Our Management's Discussion and Analysis of Financial Condition and Results ofOperations or MD&A, is provided in addition to the accompanying financialstatements and notes to assist readers in understanding our results ofoperations, financial condition and cash flows. Our MD&A is organized asfollows:

Trends & Outlook - Discussion of what we view as the overall trends

important to understanding the assumptions and judgments incorporated in

our reported financial results and forecasts.

Results of Operations- Analysis of our financial results comparing the:

(i) year ended December 31, 2019 to the year ended December 31, 2018.

Liquidity and Capital Resources-Analysis of cash flows and discussion of

Our patented technology platform has three core components:

1. Over 300 lines of human, regionally specific neural stem cells, some of

which have the potential to be used to treat serious or life-threatening

diseases through direct transplantation into the central nervous system;

2. Proprietary screening capability - our ability to generate human neural

stem cell lines provides a platform for chemical screening and discovery of

3. Small molecules that resulted from Seneca's neurogenesis screening platform

We generated no revenues from the sale of our proposed therapies for any of theperiods presented.

We have historically generated minimal revenue from the licensing of ourintellectual property to third parties as well as payments under a settlementagreement.

Research and Development Expenses

We have a wholly owned subsidiary in the People's Republic of China thatprimarily oversees our current clinical trial to treat motor deficits due toischemic stroke.

General and Administrative Expenses

Critical Accounting Policies

Comparison of Our Results of Operations for the Years Ended December 31, 2019and 2018

Operating Expenses

Operating expenses for 2019 and 2018 were as follows:

Research and Development Expenses

General and Administrative Expenses

Other income (expense)

Other income, net in 2018 consisted of approximately $3,269,000 of non-cashgains related to the change in the fair value of our liability classified stockpurchase warrants and $79,000 of interest income.

Cash Flows - 2019 compared to 2018

Net Cash Used in Operating Activities

Net Cash Used in Investing Activities

There were no investing activities in the year ended December 31, 2019.

For the year ended December 31, 2018 cash provided by investing activities wascomprised primarily of proceeds from the maturity of our short-term investments.

Net Cash Provided by Financing Activities

For the year ended December 31, 2018, cash provided by financing activitiesconsisted primarily of approximately $1.8 million of net proceeds from ourOctober financing transaction.

Future Liquidity and Needs

Off-balance Sheet Arrangements

None.

Edgar Online, source Glimpses

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SENECA BIOPHARMA : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K) - marketscreener.com