Item 8.01. Other Events.

On October 31, 2019, Seneca Biopharma, Inc. ("Company") announced it had entered into a non-binding term sheet with Jiangsu QYuns Therapeutics Co., Ltd., ("QYuns") to exclusively license certain of QYuns' clinical and pre-clinical stage therapeutic assets. The transaction was conditioned upon the Company and QYuns entering into a mutually agreed upon definitive licensing agreement. On January 6, 2020 the parties ceased negotiations as a result of not being able to reach agreement on certain terms of the license. As a result, the Company does not anticipate licensing the QYuns' assets.

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