<SEC-DOCUMENT>0000950170-25-101506.txt : 20250801
<SEC-HEADER>0000950170-25-101506.hdr.sgml : 20250801
<ACCEPTANCE-DATETIME>20250801174619
ACCESSION NUMBER:		0000950170-25-101506
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250801
FILED AS OF DATE:		20250801
DATE AS OF CHANGE:		20250801

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER JULIAN
		CENTRAL INDEX KEY:			0001087939
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38207
		FILM NUMBER:		251177399

	MAIL ADDRESS:	
		STREET 1:		BAKER BROS. ADVISORS LP
		STREET 2:		860 WASHINGTON STREET 3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER FELIX
		CENTRAL INDEX KEY:			0001087940
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38207
		FILM NUMBER:		251177400

	MAIL ADDRESS:	
		STREET 1:		BAKER BROS. ADVISORS LP
		STREET 2:		860 WASHINGTON STREET 3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BAKER BROS. ADVISORS LP
		CENTRAL INDEX KEY:			0001263508
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38207
		FILM NUMBER:		251177402

	BUSINESS ADDRESS:	
		STREET 1:		860 WASHINGTON STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014
		BUSINESS PHONE:		2123395600

	MAIL ADDRESS:	
		STREET 1:		860 WASHINGTON STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

	FORMER NAME:	
		FORMER CONFORMED NAME:	BAKER BROS ADVISORS LLC
		DATE OF NAME CHANGE:	20030911

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Baker Bros. Advisors (GP) LLC
		CENTRAL INDEX KEY:			0001580575
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38207
		FILM NUMBER:		251177401

	BUSINESS ADDRESS:	
		STREET 1:		860 WASHINGTON STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014
		BUSINESS PHONE:		(212)339-5600

	MAIL ADDRESS:	
		STREET 1:		860 WASHINGTON STREET
		STREET 2:		3RD FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10014

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>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
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<DESCRIPTION>3
<TEXT>
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<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-08-01</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001263508</rptOwnerCik>
            <rptOwnerName>BAKER BROS. ADVISORS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>860 WASHINGTON STREET, 3RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10014</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001580575</rptOwnerCik>
            <rptOwnerName>Baker Bros. Advisors (GP) LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>860 WASHINGTON STREET, 3RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10014</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087940</rptOwnerCik>
            <rptOwnerName>BAKER FELIX</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>860 WASHINGTON STREET, 3RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10014</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001087939</rptOwnerCik>
            <rptOwnerName>BAKER JULIAN</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>860 WASHINGTON STREET, 3RD FLOOR</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10014</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>true</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>689944</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7055748</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>$0.001 Prefunded Warrants</value>
                <footnoteId id="F5"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.001</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>481437</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>$0.001 Prefunded Warrants</value>
                <footnoteId id="F5"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.001</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F5"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5666350</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>2.75% Convertible Senior Notes due 2031</value>
                <footnoteId id="F7"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F7"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F7"/>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>50526</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>2.75% Convertible Senior Notes due 2031</value>
                <footnoteId id="F7"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F7"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F7"/>
                <footnoteId id="F8"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>548889</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">As a result of their ownership interest in (i) Baker Biotech Capital, L.P. and (ii) 667, L.P. (&quot;667&quot;), Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in common stock (&quot;Common Stock&quot;) of Celcuity Inc. (the &quot;Issuer&quot;) reported in column 2 of Table I and securities of the Issuer reported in column 3 of Table II held directly by 667, a limited partnership of which the sole general partner is Baker Biotech Capital, L.P., a limited partnership of which the sole general partner is Baker Biotech Capital (GP), LLC, due to their interest in 667 and Baker Biotech Capital, L.P.'s right to receive an allocation of a portion of the profits from 667.</footnote>
        <footnote id="F2">Baker Bros. Advisors LP (the &quot;Adviser&quot;) serves as the investment adviser to 667 and Baker Brothers Life Sciences, L.P. (&quot;Life Sciences&quot; and together with 667, the &quot;Funds&quot;). In connection with the services provided by the Adviser, the Adviser receives an asset-based management fee that does not confer any pecuniary interest in the securities held directly by the Funds. Baker Bros. Advisors (GP) LLC (the &quot;Adviser GP&quot;) is the Adviser's sole general partner. Julian C. Baker and Felix J. Baker are managing members of the Adviser GP. The Adviser has complete and unlimited discretion and authority with respect to the investment and voting power of the securities held directly by the Funds. The general partners of the Funds relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held directly by the Funds.</footnote>
        <footnote id="F3">Julian C. Baker, Felix J. Baker, the Adviser GP and the Adviser disclaim beneficial ownership of the securities held directly by the Funds except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that any of Julian C. Baker, Felix J. Baker, the Adviser GP or the Adviser is a beneficial owner of such securities for purposes of Section 16 or any other purpose.</footnote>
        <footnote id="F4">As a result of their ownership interest in (i) Baker Brothers Life Sciences Capital, L.P. and (ii) Life Sciences, Julian C. Baker and Felix J. Baker each may be deemed to have an indirect pecuniary interest in Common Stock reported in
column 2 of Table I and the securities of the Issuer reported in column 3 of Table II held directly by Life Sciences, a limited partnership of which the sole general partner is Baker Brothers Life Sciences Capital, L.P., a limited partnership
of which the sole general partner is Baker Brothers Life Sciences Capital (GP), LLC, due to their interest in Life Sciences and Baker Brothers Life Sciences Capital, L.P.'s right to receive an allocation of a portion of the profits from Life
Sciences.</footnote>
        <footnote id="F5">These securities consist of pre-funded warrants (&quot;$0.001 Prefunded Warrants&quot;) to purchase Common Stock at an exercise price of $0.001 per warrant with no expiration date, subject to beneficial ownership limitations described in Note 6.</footnote>
        <footnote id="F6">The $0.001 Prefunded Warrants are exercisable at any time, at the holder's election, on a 1-for-1 basis into Common Stock to the extent that after giving effect to such exercise the holders thereof, together with their affiliates and any members of a Section 13(d) group with such holders or their affiliates, would beneficially own, for purposes of Rule 13d-3 under the Securities Act of 1934, as amended, no more than 4.99% of the outstanding shares of Common Stock (the &quot;Maximum Percentage&quot;). By written notice to the Issuer, the Funds may increase or decrease the Maximum Percentage applicable to that fund to any other percentage not in excess of 19.99%; provided that any such increase will not be effective until the 61st day after such notice is delivered to the Issuer.</footnote>
        <footnote id="F7">These securities consist of 2.75% convertible senior notes due 2031 (&quot;2.75% Convertible Senior Notes&quot;) of the Issuer convertible at any time at the option of the holder into 19.4932 shares of Common Stock per $1,000 principal amount, subject to beneficial ownership limitations described in footnote 8. The 2.75% Convertible Senior Note mature on August 1, 2031.</footnote>
        <footnote id="F8">The 2.75% Convertible Senior Notes are convertible at any time, at the holder's election, into 19.4932 shares of Common Stock per $1,000 principal to the extent that after giving effect to such exercise the holders thereof, together with their affiliates and any members of a Section 13(d) group with such holders, any of would beneficially own, for purposes of Rule 13d-3 under the Securities Act of 1934, as amended, no more than 4.99% of the outstanding shares of Common Stock (the &quot;Beneficial Ownership Limitation&quot;). By written notice to the Issuer, the Funds may increase or decrease the Beneficial Ownership Limitation applicable to that fund to any other percentage not in excess of 19.99%; provided that any such increase will not be effective until the 61st day after such notice is delivered to the Issuer.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>By: Baker Bros. Advisors LP, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing</signatureName>
        <signatureDate>2025-08-01</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>By: Baker Bros. Advisors (GP) LLC, Name: Scott L. Lessing, Title: President /s/ Scott L. Lessing</signatureName>
        <signatureDate>2025-08-01</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Felix J. Baker</signatureName>
        <signatureDate>2025-08-01</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Julian C. Baker</signatureName>
        <signatureDate>2025-08-01</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
