FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                       
1. Name and Address of Reporting Person * Sullivan Brian F. 2. Issuer Name and Ticker or Trading Symbol Celcuity Inc. [ CELC ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)__X__ Director                    __X__ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
Chief Executive Officer
(Last)          (First)          (Middle)
16305 36TH AVENUE NORTH, SUITE 100		 3. Date of Earliest Transaction (MM/DD/YYYY)
2/16/2023
(Street)
MINNEAPOLIS, MN 55446
(City)        (State)        (Zip)
 4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
 6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

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

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)  $8.4000                   (1) 5/17/2027  Common Stock  21500    21500  D   
Stock Option (right to buy)  $5.50                   (1) 9/19/2027  Common Stock  8220    8220  D   
Stock Option (right to buy)  $5.50                   (1) 8/13/2028  Common Stock  3769    3769  D   
Stock Option (right to buy)  $5.50                   (1) 10/17/2028  Common Stock  14675    14675  D   
Stock Option (right to buy)  $5.50                   (2) 8/12/2029  Common Stock  50000    50000  D   
Stock Option (right to buy)  $5.50                   (1) 8/12/2029  Common Stock  4985    4985  D   
Stock Option (right to buy)  $5.9000                   (3) 8/12/2030  Common Stock  20000    20000  D   
Stock Option (right to buy)  $5.9000                   (1) 8/12/2030  Common Stock  17281    17281  D   
Stock Option (right to buy)  $5.50                   (4) 12/28/2030  Common Stock  11081    11081  D   
Stock Option (right to buy)  $5.50                   (5) 2/2/2031  Common Stock  12859    12859  D   
Stock Option (right to buy)  $5.50                   (6) 3/18/2031  Common Stock  11889    11889  D   
Stock Option (right to buy)  $5.50                   (7) 4/12/2031  Common Stock  13509    13509  D   
Stock Option (right to buy)  $5.50                   (1) 8/11/2031  Common Stock  17000    17000  D   
Stock Option (right to buy)  $5.50                   (8) 8/11/2031  Common Stock  20000    20000  D   
Stock Option (right to buy)  $5.50                   (9) 10/27/2031  Common Stock  6569    6569  D   
Stock Option (right to buy)  $5.50                   (10) 5/17/2032  Common Stock  250000    250000  D   
Warrants (right to buy)  $8.05                   (11) 12/9/2027  Common Stock  104340    104340  D   
Stock Option (right to buy)  $11.55  2/16/2023    A (12)    69760       (12) 2/16/2033  Common Stock  69760  $0  69760  D   

Explanation of Responses:
(1)  Fully vested.
(2)  12,500 shares vest on 8/12/20; the remaining 37,500 shares vest 1/36th per month thereafter.
(3)  5,000 shares vest on 8/12/21; the remaining 15,000 shares vest 1/36th per month thereafter.
(4)  2,770 shares vest on 12/29/21; the remaining 8,311 shares vest 1/36th per month thereafter.
(5)  3,214 shares vest on 2/2/22; the remaining 9,645 shares vest 1/36th per month thereafter.
(6)  2,972 shares vest on 3/18/22; the remaining 8,917 shares vest 1/36th per month thereafter.
(7)  3,377 shares vest on 4/12/22; the remaining 10,132 shares vest 1/36th per month thereafter.
(8)  5,000 shares vest on 8/11/22; the remaining 15,000 shares vest 1/36th per month thereafter.
(9)  1,642 shares vest on 10/27/22; the remaining 4,927 shares vest 1/36th per month thereafter.
(10)  These shares vest in equal amounts over fourteen (14) months, beginning June 1, 2022.
(11)  Fully exercisable.
(12)  These shares vest in equal amounts over twelve (12) months, beginning February 16, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Sullivan Brian F.
16305 36TH AVENUE NORTH
SUITE 100
MINNEAPOLIS, MN 55446		 X X Chief Executive Officer

Signatures
/s/ Eric O. Madson as Attorney-in-Fact for Brian F. Sullivan pursuant to Power of Attorney previously filed. 2/21/2023
**Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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