FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Sullivan Brian F.		 2. Issuer Name and Ticker or Trading Symbol

Celcuity Inc. [ CELC ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    __X__ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Executive Officer
(Last)          (First)          (Middle)

16305 36TH AVENUE NORTH, SUITE 100		 3. Date of Earliest Transaction (MM/DD/YYYY)

12/9/2022
(Street)

MINNEAPOLIS, MN 55446
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/9/2022  P(1)  260869 (1)A$5.75 3016643 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option (right to buy) $8.4000            (2)5/17/2027 Common Stock 21500  21500 D  
Stock Option (right to buy) $5.50            (2)9/19/2027 Common Stock 8220  8220 D  
Stock Option (right to buy) $5.50            (2)8/13/2028 Common Stock 3769  3769 D  
Stock Option (right to buy) $5.50            (2)10/17/2028 Common Stock 14675  14675 D  
Stock Option (right to buy) $5.50            (3)8/12/2029 Common Stock 50000  50000 D  
Stock Option (right to buy) $5.50            (2)8/12/2029 Common Stock 4985  4985 D  
Stock Option (right to buy) $5.9000            (4)8/12/2030 Common Stock 20000  20000 D  
Stock Option (right to buy) $5.9000            (2)8/12/2030 Common Stock 17281  17281 D  
Stock Option (right to buy) $5.50            (5)12/28/2030 Common Stock 11081  11081 D  
Stock Option (right to buy) $5.50            (6)2/2/2031 Common Stock 12859  12859 D  
Stock Option (right to buy) $5.50            (7)3/18/2031 Common Stock 11889  11889 D  
Stock Option (right to buy) $5.50            (8)4/12/2031 Common Stock 13509  13509 D  
Stock Option (right to buy) $5.50            (2)8/11/2031 Common Stock 17000  17000 D  
Stock Option (right to buy) $5.50            (9)8/11/2031 Common Stock 20000  20000 D  
Stock Option (right to buy) $5.50            (10)10/27/2031 Common Stock 6569  6569 D  
Stock Option (Right to Buy) $5.50            (11)5/17/2032 Common Stock 250000  250000 D  
Warrants (right to buy) $80.5000 12/9/2022  D (12)    10434   (12) (12)Series A Preferred Stock 10434 $0 0 D  
Warrants (right to buy) $8.05 12/9/2022  A (13)  104340     (13)12/9/2027 Common Stock 104340 $0 104340 D  
Common Stock (right to buy) $5.7500 12/9/2022  D (14)    260869   (14) (14)Common Stock 260869 $0 0 D  
Explanation of Responses:
(1) Acquired pursuant to a securities purchase agreement entered into with the Company on May 15, 2022.
(2) Fully vested.
(3) 12,500 shares vest on 8/12/20; the remaining 37,500 shares vest 1/36th per month thereafter.
(4) 5,000 shares vest on 8/12/21; the remaining 15,000 shares vest 1/36th per month thereafter.
(5) 2,770 shares vest on 12/29/21; the remaining 8,311 shares vest 1/36th per month thereafter.
(6) 3,214 shares vest on 2/2/22; the remaining 9,645 shares vest 1/36th per month thereafter.
(7) 2,972 shares vest on 3/18/22; the remaining 8,917 shares vest 1/36th per month thereafter.
(8) 3,377 shares vest on 4/12/22; the remaining 10,132 shares vest 1/36th per month thereafter.
(9) 5,000 shares vest on 8/11/22; the remaining 15,000 shares vest 1/36th per month thereafter.
(10) 1,642 shares vest on 10/27/22; the remaining 4,927 shares vest 1/36th per month thereafter.
(11) These shares vest in equal amounts over fourteen (14) months, beginning June 1, 2022.
(12) To comply with the technical reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, the security was initially reported as the right to acquire warrants to purchase 10,434 shares of Series A Preferred Stock at a price per share of $80.50 pursuant to a securities purchase agreement entered into with the Company on May 15, 2022. The Series A Preferred Stock underlying such securities was convertible into 104,340 shares of common stock. The transactions contemplated by the securities purchase agreement closed on the reported Transaction Date.
(13) Acquired pursuant to a securities purchase agreement entered into with the Company on May 15, 2022. The issued warrants on the transaction date provide the right to purchase 104,340 shares of common stock at a price per share of $8.05 instead of 10,434 shares of Series A Preferred Stock at a price per share of $80.50 as noted in Note 11 above due the occurrence of a specified event provided in the securities purchase agreement.
(14) To comply with the technical reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, the security was initially reported as the right to acquire shares of common stock pursuant to a securities purchase agreement entered into with the Company on May 15, 2022. The transactions contemplated by the securities purchase agreement closed on the reported Transaction Date.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Sullivan Brian F.
16305 36TH AVENUE NORTH
SUITE 100
MINNEAPOLIS, MN 55446		XXChief Executive Officer
Signatures
/s/ Eric O. Madson as Attorney-in-Fact for Brian F. Sullivan pursuant to Power of Attorney previously filed.12/13/2022
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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