# EDGAR Filing Document

**Accession Number:** 0001603454
**File Stem:** 0001493152-26-024204
**Filing Date:** 2026-5
**Character Count:** 36283
**Document Hash:** 39fde06331cefeb85df57af775058f1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-024204.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001493152-26-024204

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**EFFECTIVENESS DATE**: 20260518

**FILER**: 

**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

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295998
- **FILM NUMBER:** 26994450

**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

**As filed with the Securities and Exchange Commission on May 18, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**Under the Securities Act of 1933**

**CELCUITY INC.**

**(Exact Name of Registrant as Specified in its Charter)**

---

| | |
|:---|:---|
| **Delaware** | **82-2863566** |
| **(State or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(I.R.S. Employer**<br> **Identification Number)** |

---

**2800 Campus Drive, Suite 140<br> Minneapolis, Minnesota 55441** 

**(Address of Principal Executive Offices and Zip Code)**

**Celcuity Inc. 2026 Stock Incentive Plan**

**Celcuity Inc. Amended and Restated 2017 Employee Stock Purchase Plan**

**(Full Title of the Plans)** 

**Brian F. Sullivan**

**Chief Executive Officer**

**2800 Campus Drive, Suite 140**

**Minneapolis, MN 55441**

**(763) 392-0123**

**(Name, Address and Telephone Number, Including Area Code, of Agent for Service)**

***Copies to:***

**Jonathan R. Zimmerman**

**Griffin D. Foster**

**Faegre Drinker Biddle & Reath LLP**

**2200 Wells Fargo Center**

**90 South Seventh Street**

**Minneapolis, MN 55402**

**(612) 766-7000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

The stockholders of Celcuity Inc. (the "Company") approved the 2026 Stock Incentive Plan (the "2026 Plan") and the Amended and Restated 2017 Employee Stock Purchase Plan (the "ESPP") on May 14, 2026. As provided in the 2026 Plan, 3,000,000 shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), are currently available for issuance under the 2026 Plan (the "2026 Plan Shares"), and as provided in the ESPP, 530,423 additional shares of Common Stock are available for issuance under the ESPP (the "ESPP Shares"). The purpose of this registration statement is to register the 2026 Plan Shares and the ESPP Shares. Shares of Common Stock issuable under the ESPP were previously registered pursuant to effective Registration Statements on Form S-8 (File Nos. [333-221117](https://www.sec.gov/Archives/edgar/data/1603454/000114420417054127/tv477680_s8.htm), [333-238787](https://www.sec.gov/Archives/edgar/data/1603454/000165495420006110/celc_s8.htm), [333-253940](https://www.sec.gov/Archives/edgar/data/1603454/000165495421002422/celc_s8.htm), [333-265328](https://www.sec.gov/Archives/edgar/data/1603454/000149315222015508/forms-8.htm), [333-270238](https://www.sec.gov/Archives/edgar/data/1603454/000149315223006593/forms-8.htm), [333-279556](https://www.sec.gov/Archives/edgar/data/1603454/000149315224020746/forms-8.htm), and [333-287766](https://www.sec.gov/Archives/edgar/data/1603454/000164117225013605/forms-8.htm)), and in accordance with General Instruction E to Form S-8, the contents thereof are incorporated herein by reference except to the extent that such content is superseded by the items appearing below.

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information specified in Part I of Form S-8 are not required to be filed with the Securities and Exchange Commission (the "Commission") either as part of this registration statement or as prospectuses or prospectus supplements pursuant to the introductory Note to Part I of Form S-8 and Rule 424 under the Securities Act of 1933, as amended (the "Securities Act"). The documents containing the information specified in Part I will be sent or given to participants as specified by Rule 428(b)(1) of the Securities Act. Such documents and the documents incorporated by reference in this registration statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The Company incorporates by reference into this registration statement the documents and reports listed below (other than portions of these documents that are deemed to have been furnished and not filed):

● The Company's Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1603454/000149315226012801/form10-k.htm) for the year ended December 31, 2025, filed on March 26, 2026;

● The Company's Quarterly Report on [Form 10-Q](https://www.sec.gov/Archives/edgar/data/1603454/000149315226023180/form10-q.htm) for the quarter ended March 31, 2026, filed on May 14, 2026 ;

● The Company's Current Reports on Form 8-K (excluding any reports or portions thereof that are deemed to be furnished and not filed) filed on [February 12, 2026](https://www.sec.gov/Archives/edgar/data/1603454/000149315226006444/form8-k.htm) , [May 1, 2026,](https://www.sec.gov/Archives/edgar/data/1603454/000149315226020918/form8-k.htm) and [May 18, 2026](https://www.sec.gov/Archives/edgar/data/1603454/000149315226024175/form8-k.htm) ;

● The information incorporated by reference into the Company's Annual Report on Form 10-K for the year ended December 31, 2025 from the Company's definitive proxy statement filed on [April 2, 2026](https://www.sec.gov/Archives/edgar/data/1603454/000149315226014937/formdef14a.htm) (other than information furnished rather than filed); and

● The description of the Common Stock contained in the Company's registration statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1603454/000157104917007886/t1702579_8a.htm) filed September 15, 2017, under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as updated by the description of the Common Stock contained in [Exhibit 4.2](https://www.sec.gov/Archives/edgar/data/1603454/000149315226012801/ex4-2.htm) to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, including any amendment or report filed for the purpose of updating such description.

All reports and other documents filed by the Company pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act subsequent to the date of this registration statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of the filing of such documents. Notwithstanding the foregoing, unless specifically stated to the contrary, none of the information disclosed by the Company under Items 2.02 or 7.01 of any Current Report on Form 8-K or any other information that the Company may from time to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this registration statement.

Any statement contained in a document, all or a portion of which is incorporated or deemed to be incorporated by reference herein, will be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified will not be deemed to constitute a part hereof, except as so modified, and any statement so superseded will not be deemed to constitute a part hereof.

**Item 4. Description of Securities.**

Not Applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not Applicable.

**Item 6. Indemnification of Directors and Officers.**

Section 102(b)(7) of the Delaware General Corporation Law (the "DGCL"), provides that a Delaware corporation, in its certificate of incorporation, may limit the personal liability of a director or officer to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except the liability of:

● A director or officer for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders;

● A director or officer for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

● A director for any unlawful payment of dividends or redemption of shares;

● A director or officer for any transaction from which the director or officer derived an improper personal benefit; or

● An officer in any action by or in the right of the corporation.

Section 145(a) of the DGCL provides, in general, that a Delaware corporation may indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or other enterprise. The indemnity may include expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, so long as the person acted in good faith and in a manner he or she reasonably believed was in or not opposed to the corporation's best interests, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful.

Section 145(b) of the DGCL provides, in general, that a Delaware corporation may indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action or suit by or in the right of the corporation to obtain a judgment in its favor because the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or other enterprise. The indemnity may include expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action, so long as the person acted in good faith and in a manner the person reasonably believed was in or not opposed to the corporation's best interests, except that no indemnification shall be permitted without judicial approval if a court has determined that the person is to be liable to the corporation with respect to such claim. Section 145(c) of the DGCL provides that, if a present or former director or officer has been successful in defense of any action referred to in Sections 145(a) and (b) of the DGCL, the corporation must indemnify such officer or director against the expenses (including attorneys' fees) he or she actually and reasonably incurred in connection with such action.

Section 145(g) of the DGCL provides, in general, that a corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or other enterprise against any liability asserted against and incurred by such person, in any such capacity, or arising out of his or her status as such, whether or not the corporation could indemnify the person against such liability under Section 145 of the DGCL.

The Company's certificate of incorporation, as amended, and bylaws provide for the limitation of liability and indemnification of the Company's directors and officers to the fullest extent permitted under the DGCL.

The Company has also entered into separate indemnification agreements with its directors and officers in addition to the indemnification provided for in the Company's certificate of incorporation, as amended, and bylaws. These indemnification agreements provide, among other things, that the Company will indemnify its directors and officers for certain expenses, including damages, judgments, fines, penalties, settlements and costs, and attorneys' fees and disbursements, incurred by a director or officer in any claim, action or proceeding arising in his or her capacity as a director or officer of the Company or in connection with service at the Company's request for another corporation or entity. The indemnification agreements also provide for procedures that will apply in the event that a director or officer makes a claim for indemnification.

The Company also maintains a directors' and officers' insurance policy pursuant to which its directors and officers are insured against liability for actions taken in their capacities as directors and officers.

**Item 7. Exemption from Registration Claimed.**

Not Applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Certificate of Incorporation of the Company, as amended, including the Certificate of Designations of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed October 9, 2024)](https://www.sec.gov/Archives/edgar/data/1603454/000149315224040594/ex3-1.htm) |
| 4.2 | [Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed November 13, 2017)](https://www.sec.gov/Archives/edgar/data/1603454/000114420417058480/tv478251_ex3-2.htm) |
| 4.3 | [Celcuity Inc. 2026 Stock Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed May 18, 2026)](https://www.sec.gov/Archives/edgar/data/1603454/000149315226024175/ex10-1.htm) |
| 4.4 | [Celcuity Inc. Amended and Restated 2017 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed May 18, 2026)](https://www.sec.gov/Archives/edgar/data/1603454/000149315226024175/ex10-2.htm) |
| 5.1 | [Opinion of Faegre Drinker Biddle & Reath LLP](ex5-1.htm) |
| 23.1 | [Consent of Boulay PLLP](ex23-1.htm) |
| 23.2 | [Consent of Faegre Drinker Biddle & Reath LLP (included in Exhibit 5.1)](ex5-1.htm) |
| 24.1 | [Power of Attorney (included on signature page hereof)](#poa_001) |
| 107 | [Filing Fee Table](ex107.htm) |

---

**Item 9. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

*Provided*, *however*, that the undertakings set forth in paragraphs (a)(1)(i) and (ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis, State of Minnesota, on May 18, 2026.

---

| | |
|:---|:---|
| **CELCUITY INC.** | **CELCUITY INC.** |
| By: | */s/ Brian F. Sullivan* |
|  | Brian F. Sullivan |
|  | *Chief Executive Officer* |

---

**POWER OF ATTORNEY**

The undersigned directors and officers of Celcuity Inc. hereby severally constitute and appoint Brian F. Sullivan and Vicky Hahne as attorneys-in-fact for the undersigned, each of them singly, with full and several power of substitution for, and in the name, place and stead of, the undersigned, to sign and file with the Securities and Exchange Commission under the Securities Act, any and all amendments (including post-effective amendments) and exhibits to this registration statement on Form S-8 (or any other registration statement for the same offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act) and any and all applications and other documents to be filed with the Securities and Exchange Commission pertaining to the registration of the securities covered hereby, with full power and authority to do and perform any and all acts and things whatsoever requisite and necessary or desirable, hereby ratifying and confirming all that said attorneys-in-fact, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Brian F. Sullivan* | Chief Executive Officer (Principal Executive Officer), | May 18, 2026 |
| Brian F. Sullivan | Director and Chairman |  |
| */s/ Vicky Hahne* | Chief Financial Officer (Principal Financial and | May 18, 2026 |
| Vicky Hahne | Accounting Officer) |  |
| */s/ Lance G. Laing* | Chief Science Officer, Vice President and Secretary, | May 18, 2026 |
| Lance G. Laing | and Director |  |
| */s/ Richard E. Buller* | Director | May 18, 2026 |
| Richard E. Buller |  |  |
| */s/ David F. Dalvey* | Director | May 18, 2026 |
| David F. Dalvey |  |  |
| */s/ Leo T. Furcht* | Director | May 18, 2026 |
| Leo T. Furcht |  |  |
| */s/ Polly A. Murphy* | Director | May 18, 2026 |
| Polly A. Murphy |  |  |
| */s/ Richard J. Nigon* | Director | May 18, 2026 |
| Richard J. Nigon |  |  |
| */s/ Charles R. Romp* | Director | May 18, 2026 |
| Charles R. Romp |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

**Faegre Drinker Biddle & Reath LLP**

2200 Wells Fargo Center

90 South Seventh Street

Minneapolis, Minnesota 55402

+1 612 766 7000 main

May 18, 2026

Celcuity Inc.

2800 Campus Drive, Suite 140

Minneapolis, Minnesota 55441

Re: <u>Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as counsel to Celcuity Inc., a Delaware corporation (the "<u>Company</u>"), in connection with the preparation and filing with the Securities and Exchange Commission (the "<u>Commission</u>") of the Company's Registration Statement on Form S-8 (the "<u>Registration Statement</u>") under the Securities Act of 1933, as amended (the "<u>Act</u>"), registering the offer and sale of (i) up to 3,000,000 shares (the "2026 Plan <u>Shares</u>") of the Company's common stock, $0.001 par value per share (the "<u>Common Stock</u>"), issuable pursuant to the Celcuity Inc. 2026 Stock Incentive Plan (the "<u>2026 Plan</u>"), and (ii) up to 530,423 additional shares of Common Stock (the "<u>ESPP Shares</u>" and, together with the 2026 Plan Shares, the "<u>Shares</u>") issuable pursuant to the Celcuity Inc. Amended and Restated 2017 Employee Stock Purchase Plan (the "<u>ESPP</u>" and, together with the 2026 Plan, the "<u>Plans</u>").

For purposes of this opinion letter, we have examined the Plans, the Registration Statement, the Company's Certificate of Incorporation, as amended and currently in effect, the Company's Bylaws, as currently in effect, and the resolutions of the Company's Board of Directors authorizing the issuance of the Shares. We have also examined a certificate of the Assistant Secretary of the Company dated the date hereof (the "<u>Certificate</u>") and originals, or copies certified or otherwise authenticated to our satisfaction, of such corporate and other records, agreements, instruments, certificates of public officials and documents as we have deemed necessary as a basis for the opinions hereinafter expressed and have made such examination of statutes as we have deemed relevant and necessary in connection with the opinions hereinafter expressed. As to facts material to this opinion letter, we have relied upon certificates, statements or representations of public officials, of officers and other representatives of the Company (including the Certificate) and of others, without any independent verification thereof.

In rendering the opinions set forth below, we have assumed, without independent verification or investigation: (i) the legal capacity of all natural persons; (ii) the genuineness of all signatures, including electronic signatures; (iii) the authenticity of all documents submitted to us as originals; (iv) the conformity to original documents of all documents submitted to us as certified, conformed, photostatic or facsimile copies; (v) the authenticity of the originals of such latter documents; (vi) the truth, accuracy and completeness of the information, representations and warranties contained in the agreements, documents, instruments, certificates and records we have reviewed; and (vii) the absence of any undisclosed modifications to the agreements and instruments reviewed by us.

Based upon such examination and review, and subject to the foregoing and the other qualifications, assumptions and limitations set forth herein, we are of the opinion that all necessary corporate action on the part of the Company has been taken to authorize the issuance and sale of the 2026 Plan Shares to be issued in accordance with the 2026 Plan and the ESPP Shares to be issued in accordance with the ESPP and that, when (a) the 2026 Plan Shares have been issued and sold as contemplated in the Registration Statement and related prospectus and in accordance with the 2026 Plan and any applicable award agreement, and, where applicable, the consideration for the 2026 Plan Shares specified in the 2026 Plan and any applicable award agreement has been received by the Company, the 2026 Plan Shares will be validly issued, fully paid and nonassessable; and (b) the ESPP Shares have been issued and sold as contemplated in the Registration Statement and related prospectus and in accordance with the ESPP, and the consideration for the ESPP Shares specified in the ESPP has been received by the Company, the ESPP Shares will be validly issued, fully paid and nonassessable.

We do not express any opinion herein with respect to the laws of any jurisdiction other than, subject to the limitations and assumptions contained herein, the General Corporation Law of the State of Delaware.

This opinion letter speaks only as of the date the Registration Statement becomes effective under the Act, and we assume no obligation to revise or supplement this opinion letter thereafter. This opinion letter is limited to the specific issues addressed herein, and no opinion may be inferred or implied beyond that expressly stated herein.

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Faegre Drinker Biddle & Reath LLP |
| FAEGRE DRINKER BIDDLE & REATH LLP |

---

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in the Registration Statement on Form S-8 pertaining to the Celcuity Inc. 2026 Stock Incentive Plan and Celcuity Inc. Amended and Restated 2017 Employee Stock Purchase Plan of our report dated March 26, 2026, with respect to the balance sheets of Celcuity Inc. as of December 31, 2025 and 2024, and the related statements of operations, changes in stockholders' equity, and cash flows for each of the years ended December 31, 2025 and 2024, included in the Annual Report on Form 10-K of Celcuity Inc. for the year ended December 31, 2025, filed with the Securities and Exchange Commission.

/s/ Boulay PLLP

Minneapolis, Minnesota

May 18, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-8**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Celcuity Inc.**  |

---

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| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| 1 | Equity | Common Stock, $0.001 par value per share, issuable under the Celcuity Inc. 2026 Stock Incentive Plan | Other | 3000000 | $124.02 | $372060000.00 | 0.0001381 | $51381.49 |
| 2 | Equity | Common Stock, $0.001 par value per share, issuable under the Celcuity Inc. Amended and Restated 2017 Employee Stock Purchase Plan | Other | 530423 | $124.02 | $65783060.46 | 0.0001381 | $9084.64 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $437843060.46  |  | $60466.13  |
| Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
| Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $60466.13  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (a) The aggregate number of shares to be registered is subject to adjustment by reason of stock splits, stock dividends and other events pursuant to the anti-dilution provisions of the registrant's 2026 Stock Incentive Plan. Accordingly, pursuant to Rule 416, this registration statement covers, in addition to the number of shares of the registrant's common stock, $0.001 par value per share ("Common Stock"), shown in the table above, an indeterminate number of shares of Common Stock that may become issuable by reason of such provisions. (b) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) and Rule 457(h) of the Securities Act of 1933, as amended. The proposed maximum offering price per share is calculated on the basis of $124.02, the average of the high and low price of the registrant's Common Stock on May 13, 2026, as reported on The Nasdaq Stock Market LLC, which is within five business days prior to filing this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> (a) The aggregate number of shares to be registered is subject to adjustment by reason of stock splits, stock dividends and other events pursuant to the anti-dilution provisions of the registrant's Amended and Restated 2017 Employee Stock Purchase Plan. Accordingly, pursuant to Rule 416, this registration statement covers, in addition to the number of shares of Common Stock shown in the table above, an indeterminate number of shares of Common Stock that may become issuable by reason of such provisions. (b) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(c) and Rule 457(h) of the Securities Act of 1933, as amended. The proposed maximum offering price per share is calculated on the basis of $124.02, the average of the high and low price of the registrant's Common Stock on May 13, 2026, as reported on The Nasdaq Stock Market LLC, which is within five business days prior to filing this registration statement.

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| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

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