758 15,469,237

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Note 2 - Basis of Presentation
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]
2.     Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The year-end consolidated balance sheet is derived from the Company’s audited financial statements, but does not include all disclosures required by US GAAP. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of September 30, 2015, the results of its operations for the three- and nine-month periods ended September 30, 2015 and 2014, and cash flows for the nine-month periods ended September 30, 2015 and 2014.

The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three- and nine-month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income.

A revision was made to the condensed consolidated statement of cash flows for the six months ended June 30, 2014 to correctly reflect the tax benefit from the exercise of certain equity awards. This revision had an impact on the statement of cash flows as a reduction of cash provided by operating activities of approximately $2.5 million with a corresponding increase to cash provided by financing activities related to the tax benefit from exercise of stock options for the six months ended June 30, 2014 of the same amount. This revision had no impact on the statement of operations or cash position. The revision to the condensed consolidated statement of cash flows noted above represents amounts that are not deemed to be material, individually or in the aggregate, to the prior period condensed consolidated financial statements.

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Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Accounts receivable, net of reserves $ 135,618 $ 146,618

Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01

Preferred stock, shares authorized (in shares) 1,250,000 1,250,000

Preferred stock, shares issued (in shares) 0 0

Preferred stock, shares outstanding (in shares) 0 0

Common stock, par value (in dollars per share) $ 0.01 $ 0.01

Common stock, shares authorized (in shares) 30,000,000 30,000,000

Common stock, shares issued (in shares) 15,011,512 14,851,703

Common stock,shares outstanding (in shares) 15,011,512 14,851,703

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Note 12 - Mitek Monovisc Agreement
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Deferred Revenue Disclosure [Text Block]
12.     U.S. Monovisc Commercial Partnership Agreement

In December 2011, the Company entered into a fifteen-year licensing agreement (the “Mitek MONOVISC Agreement”) with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopedic, Inc., to exclusively market MONOVISC in the United States. The Company received an upfront payment of $2,500,000 in December 2011. This non-refundable upfront payment did not have standalone value without the Company’s completion of development obligations, which included obtaining regulatory approval of the product and resolving the related patent litigation. As a result, the Company recognized the upfront payment over the development obligation period. During the first quarter of 2014, the Company received FDA approval of MONOVISC and resolved the patent lawsuit with Genzyme Corporation. As a result of the full delivery of its development obligations under this agreement, the Company recognized approximately $2,200,000, which represented the remaining balance of deferred revenue relating to the initial $2,500,000 payment, in accordance with current generally accepted principles on revenue recognition. In the first quarter of 2014, the Company also received a milestone payment of $17,500,000 as a result of achieving FDA approval for MONOVISC and resolving the patent litigation with Genzyme. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014. On April 15, 2014 the first U.S. commercial sale of MONOVISC was made by the Company’s commercial partner, Mitek. Under the terms of the Mitek MONOVISC Agreement, the Company earned and collected a milestone payment of $5,000,000, which was fully recognized as revenue in the second quarter of 2014. On November 10, 2014, the Centers for Medicare & Medicaid Services ("CMS") assigned a unique Healthcare Common Procedure Coding System code, or J-Code, to MONOVISC. The issuance of this J-Code by CMS allowed for the fixing of national Medicare reimbursement rates for the product. The new J-Code became effective on January 1, 2015. As a result of CMS assigning the J-Code, the Company collected a milestone payment of $5,000,000, which was fully recognized as revenue in the fourth quarter of 2014. For the year ended December 31, 2014, the Company recognized a total of $29,652,778 in milestone revenue related to MONOVISC.

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Document And Entity Information - shares
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Sep. 30, 2015

Oct. 29, 2015

Entity Registrant Name Anika Therapeutics, Inc.

Entity Central Index Key 0000898437

Trading Symbol anik

Current Fiscal Year End Date --12-31

Entity Filer Category Accelerated Filer

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Well-known Seasoned Issuer No

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Note 13 - Income Taxes
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Income Tax Disclosure [Text Block]
13.     Income Taxes

Provisions for income taxes were $4,788,916 and $11,434,581 for the three- and nine-month periods ended September 30, 2015, respectively, based on effective tax rates of 36% and 37%.
Provisions for income taxes were $4,125,355 and $18,872,435 for the three- and nine-month periods ended September 30, 2014, respectively, based on effective tax rates of 40% and 38%.
The increase in income taxes over the three-month period ended September 30, 2015 resulted from higher net income as compared to the same period last year. The decrease in income taxes over the nine-month period ended September 30, 2014 was primarily due to decreased net income as a result of the approximately $24.7 million in milestone and contract revenue recognized for the nine months ended September 30, 2014 associated with the Company’s U.S. license agreement for MONOVISC. See the previous discussion under Note 12. The decrease in the effective tax rate
for each of the three- and nine-month periods ended September 30, 2015, as compared to the same periods in 2014,
was primarily due to an increase in the expected tax benefit of the domestic production deduction.

The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The Company’s filings from 2012 through the present tax year remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The Company’s filings from 2011 through the present tax year remain subject to examination by the appropriate governmental authorities in Italy.

In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward. The Company concluded that the positive evidence outweighs the negative evidence and, thus, those deferred tax assets are realizable on a “more likely than not” basis. As such, the Company did not record a valuation allowance at September 30, 2015 or December 31, 2014.

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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Product revenue $ 23,675,696 $ 21,975,312 $ 62,088,410 $ 57,593,873

Licensing, milestone and contract revenue 5,561 80,111 16,732 24,746,497

Total revenue 23,681,257 22,055,423 62,105,142 82,340,370

Operating expenses:

Cost of product revenue 5,175,723 5,724,800 14,763,222 15,418,732

Research & development 2,061,689 1,999,867 5,971,771 6,160,740

Selling, general & administrative 3,308,731 4,044,538 10,301,886 11,401,399

Total operating expenses 10,546,143 11,769,205 31,036,879 32,980,871

Income from operations 13,135,114 10,286,218 31,068,263 49,359,499

Interest income, net 33,667 9,937 81,297 16,339

Income before income taxes 13,168,781 10,296,155 31,149,560 49,375,838

Provision for income taxes 4,788,916 4,125,355 11,434,581 18,872,435

Net income $ 8,379,865 $ 6,170,800 $ 19,714,979 $ 30,503,403

Basic net income per share:

Net income (in dollars per share) $ 0.56 $ 0.42 $ 1.32 $ 2.09

Basic weighted average common shares outstanding (in shares) 14,967,322 14,758,781 14,944,921 14,626,933

Diluted net income per share:

Net income (in dollars per share) $ 0.55 $ 0.40 $ 1.29 $ 1.97

Diluted weighted average common shares outstanding (in shares) 15,315,808 15,434,875 15,310,758 15,469,237

Net income $ 8,379,865 $ 6,170,800 $ 19,714,979 $ 30,503,403

Other comprehensive income (loss):

Unrealized gain (loss) on securities, net of tax 2,294 431 (904) 431

Foreign currency translation adjustment 257,521 (1,679,968) (1,570,923) (1,896,823)

Total other comprehensive income (loss) 259,815 (1,679,537) (1,571,827) (1,896,392)

Comprehensive income $ 8,639,680 $ 4,491,263 $ 18,143,152 $ 28,607,011

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Note 7 - Earnings Per Share ("EPS")
9 Months Ended

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Notes to Financial Statements

Earnings Per Share [Text Block]
7.     Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, and RSUs using the treasury stock method.

The following table provides share information used in the calculation of the Company's basic and diluted earnings per share:

Three Months Ended September 30, Nine Months Ended September 30,

2015 2014 2015 2014

Shares used in the calculation of basic earnings per share 14,967,322 14,758,781 14,944,921 14,626,933

Effect of dilutive securities:

Stock options, SARs, and RSAs 348,486 676,094 365,837 842,304

Diluted shares used in the calculation of earnings per share 15,315,808 15,434,875 15,310,758 15,469,237

Equity awards of 230,880 and 215,723 shares were outstanding for the three- and nine-month periods ended September 30, 2015, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. Equity awards of 122,967 and 118,725 shares were outstanding for the three- and nine-month periods ended September 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.

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Note 6 - Equity Incentive Plan
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
6.     Equity Incentive Plan

The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three- and nine-month periods ended September 30, 2015 and 2014, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

Nine Months Ended
September 30,

2015 2014

Risk free interest rate 1.15% - 1.46% 1.16% - 1.39%

Expected volatility 53.15% - 54.65% 53.28%

Expected life (years) 4.5 4

Expected dividend yield 0.00% 0.00%

The Company recorded $498,442 and $390,578 of share-based compensation expense for the three-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company recorded $1,562,391 and $1,196,361 of share-based compensation expense for the nine-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective recipients.

There were no stock options, SARs, Restricted Stock Awards (“RSAs”) or
Restricted Stock Units (“RSUs”)
granted under
the Anika Therapeutics, Inc. Second Amended and Restated 2003 Stock Option and Incentive Plan, as amended (the “Plan”), during the three-month period ended September 30, 2015. During the nine-month period ended September 30, 2015, the Company granted under the Plan a total of 111,625 stock options, 23,375 RSAs, and 9,678 RSUs. All of the RSUs were granted to directors of the Company. The stock options, RSAs, and RSUs granted to employees and directors generally become exercisable or vest ratably over four years from the date of grant.

A portion of the stock options granted during the nine-month period ended September 30, 2015 contained certain performance features, as compared to established targets, in addition to time-based vesting conditions. The compensation cost associated with these grants was estimated using the Black-Scholes valuation method multiplied by the expected number of shares to be issued, which is adjusted based on the estimated probabilities of achieving the performance goals.

As of September 30, 2015, there was approximately $4.5 million of total unrecognized compensation cost related to non-vested stock options, SARs, RSAs, and RSUs granted under the Plan. This cost is expected to be recognized over a weighted-average period of 2.73 years.

The total intrinsic value of stock options and SARs exercised during the nine-month periods ended September 30, 2015 and 2014 was $3,165,838 and $25,473,089, respectively. Cash received from the exercise of stock options during the three- month periods ended September 30, 2015 and 2014 was $105,785 and $17,513, respectively. Cash received from the exercise of options during the nine-month periods ended September 30, 2015 and 2014 was $1,074,814 and $1,379,294, respectively. During the second quarter of 2014, the Company acquired and subsequently retired 133,774 common shares related to an employee SARs exercise to meet minimum statutory tax withholding requirements.

There were 812,457 options and SARs outstanding under the Plan as of September 30, 2015 with a weighted-average exercise price of $17.92 per share, an aggregate intrinsic value of approximately $12.9 million, and a weighted-average remaining contractual term of 6.7 years. None of the options or SARs outstanding at September 30, 2015 or 2014, respectively, had cash-settlement features.

The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards containing service conditions generally become exercisable ratably over one to four years, have a ten year contractual term, and sometimes contain performance conditions.

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Note 6 - Equity Incentive Plan (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Nine Months Ended
September 30,

2015 2014

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Expected volatility 53.15% - 54.65% 53.28%

Expected life (years) 4.5 4

Expected dividend yield 0.00% 0.00%

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Note 14 - Segment and Geographic Information
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]
14.     Segment and Geographic Information

The Company has one reportable operating segment, for the purposes of assessing performance and deciding how to allocate resources.

Product revenue by product group is as follows:

Three Months Ended September 30, Nine Months Ended September 30,

2015 2014 2015 2014

Orthobiologics $ 20,461,181 $ 18,899,873 $ 51,716,600 $ 48,750,277

Dermal 412,357 401,355 1,131,657 938,966

Surgical 1,413,039 1,452,946 4,449,639 4,581,496

Ophthalmic 344,119 366,138 1,263,582 938,134

Veterinary 1,045,000 855,000 3,526,932 2,385,000

$ 23,675,696 $ 21,975,312 $ 62,088,410 $ 57,593,873

Total revenue by geographic location and as a percentage of overall total revenue for the three- and nine-month periods ended September 30, 2015 and 2014 are as follows:

Three Months Ended September 30,

2015 2014

Total
Revenue Percentage of
Revenue Total
Revenue Percentage of
Revenue

Geographic Location:

United States $ 19,239,247 81 % $ 18,455,167 84 %

Europe 1,976,751 8 % 1,784,414 8 %

Other 2,465,259 11 % 1,815,842 8 %

    Total $ 23,681,257 100 % $ 22,055,423 100 %

Nine Months Ended September 30,

2015 2014

Total
Revenue Percentage of
Revenue Total
Revenue Percentage of
Revenue

Geographic Location:

United States $ 51,048,132 82 % $ 72,935,722 89 %

Europe 6,293,965 10 % 5,274,071 6 %

Other 4,763,045 8 % 4,130,577 5 %

    Total $ 62,105,142 100 % $ 82,340,370 100 %

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Note 10 - Accrued Expenses
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]
10.     Accrued Expenses

Accrued expenses consist of the following:

September 30,
2015 December 31,
2014

Compensation and related expenses $ 2,806,699 $ 2,791,935

Facility construction costs 2,073,561 -

Professional fees 524,938 553,630

Clinical trial costs 240,987 508,042

Research grants 393,085 539,053

Other 508,505 354,866

   Total $ 6,547,775 $ 4,747,526

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Note 8 - Inventories
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]
8.     Inventories

Inventories consist of the following:

September 30,
2015 December 31,
2014

Raw materials $ 4,861,828 $ 6,161,363

Work-in-process 3,924,389 3,041,227

Finished goods 3,288,940 3,204,186

Total $ 12,075,157 $ 12,406,776

Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead. Inventory costs associated with product candidates that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use and future economic benefit.

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Note 9 - Intangible Assets and Goodwill
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]
9.     Intangible Assets and Goodwill

In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”), the Company acquired various intangible assets and goodwill. The Company evaluated the various intangible assets and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangible assets. The in-process research and development (“IPR&D”) intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition, including write-off(s) for abandoned projects. Until such determination is made, they are not amortized.

In January 2015 the Company received CE Mark approval for HYALOSPINE which is an innovative adhesion prevention gel for use after spinal surgery, and was a component of the IPR&D intangible assets initially identified. As a result of this approval the Company has reclassified $400,000 from IPR&D to developed technology and began amortization on the HYALOSPINE asset.

Intangible assets as of September 30, 2015 and December 31, 2014 consist of the following:

September 30, 2015 December 31, 2014

Gross Value Current Period Completed Projects Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Net Book Value Useful Life

Developed technology $ 16,700,000 $ 400,000 $ (2,963,427 ) $ (5,706,488 ) $ 8,430,085 $ 9,409,937 15

In-process research & development 5,502,686 (400,000 ) (1,202,735 ) - 3,899,951 4,652,874 Indefinite

Distributor relationships 4,700,000 - (415,344 ) (4,284,656 ) - - 5

Patents 1,000,000 - (178,071 ) (320,968 ) 500,961 581,199 16

Elevess trade name 1,000,000 - - (843,314 ) 156,686 250,700 9

    Total $ 28,902,686 $ - $ (4,759,577 ) $ (11,155,426 ) $ 12,987,683 $ 14,894,710

The aggregate amortization expense related to intangible assets was $266,863 and $518,699 for the three-month periods ended September 30, 2015 and 2014, respectively. The aggregate amortization expense related to intangible assets was $802,643 and $1,593,260 for the nine-month periods ended September 30, 2015 and 2014, respectively.

Changes in the carrying value of goodwill for the nine-month periods ended September 30, 2015 and 2014 were as follows:

Goodwill Nine
Months Ended
September 30,
2015 Twelve
Months Ended
December 31,
2014

Balance, beginning $ 8,338,699 $ 9,443,894

Effect of foreign currency adjustments (625,660 ) (1,105,195 )

Balance, ending $ 7,713,039 $ 8,338,699

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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
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Note 11 - Commitments and Contingencies
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]
11.     Commitments and Contingencies

In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company has no accrued warranties at September 30, 2015 or December 31, 2014, respectively, and has no history of claims paid.

The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.

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Note 7 - Earnings Per Share ("EPS") (Details Textual) - shares
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 230,880 122,967 215,723 118,725

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Note 4 - Investments (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Marketable Securities [Table Text Block]

September 30, 2015

Amortized
Cost Unrealized
Gains Unrealized
Losses Fair
Value

Corporate debt securities $ 3,008,761 $ - $ (1,391 ) $ 3,007,370

Bank certificates of deposit 19,000,000 - - 19,000,000

$ 22,008,761 $ - $ (1,391 ) $ 22,007,370

December 31, 2014

Amortized
Cost Unrealized
Gains Unrealized
Losses Fair
Value

Bank certificates of deposit $ 6,750,000 $ - $ - $ 6,750,000

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Note 9 - Intangible Assets and Goodwill (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]

September 30, 2015 December 31, 2014

Gross Value Current Period Completed Projects Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Net Book Value Useful Life

Developed technology $ 16,700,000 $ 400,000 $ (2,963,427 ) $ (5,706,488 ) $ 8,430,085 $ 9,409,937 15

In-process research & development 5,502,686 (400,000 ) (1,202,735 ) - 3,899,951 4,652,874 Indefinite

Distributor relationships 4,700,000 - (415,344 ) (4,284,656 ) - - 5

Patents 1,000,000 - (178,071 ) (320,968 ) 500,961 581,199 16

Elevess trade name 1,000,000 - - (843,314 ) 156,686 250,700 9

    Total $ 28,902,686 $ - $ (4,759,577 ) $ (11,155,426 ) $ 12,987,683 $ 14,894,710

Schedule of Goodwill [Table Text Block]

Goodwill Nine
Months Ended
September 30,
2015 Twelve
Months Ended
December 31,
2014

Balance, beginning $ 8,338,699 $ 9,443,894

Effect of foreign currency adjustments (625,660 ) (1,105,195 )

Balance, ending $ 7,713,039 $ 8,338,699

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Note 11 - Commitments and Contingencies (Details Textual) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Product Warranty Accrual $ 0 $ 0

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Cash flows from operating activities:

Net income $ 19,714,979 $ 30,503,403

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 2,800,158 3,576,441

Stock-based compensation expense 1,562,391 $ 1,196,361

Deferred income taxes (15,873)

Provision for inventory 147,560 $ 220,207

Tax benefit from equity awards (876,797) (9,236,708)

Changes in operating assets and liabilities:

Accounts receivable (6,549,905) (1,840,407)

Inventories 82,360 (2,923,628)

Prepaid expenses, other current and long-term assets 403,211 183,481

Accounts payable 970,373 (992,822)

Accrued expenses (120,334) (989,291)

Deferred revenue (9,135) (2,078,543)

Income taxes payable 5,756,972 7,771,001

Other long-term liabilities (75,777) (167,123)

Net cash provided by operating activities 23,790,183 $ 25,222,372

Cash flows from investing activities:

Proceeds from maturity of investments 14,750,000

Purchase of investments (30,008,761) $ (19,999,169)

Purchase of property and equipment (2,028,093) (920,132)

Net cash used in investing activities (17,286,854) (20,919,301)

Cash flows from financing activities:

Proceeds from exercise of equity awards 1,074,814 1,379,294

Tax benefit from equity awards $ 876,797 9,236,708

Minimum tax withholdings on share-based awards (6,348,900)

Net cash provided by financing activities $ 1,951,611 4,267,102

Exchange rate impact on cash (141,783) (131,139)

Increase in cash and cash equivalents 8,313,157 8,439,034

Cash and cash equivalents at beginning of period 100,155,864 63,333,160

Cash and cash equivalents at end of period 108,469,021 71,772,194

Noncash Investing Activities:

Purchases of property and equipment included in accounts payable and accrued expenses $ 2,197,088 $ 215,783

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Note 5 - Fair Value Measurements
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Fair Value Disclosures [Text Block]
5.     Fair Value Measurements

Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs that are observable either directly or indirectly; and (Level 3) significant unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company records its investments at fair value.

The Company’s investments are all classified within Level 2 of the fair value hierarchy. These investments classified within Level 2 of the fair value hierarchy are valued based on matrix pricing compiled by third party pricing vendors, using observable market inputs such as interest rates, yield curves, and credit risk.

The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows:

Fair Value Measurements at Reporting
Date Using

September 30, 2015 Quoted Prices in
Active Markets
for Identical Assets
(Level 1) Significant Other
Observable Inputs
(Level 2) Significant
Unobservable Inputs
(Level 3)

Cash & cash equivalents:

Money market funds $ 57,353,567 $ - $ 57,353,567 $ -

Investments:

Corporate debt securities $ 3,007,370 $ - $ 3,007,370 $ -

Bank certificates of deposit 19,000,000 - 19,000,000 -

Total investments $ 22,007,370 $ - $ 22,007,370 $ -

Fair Value Measurements at Reporting
Date Using

December 31, 2014 Quoted Prices in
Active Markets
for Identical Assets
(Level 1) Significant Other
Observable Inputs
(Level 2) Significant
Unobservable Inputs
(Level 3

Cash & cash equivalents:

Money market funds $ 69,551,754 $ - $ 69,551,754 $ -

Bank certificates of deposit 3,000,000 - 3,000,000 -

Total cash & cash equivalents $ 72,551,754 $ - $ 72,551,754 $ -

Investments:

Bank certificates of deposit $ 6,750,000 $ - $ 6,750,000 $ -

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Note 10 - Accrued Expenses (Tables)
9 Months Ended

Sep. 30, 2015

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

September 30,
2015 December 31,
2014

Compensation and related expenses $ 2,806,699 $ 2,791,935

Facility construction costs 2,073,561 -

Professional fees 524,938 553,630

Clinical trial costs 240,987 508,042

Research grants 393,085 539,053

Other 508,505 354,866

   Total $ 6,547,775 $ 4,747,526

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Note 9 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)
12 Months Ended

Dec. 31, 2014

Sep. 30, 2015

Developed Technology Rights [Member]

Gross Value $ 16,700,000

Current Period Completed Projects 400,000

Accumulated Currency Translation Adjustment (2,963,427)

Accumulated Amortization (5,706,488)

Net Book Value $ 9,409,937 8,430,085

Useful Life 15 years

In Process Research and Development [Member]

Gross Value 5,502,686

Current Period Completed Projects (400,000)

Accumulated Currency Translation Adjustment (1,202,735)

Net Book Value $ 4,652,874 3,899,951

Distribution Rights [Member]

Gross Value 4,700,000

Accumulated Currency Translation Adjustment (415,344)

Accumulated Amortization (4,284,656)

Useful Life 5 years

Patents [Member]

Gross Value 1,000,000

Accumulated Currency Translation Adjustment (178,071)

Accumulated Amortization (320,968)

Net Book Value $ 581,199 500,961

Useful Life 16 years

Elevess Trade Name [Member]

Gross Value 1,000,000

Accumulated Amortization (843,314)

Net Book Value $ 250,700 156,686

Useful Life 9 years

Gross Value 28,902,686

Accumulated Currency Translation Adjustment (4,759,577)

Accumulated Amortization (11,155,426)

Net Book Value $ 14,894,710 $ 12,987,683

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Note 15 - Subsequent Event
9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Subsequent Events [Text Block]
15.     Subsequent Event

On October 9, 2015, Anika S.r.l, entered into a build-to-suit lease agreement for a new European headquarters facility, consisting of approximately 25,000 square feet of general office, research and development, training, and warehousing space located in Padova, Italy. The Lease has an initial term of fifteen years, which is expected to commence during the fourth quarter of 2016. The Lease will automatically renew for up to three additional six-year terms, subject to certain terms and conditions. The Lease provides for an initial yearly rent of €360,000.

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Note 14 - Segment and Geographic Information - Product Revenue by Geographic Location (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
UNITED STATES
Total Revenue	$ 19,239,247	$ 18,455,167	$ 51,048,132	$ 72,935,722
Percentage of Revenue	81.00%	84.00%	82.00%	89.00%
Europe [Member]
Total Revenue	$ 1,976,751	$ 1,784,414	$ 6,293,965	$ 5,274,071
Percentage of Revenue	8.00%	8.00%	10.00%	6.00%
Other Location [Member]
Total Revenue	$ 2,465,259	$ 1,815,842	$ 4,763,045	$ 4,130,577
Percentage of Revenue	11.00%	8.00%	8.00%	5.00%
Total Revenue	$ 23,681,257	$ 22,055,423	$ 62,105,142	$ 82,340,370
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%

Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards (Details)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Minimum [Member]
Risk free interest rate	1.15%	1.16%
Expected volatility	53.15%
Maximum [Member]
Risk free interest rate	1.46%	1.39%
Expected volatility	54.65%
Expected volatility		53.28%
Expected life (years)	4 years 182 days	4 years
Expected dividend yield	0.00%	0.00%

Note 12 - Mitek Monovisc Agreement (Details Textual) - Miltek MONOVISC Agreement [Member] - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2011	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Contract Term Years	15 years
Deferred Revenue	$ 2,500,000
Deferred Revenue, Revenue Recognized				$ 2,200,000
Revenue Recognition, Milestone Method, Revenue Recognized		$ 5,000,000	$ 5,000,000	$ 17,500,000	$ 29,652,778

Note 15 - Subsequent Event (Details Textual) - European Headquarters Facility [Member] - Subsequent Event [Member] - Padova, Italy [Member]	Oct. 09, 2015 EUR (€) ft²
Area of Real Estate Property \| ft²	25,000
Lessee Leasing Arrangements, Term of Contract	15 years
Lessee Leasing Arrangements, Number of Renewal Terms	3
Lessee Leasing Arrangements, Renewal Term	6 years
Annual Rent Expense	€ 360,000

Note 13 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 13 - Income Taxes (Details Textual) - USD ($)	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Miltek MONOVISC Agreement [Member]
Contracts Revenue				$ 24,700,000
Internal Revenue Service (IRS) [Member] \| Earliest Tax Year [Member] \| Domestic Tax Authority [Member]
Open Tax Year			2012
Ministry of Economic Affairs and Finance, Italy [Member] \| Earliest Tax Year [Member] \| Foreign Tax Authority [Member]
Open Tax Year			2011
Deferred Tax Assets, Valuation Allowance	$ 0		$ 0		$ 0
Income Tax Expense (Benefit)	$ 4,788,916	$ 4,125,355	$ 11,434,581	$ 18,872,435
Effective Income Tax Rate Reconciliation, Percent	36.00%	40.00%	37.00%	38.00%

Note 2 - Basis of Presentation (Details Textual) $ in Millions	6 Months Ended
	Jun. 30, 2014 USD ($)
Increase to Cash Provided by Financing Activities [Member]
Prior Period Reclassification Adjustment	$ 2.5
Derease to Cash Provided by Operating Activities [Member]
Prior Period Reclassification Adjustment	$ (2.5)

Note 4 - Investments - Marketable Securities (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Corporate Bond Securities [Member]
Amortized Cost	$ 3,008,761
Unrealized Losses	(1,391)
Fair Value	3,007,370
Certificates of Deposit [Member]
Amortized Cost	19,000,000	$ 6,750,000
Fair Value	19,000,000	$ 6,750,000
Amortized Cost	22,008,761
Unrealized Losses	(1,391)
Fair Value	$ 22,007,370

Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash & cash equivalents:
Cash & cash equivalents	$ 57,353,567	$ 69,551,754
Money Market Funds [Member]
Cash & cash equivalents:
Cash & cash equivalents	57,353,567	69,551,754
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash & cash equivalents:
Cash & cash equivalents		3,000,000
Investments:
Investments	19,000,000	6,750,000
Certificates of Deposit [Member]
Cash & cash equivalents:
Cash & cash equivalents		3,000,000
Investments:
Investments	19,000,000	6,750,000
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments:
Investments	3,007,370
Corporate Debt Securities [Member]
Investments:
Investments	3,007,370
Fair Value, Inputs, Level 2 [Member]
Cash & cash equivalents:
Cash & cash equivalents		72,551,754
Investments:
Investments	22,007,370
Cash & cash equivalents		72,551,754
Investments	$ 22,007,370	$ 6,750,000

Note 3 - Recent Accounting Pronouncements	9 Months Ended
Note 3 - Recent Accounting Pronouncements	Sep. 30, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	3. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB issued a deferral of ASU 2014-09 of one year making it effective for annual reporting periods beginning on or after December 15, 2017 while also providing for early adoption not to occur before the original effective date. The Company is assessing the appropriate method for implementing ASU 2014-09, as well as the impact the adoption of ASU 2014-09 will have on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) “Simplifying the Measurement of Inventory.” ASU 2015-11 more closely aligns the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards by requiring companies using the first-in, first-out and average costs methods to measure inventory using the lower of cost and net realizable value, where net realizable value is the estimated selling prices in the ordinary course of business less reasonably predictable costs of completion, disposal, and transportation. The provisions of ASU 2015-11 are effective for annual and interim periods beginning after December 15, 2016. ASU 2015-11 should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The adoption of this amendment is not expected to have a material impact on the Company’s financial position or results of operations.

Note 6 - Equity Incentive Plan (Details Textual)	3 Months Ended			9 Months Ended
Note 6 - Equity Incentive Plan (Details Textual)	Sep. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2014 USD ($) shares	Jun. 30, 2014 shares	Sep. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2014 USD ($) shares
Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				9,678
Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Plan [Member] \| Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Plan [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				23,375
Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0			111,625
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights Outstanding, Cash Settlement Features, Number	0	0		0	0
Allocated Share-based Compensation Expense \| $	$ 498,442	$ 390,578		$ 1,562,391	$ 1,196,361
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized \| $	4,500,000			$ 4,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 266 days
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value \| $				$ 3,165,838	25,473,089
Proceeds from Stock Options Exercised \| $	$ 105,785	$ 17,513		$ 1,074,814	$ 1,379,294
Stock Repurchased and Retired During Period, Shares			133,774
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding Number	812,457			812,457
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Weighted Average Exercise Price \| $ / shares	$ 17.92			$ 17.92
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Intrinsic Value \| $	$ 12,900,000			$ 12,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm				6 years 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years

Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Compensation and related expenses	$ 2,806,699	$ 2,791,935
Facility construction costs	2,073,561
Professional fees	524,938	$ 553,630
Clinical trial costs	240,987	508,042
Research grants	393,085	539,053
Other	508,505	354,866
Total	$ 6,547,775	$ 4,747,526

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 108,469,021	$ 100,155,864
Investments	22,007,370	6,750,000
Accounts receivable, net of reserves of $135,618 and $146,618 at September 30, 2015 and December 31, 2014, respectively	23,375,657	17,152,028
Inventories	$ 12,075,157	12,406,776
Prepaid income taxes		412,301
Current portion deferred income taxes	$ 1,409,328	1,188,768
Prepaid expenses and other	947,119	959,305
Total current assets	168,283,652	139,025,042
Property and equipment, at cost	57,667,111	53,619,589
Less: accumulated depreciation	(23,869,798)	(21,950,706)
Property and equipment, net	33,797,313	31,668,883
Long-term deposits and other	69,020	69,042
Intangible assets, net	12,987,683	14,894,710
Goodwill	7,713,039	8,338,699
Total assets	222,850,707	193,996,376
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	2,220,734	1,201,226
Accrued expenses	6,547,775	4,747,526
Deferred revenue	33,948	$ 24,510
Income taxes payable	4,442,342
Total current liabilities	13,244,799	$ 5,973,262
Other long-term liabilities	803,571	893,935
Long-term deferred revenue	73,964	102,192
Deferred tax liability	$ 8,974,122	$ 8,929,890
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 0	$ 0
Common stock, $.01 par value; 30,000,000 shares authorized, 15,011,512 and 14,851,703 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	150,115	148,517
Additional paid-in-capital	81,052,103	77,539,699
Accumulated other comprehensive loss	(6,066,627)	(4,494,800)
Retained earnings	124,618,660	104,903,681
Total stockholders’ equity	199,754,251	178,097,097
Total Liabilities and Stockholders’ Equity	$ 222,850,707	$ 193,996,376

Note 1 - Nature of Business	9 Months Ended
Note 1 - Nature of Business	Sep. 30, 2015
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business Anika Therapeutics, Inc. develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells. The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business.

Note 8 - Inventories - Inventories (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Raw materials	$ 4,861,828	$ 6,161,363
Work-in-process	3,924,389	3,041,227
Finished goods	3,288,940	3,204,186
Total	$ 12,075,157	$ 12,406,776

Note 2 - Basis of Presentation	9 Months Ended
Note 2 - Basis of Presentation	Sep. 30, 2015
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The year-end consolidated balance sheet is derived from the Company’s audited financial statements, but does not include all disclosures required by US GAAP. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of September 30, 2015, the results of its operations for the three- and nine-month periods ended September 30, 2015 and 2014, and cash flows for the nine-month periods ended September 30, 2015 and 2014. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three- and nine-month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. A revision was made to the condensed consolidated statement of cash flows for the six months ended June 30, 2014 to correctly reflect the tax benefit from the exercise of certain equity awards. This revision had an impact on the statement of cash flows as a reduction of cash provided by operating activities of approximately $2.5 million with a corresponding increase to cash provided by financing activities related to the tax benefit from exercise of stock options for the six months ended June 30, 2014 of the same amount. This revision had no impact on the statement of operations or cash position. The revision to the condensed consolidated statement of cash flows noted above represents amounts that are not deemed to be material, individually or in the aggregate, to the prior period condensed consolidated financial statements.

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Accounts receivable, net of reserves	$ 135,618	$ 146,618
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,250,000	1,250,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	15,011,512	14,851,703
Common stock,shares outstanding (in shares)	15,011,512	14,851,703

Note 12 - Mitek Monovisc Agreement	9 Months Ended
Note 12 - Mitek Monovisc Agreement	Sep. 30, 2015
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	12. U.S. Monovisc Commercial Partnership Agreement In December 2011, the Company entered into a fifteen-year licensing agreement (the “Mitek MONOVISC Agreement”) with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopedic, Inc., to exclusively market MONOVISC in the United States. The Company received an upfront payment of $2,500,000 in December 2011. This non-refundable upfront payment did not have standalone value without the Company’s completion of development obligations, which included obtaining regulatory approval of the product and resolving the related patent litigation. As a result, the Company recognized the upfront payment over the development obligation period. During the first quarter of 2014, the Company received FDA approval of MONOVISC and resolved the patent lawsuit with Genzyme Corporation. As a result of the full delivery of its development obligations under this agreement, the Company recognized approximately $2,200,000, which represented the remaining balance of deferred revenue relating to the initial $2,500,000 payment, in accordance with current generally accepted principles on revenue recognition. In the first quarter of 2014, the Company also received a milestone payment of $17,500,000 as a result of achieving FDA approval for MONOVISC and resolving the patent litigation with Genzyme. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014. On April 15, 2014 the first U.S. commercial sale of MONOVISC was made by the Company’s commercial partner, Mitek. Under the terms of the Mitek MONOVISC Agreement, the Company earned and collected a milestone payment of $5,000,000, which was fully recognized as revenue in the second quarter of 2014. On November 10, 2014, the Centers for Medicare & Medicaid Services ("CMS") assigned a unique Healthcare Common Procedure Coding System code, or J-Code, to MONOVISC. The issuance of this J-Code by CMS allowed for the fixing of national Medicare reimbursement rates for the product. The new J-Code became effective on January 1, 2015. As a result of CMS assigning the J-Code, the Company collected a milestone payment of $5,000,000, which was fully recognized as revenue in the fourth quarter of 2014. For the year ended December 31, 2014, the Company recognized a total of $29,652,778 in milestone revenue related to MONOVISC.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2015	Oct. 29, 2015
Entity Registrant Name	Anika Therapeutics, Inc.
Entity Central Index Key	0000898437
Trading Symbol	anik
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		14,637,666
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false

Note 13 - Income Taxes	9 Months Ended
Note 13 - Income Taxes	Sep. 30, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. Income Taxes Provisions for income taxes were $4,788,916 and $11,434,581 for the three- and nine-month periods ended September 30, 2015, respectively, based on effective tax rates of 36% and 37%. Provisions for income taxes were $4,125,355 and $18,872,435 for the three- and nine-month periods ended September 30, 2014, respectively, based on effective tax rates of 40% and 38%. The increase in income taxes over the three-month period ended September 30, 2015 resulted from higher net income as compared to the same period last year. The decrease in income taxes over the nine-month period ended September 30, 2014 was primarily due to decreased net income as a result of the approximately $24.7 million in milestone and contract revenue recognized for the nine months ended September 30, 2014 associated with the Company’s U.S. license agreement for MONOVISC. See the previous discussion under Note 12. The decrease in the effective tax rate for each of the three- and nine-month periods ended September 30, 2015, as compared to the same periods in 2014, was primarily due to an increase in the expected tax benefit of the domestic production deduction. The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The Company’s filings from 2012 through the present tax year remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The Company’s filings from 2011 through the present tax year remain subject to examination by the appropriate governmental authorities in Italy. In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward. The Company concluded that the positive evidence outweighs the negative evidence and, thus, those deferred tax assets are realizable on a “more likely than not” basis. As such, the Company did not record a valuation allowance at September 30, 2015 or December 31, 2014.

Note 11 - Commitments and Contingencies	9 Months Ended
Note 11 - Commitments and Contingencies	Sep. 30, 2015
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company has no accrued warranties at September 30, 2015 or December 31, 2014, respectively, and has no history of claims paid. The Company is also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these other legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 19,714,979	$ 30,503,403
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,800,158	3,576,441
Stock-based compensation expense	1,562,391	$ 1,196,361
Deferred income taxes	(15,873)
Provision for inventory	147,560	$ 220,207
Tax benefit from equity awards	(876,797)	(9,236,708)
Changes in operating assets and liabilities:
Accounts receivable	(6,549,905)	(1,840,407)
Inventories	82,360	(2,923,628)
Prepaid expenses, other current and long-term assets	403,211	183,481
Accounts payable	970,373	(992,822)
Accrued expenses	(120,334)	(989,291)
Deferred revenue	(9,135)	(2,078,543)
Income taxes payable	5,756,972	7,771,001
Other long-term liabilities	(75,777)	(167,123)
Net cash provided by operating activities	23,790,183	$ 25,222,372
Cash flows from investing activities:
Proceeds from maturity of investments	14,750,000
Purchase of investments	(30,008,761)	$ (19,999,169)
Purchase of property and equipment	(2,028,093)	(920,132)
Net cash used in investing activities	(17,286,854)	(20,919,301)
Cash flows from financing activities:
Proceeds from exercise of equity awards	1,074,814	1,379,294
Tax benefit from equity awards	$ 876,797	9,236,708
Minimum tax withholdings on share-based awards		(6,348,900)
Net cash provided by financing activities	$ 1,951,611	4,267,102
Exchange rate impact on cash	(141,783)	(131,139)
Increase in cash and cash equivalents	8,313,157	8,439,034
Cash and cash equivalents at beginning of period	100,155,864	63,333,160
Cash and cash equivalents at end of period	108,469,021	71,772,194
Noncash Investing Activities:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 2,197,088	$ 215,783

Note 9 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2015
Developed Technology Rights [Member]
Gross Value		$ 16,700,000
Current Period Completed Projects		400,000
Accumulated Currency Translation Adjustment		(2,963,427)
Accumulated Amortization		(5,706,488)
Net Book Value	$ 9,409,937	8,430,085
Useful Life	15 years
In Process Research and Development [Member]
Gross Value		5,502,686
Current Period Completed Projects		(400,000)
Accumulated Currency Translation Adjustment		(1,202,735)
Net Book Value	$ 4,652,874	3,899,951
Distribution Rights [Member]
Gross Value		4,700,000
Accumulated Currency Translation Adjustment		(415,344)
Accumulated Amortization		(4,284,656)
Useful Life	5 years
Patents [Member]
Gross Value		1,000,000
Accumulated Currency Translation Adjustment		(178,071)
Accumulated Amortization		(320,968)
Net Book Value	$ 581,199	500,961
Useful Life	16 years
Elevess Trade Name [Member]
Gross Value		1,000,000
Accumulated Amortization		(843,314)
Net Book Value	$ 250,700	156,686
Useful Life	9 years
Gross Value		28,902,686
Accumulated Currency Translation Adjustment		(4,759,577)
Accumulated Amortization		(11,155,426)
Net Book Value	$ 14,894,710	$ 12,987,683

Note 15 - Subsequent Event	9 Months Ended
Note 15 - Subsequent Event	Sep. 30, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	15. Subsequent Event On October 9, 2015, Anika S.r.l, entered into a build-to-suit lease agreement for a new European headquarters facility, consisting of approximately 25,000 square feet of general office, research and development, training, and warehousing space located in Padova, Italy. The Lease has an initial term of fifteen years, which is expected to commence during the fourth quarter of 2016. The Lease will automatically renew for up to three additional six-year terms, subject to certain terms and conditions. The Lease provides for an initial yearly rent of €360,000.