<SEC-DOCUMENT>0001415889-25-013950.txt : 20250521
<SEC-HEADER>0001415889-25-013950.hdr.sgml : 20250521
<ACCEPTANCE-DATETIME>20250521164935
ACCESSION NUMBER:		0001415889-25-013950
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250519
FILED AS OF DATE:		20250521
DATE AS OF CHANGE:		20250521

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Dalvey David
		CENTRAL INDEX KEY:			0001296457
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38207
		FILM NUMBER:		25973727

	MAIL ADDRESS:	
		STREET 1:		C/O BLUE ROCK ADVISORS, INC.
		STREET 2:		80 SOUTH EIGHTH STREET SUITE 3915
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55402

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Celcuity Inc.
		CENTRAL INDEX KEY:			0001603454
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		16305 36TH AVENUE N
		STREET 2:		SUITE 100
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55446
		BUSINESS PHONE:		763-392-0767

	MAIL ADDRESS:	
		STREET 1:		16305 36TH AVENUE N
		STREET 2:		SUITE 100
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55446

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Celcuity LLC
		DATE OF NAME CHANGE:	20140324
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-05-19</periodOfReport>

    <issuer>
        <issuerCik>0001603454</issuerCik>
        <issuerName>Celcuity Inc.</issuerName>
        <issuerTradingSymbol>CELC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001296457</rptOwnerCik>
            <rptOwnerName>Dalvey David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>16305 36TH AVENUE NORTH</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 100</rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55446</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10.69</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2025-05-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>14048</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2035-05-19</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>14048</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>14048</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This Option will vest and become exercisable on April 30, 2026, or if earlier, the date of the Company's 2026 Annual Meeting of Stockholders.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Griffin D. Foster, as Attorney-in-Fact for David F. Dalvey pursuant to Power of Attorney attached hereto</signatureName>
        <signatureDate>2025-05-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ex24-05212025_080533.htm
<TEXT>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I, David Dalvey, hereby authorize
and designate each of Griffin D. Foster, Jonathan R. Zimmerman, Sheremy R. Anderson, and Amra Hoso, signing singly, as my true and lawful
attorney-in-fact to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;prepare
and execute for and on my behalf, in my capacity as an officer and/or director of Celcuity Inc. (the &ldquo;Company&rdquo;), a Form ID
and Forms 3, 4 and 5 in accordance with Section&nbsp;16(a) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) and
the rules and regulations promulgated thereunder and other forms or reports on my behalf as may be required to be filed in connection
with my ownership, acquisition, or disposition of securities of the Company, including Form 144;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;do
and perform any and all acts for and on my behalf that may be necessary or desirable to complete and execute any such Form ID, Form 3,
4 or 5 or Form 144, and any amendments to any of the foregoing, and timely file any such form with the Securities and Exchange Commission
and any stock exchange or similar authority; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;take
any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be to my
benefit, in my best interest, or legally required of me, it being understood that the statements executed by such attorney-in-fact on
my behalf pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact
may approve in such attorney-in-fact&rsquo;s discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby further grant to
each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or
proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as I might or could
do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact,
or such attorney-in-fact&rsquo;s substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney
and the rights and powers herein granted. I hereby acknowledge that the foregoing attorneys-in-fact, in serving in such capacity at my
request, are not assuming, nor is the Company assuming, any of my responsibilities to comply with Section 16 of the Exchange Act or Rule
144 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Power of Attorney
shall remain in full force and effect until I am no longer required to file Form ID or Forms 3, 4 and 5 or Form 144 with respect to
my holdings of and transactions in securities issued by the Company, unless earlier revoked by me in a signed writing delivered to
the foregoing attorneys-in-fact. Notwithstanding the foregoing, if any such attorney-in-fact hereafter ceases to be at least one of
the following: (i) an employee of the Company, (ii) a partner of Faegre Drinker Biddle &amp; Reath LLP or (iii) an employee of
Faegre Baker Drinker Biddle &amp; Reath LLP, then this Power of Attorney shall be automatically revoked solely as to such
individual, immediately upon such cessation, without any further action on my part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">I hereby revoke all previous
Powers of Attorney that have been granted by me in connection with my reporting obligations, if any, under Section 16 of the Exchange
Act and Rule 144 under the Securities Act with respect to my holdings of and transactions in securities issued by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, I have
caused this Power of Attorney to be duly executed as of this 9<SUP>th</SUP> day of December, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
  <TD STYLE="border-bottom: rgb(99,101,105) thin solid; text-align: justify; width: 50%">/s/ David Dalvey</TD></TR>
</TABLE>


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