# EDGAR Filing Document

**Accession Number:** 0001603454
**File Stem:** 0001104659-25-073189
**Filing Date:** 2025-8
**Character Count:** 37936
**Document Hash:** a3b84c3843c39aa92940e9d7dcee69ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-073189.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0001104659-25-073189

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**SUBJECT COMPANY**: 

**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:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90376
- **FILM NUMBER:** 251177375

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAKER BROS. ADVISORS LP
- **CENTRAL INDEX KEY:** 0001263508

**ORGANIZATION NAME:**
- **EIN:** 134093645
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

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

## Exhibit 99.1

**Exhibit 99.1**

JOINT FILING AGREEMENT

Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree that only one statement containing the information required by Schedule 13D need be filed with respect to the ownership by each of the undersigned of the shares of Common Stock of Celcuity Inc.

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

EXECUTED as of this 1st day of August 1, 2025

---

| | |
|:---|:---|
| **BAKER BROS. ADVISORS LP** | **BAKER BROS. ADVISORS LP** |
| By: | Baker Bros. Advisors (GP) LLC, its general partner |
| By: | /s/ Scott L. Lessing |
|  | Name: Scott L. Lessing |
|  | Title: President |

---

---

| | |
|:---|:---|
| **BAKER BROS. ADVISORS (GP) LLC** | **BAKER BROS. ADVISORS (GP) LLC** |
| By: | /s/ Scott L. Lessing |
|  | Name: Scott L. Lessing |
|  | Title: President |

---

---

| |
|:---|
| **JULIAN C. BAKER** |
| /s/ Julian C. Baker |
| Julian C. Baker |
| **FELIX J. BAKER** |
| /s/ Felix J. Baker |
| Felix J. Baker |

---

## Exhibit 99.2

**Exhibit 99.2**

---

| | | | |
|:---|:---|:---|:---|
| Name | Common <br> Stock | $0.001<br> Prefunded Warrants | 2.75% Convertible<br> Notes |
| 667, L.P. | 689944 | 481437 | 2592000 |
| Baker Brothers Life Sciences, L.P. | 7055748 | 5666350 | 28158000 |
| Total | 7745692 | 6147787 | 30750000 |

---

## Exhibit 99.6

**Exhibit 99.6**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name | Date | Number of Shares | Transaction | Price/Share | Footnote |
| 667, L.P. | 7/28/2025 | 113 | Purchase | 31.0000 |  |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 1226 | Purchase | 31.0000 |  |
| 667, L.P. | 7/28/2025 | 320 | Purchase | 36.2915 | 1 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 3481 | Purchase | 36.2915 | 1 |
| 667, L.P. | 7/28/2025 | 118 | Purchase | 36.8664 | 2 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 1282 | Purchase | 36.8664 | 2 |
| 667, L.P. | 7/28/2025 | 3833 | Purchase | 37.2332 | 3 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 41641 | Purchase | 37.2332 | 3 |
| 667, L.P. | 7/28/2025 | 10891 | Purchase | 37.3635 | 4 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 118309 | Purchase | 37.3635 | 4 |
| 667, L.P. | 7/28/2025 | 65 | Purchase | 37.7499 | 5 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 707 | Purchase | 37.7499 | 5 |
| 667, L.P. | 7/28/2025 | 2512 | Purchase | 37.9034 | 6 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 27291 | Purchase | 37.9034 | 6 |
| 667, L.P. | 7/28/2025 | 10065 | Purchase | 38.2820 | 7 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 109335 | Purchase | 38.2820 | 7 |
| 667, L.P. | 7/28/2025 | 785 | Purchase | 38.7744 | 8 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 8525 | Purchase | 38.7744 | 8 |
| 667, L.P. | 7/28/2025 | 1992 | Purchase | 38.9847 | 9 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 21642 | Purchase | 38.9847 | 9 |
| 667, L.P. | 7/28/2025 | 3533 | Purchase | 39.0050 | 10 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 38375 | Purchase | 39.0050 | 10 |
| 667, L.P. | 7/28/2025 | 231 | Purchase | 39.8810 | 11 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 2505 | Purchase | 39.8810 | 11 |
| 667, L.P. | 7/28/2025 | 8406 | Purchase | 40.0852 | 12 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 91298 | Purchase | 40.0852 | 12 |
| 667, L.P. | 7/28/2025 | 4259 | Purchase | 40.4859 | 13 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 46259 | Purchase | 40.4859 | 13 |
| 667, L.P. | 7/28/2025 | 13916 | Purchase | 41.8774 | 14 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 151171 | Purchase | 41.8774 | 14 |
| 667, L.P. | 7/28/2025 | 2389 | Purchase | 41.6896 | 15 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 25949 | Purchase | 41.6896 | 15 |
| 667, L.P. | 7/28/2025 | 7305 | Purchase | 42.0447 | 16 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 79357 | Purchase | 42.0447 | 16 |
| 667, L.P. | 7/28/2025 | 17841 | Purchase | 42.7298 | 17 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 193800 | Purchase | 42.7298 | 17 |
| 667, L.P. | 7/28/2025 | 4353 | Purchase | 43.5868 | 18 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 47290 | Purchase | 43.5868 | 18 |
| 667, L.P. | 7/28/2025 | 12799 | Purchase | 44.9646 | 19 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 139035 | Purchase | 44.9646 | 19 |
| 667, L.P. | 7/28/2025 | 16708 | Purchase | 45.8043 | 20 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 181488 | Purchase | 45.8043 | 20 |
| 667, L.P. | 7/28/2025 | 22636 | Purchase | 46.8991 | 21 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 245895 | Purchase | 46.8991 | 21 |
| 667, L.P. | 7/28/2025 | 2084 | Purchase | 47.9747 | 22 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 22633 | Purchase | 47.9747 | 22 |
| 667, L.P. | 7/28/2025 | 843 | Purchase | 41.6645 | 28 |
| Baker Brothers Life Sciences, L.P. | 7/28/2025 | 9157 | Purchase | 41.6645 | 28 |
| 667, L.P. | 7/29/2025 | 34 | Purchase | 37.6950 |  |
| Baker Brothers Life Sciences, L.P. | 7/29/2025 | 366 | Purchase | 37.6950 |  |
| 667, L.P. | 7/29/2025 | 1450 | Purchase | 38.6569 | 23 |
| Baker Brothers Life Sciences, L.P. | 7/29/2025 | 15752 | Purchase | 38.6569 | 23 |
| 667, L.P. | 7/29/2025 | 4130 | Purchase | 38.8234 | 24 |
| Baker Brothers Life Sciences, L.P. | 7/29/2025 | 44861 | Purchase | 38.8234 | 24 |
| 667, L.P. | 7/29/2025 | 1825 | Purchase | 38.9342 | 25 |
| Baker Brothers Life Sciences, L.P. | 7/29/2025 | 19831 | Purchase | 38.9342 | 25 |
| 667, L.P. | 7/29/2025 | 15409 | Purchase | 39.7316 | 26 |
| Baker Brothers Life Sciences, L.P. | 7/29/2025 | 167389 | Purchase | 39.7316 | 26 |
| 667, L.P. | 7/29/2025 | 22638 | Purchase | 40.1290 | 27 |
| Baker Brothers Life Sciences, L.P. | 7/29/2025 | 245914 | Purchase | 40.1290 | 27 |

---

(1) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $36.11 to $36.45. The Reporting Persons undertake to provide the staff of the Securities and Exchange Commission (the "Staff"), upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(2) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $36.85 to $36.88. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(3) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $37.00 to $37.50. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(4) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $36.88 to $37.875. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(5) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $37.55 to $38.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(6) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $37.81 to $38.60. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(7) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $37.91 to $38.90. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(8) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $38.55 to $38.89. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(9) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $38.18 to $39.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(10) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $38.63 to $39.60. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(11) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $39.03 to $40.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(12) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $39.62 to $40.60. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(13) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $40.01 to $41.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(14) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $41.01 to $42.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(15) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $41.61 to $41.75. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(16) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $41.753 to $42.75. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(17) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $42.05 to $43.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(18) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $43.40 to $44.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(19) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $44.02 to $45.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(20) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $45.03 to $46.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(21) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $46.01 to $47.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(22) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $47.02 to $48.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(23) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $38.59 to $38.70. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(24) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $38.30 to $39.29. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(25) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $38.75 to $39.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(26) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $39.40 to $40.00. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(27) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $39.60 to $40.46. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

(28) The reported price is a weighted average price. These shares were traded in multiple transactions at prices ranging from $41.52 to $41.70. The Reporting Persons undertake to provide the Staff, upon request, full information regarding the number of shares traded at each separate price within the ranges set forth in this footnote.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Celcuity Inc.**

*(Name of Issuer)*

**Common Stock, $0.001 par value per share**

*(Title of Class of Securities)*

**15102K100**

*(CUSIP Number)*

**Alexandra A. Toohey, CFO**<br>860 Washington Street, 3rd Floor<br>New York NY 10014<br>212-339-5690

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/01/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **15102K100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Baker Bros. Advisors LP** | Name of reporting person<br>**Baker Bros. Advisors LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.9%** | Percent of class represented by amount in Row (11)<br>**18.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **15102K100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Baker Bros. Advisors (GP) LLC** | Name of reporting person<br>**Baker Bros. Advisors (GP) LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.9%** | Percent of class represented by amount in Row (11)<br>**18.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**HC** | Type of Reporting Person (See Instructions)<br>**HC** | |

---

| **CUSIP No.** | **15102K100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Julian C. Baker** | Name of reporting person<br>**Julian C. Baker** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.9%** | Percent of class represented by amount in Row (11)<br>**18.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

| **CUSIP No.** | **15102K100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Felix J. Baker** | Name of reporting person<br>**Felix J. Baker** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7745692.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | Aggregate amount beneficially owned by each reporting person<br>**7745692.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**18.9%** | Percent of class represented by amount in Row (11)<br>**18.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.001 par value per share

**(b) Name of Issuer:**
Celcuity Inc.

**(c) Address of Issuer's Principal Executive Offices:**
16305 36th Avenue North, Suite 100, Minneapolis, MN, 55446

Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

**Item 4. Purpose of Transaction**

The disclosure in Item 3, Item 5 and Item 6 below are incorporated herein by reference.

On July 30, 2025, the Issuer entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC, TD Securities (USA) LLC and Leerink Partners LLC (the "Underwriters"), related to the public offering (the "Offering") of 1,836,842 shares of Common Stock at a price to the public of $38.00 per share, 2025 $0.001 Prefunded Warrants to purchase 400,000 shares of Common Stock at a price to the public of $37.999 per warrant and $175 million principal amount of 2.75% Convertible Notes. In addition, the Issuer granted the Underwriters an option exercisable for 30 days from the date of the Underwriting Agreement to purchase, at the public offering price less any underwriting discounts and commissions, up to an additional 335,526 shares of Common Stock to cover overallotments, if any (the "Underwriters Option"). The Offering for the Common Stock and 2025 $0.001 Prefunded Warrants closed on July 31, 2025. The Offering for the 2.75% Convertible Notes closed and the Underwriters Option was exercised on August 1, 2025.

Pursuant to the Offering, 667 and Life Sciences purchased 33,719 and 366,281 2025 $0.001 Prefunded Warrants, respectively, at the offering price of $37.999 per warrant, totaling 400,000 2025 $0.001 Prefunded Warrants in the aggregate and $2,592,000 principal amount and $28,158,000 principal amount of 2.75% Convertible Notes, respectively, at the Offering price of $1,000 per note totaling $30,750,000 of principal amount of 2.75% Convertible Notes. Each of 667 and Life Sciences purchased the 2025 $0.001 Prefunded Warrants and 2.75% Convertible Notes with their working capital.

The Funds hold securities of the Issuer for investment purposes. The Reporting Persons or their affiliates may purchase additional securities or dispose of securities in varying amounts and at varying times depending upon the Reporting Persons' continuing assessments of pertinent factors, including the availability of shares of Common Stock or other securities for purchase at particular price levels, the business prospects of the Issuer, other business investment opportunities, economic conditions, stock market conditions, money market conditions, the attitudes and actions of the Board and management of the Issuer, the availability and nature of opportunities to dispose of securities of the Issuer and other plans and requirements of the particular entities. The Reporting Persons may discuss items of mutual interest with the Issuer's management and other investors, which could include items in subparagraphs (a) through (j) of Item 4 Schedule 13D.

Depending upon their assessments of the above factors, the Reporting Persons or their affiliates may change their present intentions as stated above and they may assess whether to make suggestions to the management of the Issuer regarding financing, and whether to acquire additional securities of the Issuer, including shares of Common Stock (by means of open market purchases, privately negotiated purchases, exercise of Prefunded Warrants, conversion of 2.75% Convertible Notes or otherwise) or to dispose of some or all of the securities of the Issuer, including shares of Common Stock, under their control.

Except as otherwise disclosed herein, at the present time, the Reporting Persons do not have any plans or proposals with respect to any extraordinary corporate transaction involving the Issuer including, without limitation, those matters described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The disclosures in the Reporting Persons pages and in Item 4 are incorporated by reference herein.

Items 7 through 11 and 13 of each of the cover pages of this Schedule 13D are incorporated herein by reference. The percentage of beneficial ownership for each of the Reporting Persons reported herein is based on 38,914,208 shares of Common Stock outstanding as of June 30, 2025 plus 1,836,842 shares of Common Stock issued in the Offering as reported in the Issuer's Prospectus filed with the Securities and Exchange Commission ("SEC") on July 31, 2025, plus 335,526 shares of Common stock issued as a result of the exercise of the Underwriters Option on August 1, 2025. Set forth in Exhibit 99.2 is the aggregate number of shares of Common Stock directly held by each of the Funds, which may be deemed to be indirectly beneficially owned by the Reporting Persons, as well as shares of Common Stock that may be acquired upon exercise of Prefunded Warrants, subject to beneficial ownership limitations described below and the principal amount of 2.75% Convertible Notes. Exhibit 99.2 is incorporated herein by reference.

**(b)**
Items 7 through 10 of each of the cover pages of this Schedule 13D are incorporated herein by reference. The direct holdings of the Funds are detailed in Exhibit 99.2, which is incorporated herein by reference.

The Prefunded Warrants are only exercisable to the extent that after giving effect to such exercise the holders thereof, together with their affiliates and any person who are members of a Section 13(d) group with the holders or any of their affiliates would beneficially own in the aggregate, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), no more than 4.99% of the outstanding Common Stock (the "Maximum Percentage"). By written notice to the Issuer, the Funds may from time to time increase or decrease the Maximum Percentage applicable to that Fund to any other percentage not in excess of 19.99%. Any such increase  will not be effective until the 61st day after such notice is delivered to the Issuer. Due to the Maximum Percentage, the Funds cannot presently exercise any shares of the Prefunded Warrants.
The foregoing description of the 2023 $0.001 Prefunded Warrants is qualified in its entirety by reference to the full text of the Form of 2023 $0.001 Prefunded Warrant, which is incorporated by reference as Exhibit 99.3, and is incorporated herein by reference.

The foregoing description of the 2025 $0.001 Prefunded Warrants is qualified in its entirety by reference to the full text of the Form of 2025 $0.001 Prefunded Warrant, which is incorporated by reference as Exhibit 99.5, and is incorporated herein by reference.

The 2.75% Convertible Notes are only convertible to the extent that after giving effect or immediately prior to such exercise the holders thereof, their affiliates and any person who are members of a Section 13(d) group with the holders or any of their affiliates would beneficially own in the aggregate, for purposes of Rule 13d-3 under the Exchange Act, no more than 4.99% of the outstanding Common Stock (the "Beneficial Ownership Limitation"). By written notice to the Issuer, the Funds may from time to time increase or decrease the Beneficial Ownership Limitation applicable to that Fund to any other percentage not in excess of 19.99%. Any such increase will not be effective until the 61st day after such notice is delivered to the Issuer. Due to the Beneficial Ownership Limitation, the Funds cannot presently convert any of the 2.75% Convertible Notes.

The Adviser GP is the sole general partner of the Adviser. Pursuant to management agreements, as amended, among the Adviser, the Funds, and their respective general partners, the Funds' respective general partners relinquished to the Adviser all discretion and authority with respect to the investment and voting power of the securities held by the Funds, and thus the Adviser has complete and unlimited discretion and authority with respect to the Funds' investments and voting power over investments.

The Adviser GP, Felix J. Baker and Julian C. Baker as managing members of the Adviser GP, and the Adviser may be deemed to be beneficial owners of securities of the Issuer directly held by the Funds.

**(c)**
(c) The information set forth in Item 4 is hereby incorporated by reference into this Item 5(c). The transactions in Common Stock shown in Exhibit 99.6 were effected by the Funds during the sixty days preceding the filing of this statement using their working capital.  Exhibit 99.6 is incorporated herein by reference. All transactions in Common Stock were effected in the open market directly with a broker-dealer. Except as disclosed herein or in Item 4, none of the Reporting Persons or their affiliates has effected any other transactions in securities of the Issuer during the past 60 days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The disclosures set forth in Item 3, Item 4 and Item 5 are hereby incorporated by reference into this Item 6.

 Prefunded Warrants

The descriptions of the Prefunded Warrants contained herein are qualified in their entirety by reference to the full texts of the Prefunded Warrants.  The Forms of Prefunded Warrants are incorporated by reference as Exhibits 99.3 and 99.5 and are incorporated herein by reference.

Registration Rights Agreement

On October 18, 2023, the Funds and certain other investors entered into a registration rights agreement (the "Registration Rights Agreement") with the Issuer, pursuant to which the Issuer agreed to register for resale the Common Stock then issued or issuable upon exercise of the 2023 $0.001 Prefunded Warrants and any other securities issued or issuable with respect to, in exchange for or in replacement of, the Common Stock then issued or issuable upon exercise of the 2023 $0.001 Prefunded Warrants (collectively, the "Registrable Securities") held by the Funds or the other investors party to the Registration Rights Agreement in accordance with the terms and conditions of the Registration Rights Agreement. Under the Registration Rights Agreement, the Company agreed to file a registration statement covering the resale by the Funds and other investors party to the Registration Rights Agreement of the Registrable Securities and to use commercially reasonable efforts to cause such registration statement to become effective and to keep such registration statement effective until such time as there are no longer Registrable Securities held by the Funds and other investors party to the Registration Rights Agreement.

The foregoing description of the Registration Rights Agreement is qualified in its entirety by reference to the full text of the Registration Rights Agreement, which is incorporated by reference as Exhibit 99.4 hereto and which is incorporated by reference herein.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Baker Bros. Advisors LP

**Signature:** /s/ Scott L. Lessing

**Name/Title:** Scott L. Lessing / President By: Baker Bros. Advisors (GP) LLC, its general partner

**Date:** 08/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Baker Bros. Advisors (GP) LLC

**Signature:** /s/ Scott L. Lessing

**Name/Title:** Scott L. Lessing / President

**Date:** 08/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Julian C. Baker

**Signature:** /s/ Julian C. Baker

**Name/Title:** Julian C. Baker

**Date:** 08/01/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Felix J. Baker

**Signature:** /s/ Felix J. Baker

**Name/Title:** Felix J. Baker

**Date:** 08/01/2025