Celcuity (NASDAQ: CELC) expands debt facilities and adds new warrants

Rhea-AI Filing Summary

Celcuity Inc. amended its existing loan and security agreement to expand and extend its debt facilities. The company confirmed achievement of the Term D milestone, triggering immediate disbursement of a $30.0 million Term D Loan. It increased the potential Term E Loan from $50.0 million to up to $100.0 million, available only upon U.S. Food and Drug Administration approval of gedatolisib in second line wild-type advanced breast cancer patients after CDK4/6 inhibitor therapy. Celcuity also added three new $40.0 million Term F Loans tied to future trailing three-month product revenue thresholds and replaced a prior $45.0 million Term F Loan with a discretionary $150.0 million Term G Loan available solely at the lenders’ discretion. The amendment adds an amendment fee of $50,000, updates non‑utilization fees to 3.0% of unfunded commitments for certain tranches, and extends the term loan maturity to November 1, 2029. In connection with the amendment, Celcuity issued warrants to purchase 50,537 shares of common stock to Oxford, Innovatus and affiliates, exercisable on a cashless basis for ten years from the Term D funding date.

Insights

Capital structure and biotech credit analyst

Celcuity expanded its debt capacity and extended maturities while issuing modest equity-linked sweeteners.

Celcuity renegotiated its term loan facility to both access more capital and push out repayments. The company confirmed a $30.0 million Term D draw and raised the potential Term E borrowing capacity from $50.0 million to up to $100.0 million, contingent on U.S. Food and Drug Administration approval of gedatolisib in second line wild-type advanced breast cancer patients post CDK4/6 inhibitor therapy. It also added three new Term F tranches of $40.0 million each, linked to future trailing three‑month product revenue thresholds, and restructured a prior Term F into a discretionary $150.0 million Term G Loan.

The economics include an immediate $50,000 amendment fee and updated non‑utilization fees of 3.0% on unfunded Term E and Term F commitments, which increase carrying cost for unused capacity. The maturity extension to November 1, 2029 lengthens the debt profile, which can ease near‑term refinancing pressure but also locks in obligations for a longer period. Actual leverage will depend on whether future clinical, regulatory and commercial milestones are achieved to unlock the additional tranches.

As part of the consideration, Celcuity issued warrants for 50,537 shares of common stock to Oxford, Innovatus and certain affiliates, exercisable on a cashless basis for ten years from the Term D funding date. This creates a modest equity-linked overhang in exchange for more flexible credit support. Subsequent disclosures about gedatolisib approval status and product revenue performance will clarify how much of the expanded facility becomes available.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 9, 2025

Celcuity Inc.

(Exact name of Registrant as Specified in its Charter)

Delaware		001-38207		82-2863566
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

16305 36th Avenue North, Suite 100
Minneapolis, Minnesota 55446

(Address of Principal Executive Offices and Zip Code)

(763) 392-0767

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		CELC		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement.

On September 9, 2025, Celcuity Inc. (the “Company”) entered into the Third Amendment to Amended and Restated Loan and Security Agreement (the “Third Amendment” and the existing Amended and Restated Loan and Security Agreement, the “A&R Loan Agreement”) with Oxford Finance LLC, a Delaware limited liability company (“Oxford”), as collateral agent and a lender, Innovatus Life Sciences Lending Fund I, LP, a Delaware limited partnership (“Innovatus”), as a lender, and the other lenders party thereto (together with Oxford and Innovatus, the “Lenders”), pursuant to which the A&R Loan Agreement was amended to (i) replace Innovatus with Oxford as collateral agent; (ii) recognize the achievement of the Term D Milestone (as defined in the A&R Loan Agreement, as amended by the Third Amendment (the “Amended A&R Loan Agreement”)) and provide for the immediate disbursement of the $30.0 million Term D Loan (as defined in the Amended A&R Loan Agreement); (iii) increase the size of the Term E Loan (as defined in the Amended A&R Loan Agreement) from $50.0 million to up to $100.0 million, which Term E Loan may only be drawn upon U.S. Food and Drug Administration approval of gedatolisib in second line wild-type advanced breast cancer patients post CDK4/6 inhibitor therapy; (iv) add three new $40.0 million Term F Loans (as defined in the Amended A&R Loan Agreement), which may only be drawn upon achievement of certain trailing three months’ product revenue thresholds; (v) replace the prior $45.0 million Term F Loan (as defined in the A&R Loan Agreement) with a new $150.0 million Term G Loan (as defined in the Amended A&R Loan Agreement), which continues to be available only in the Lenders’ sole discretion upon the Company’s request; (vi) require an amendment fee payable by the Company to the Lenders in the amount of $50,000, which was paid at the closing of the Third Amendment; (vii) make certain revisions to the non-utilization fee for the Term E Loan, and add a new non-utilization fee for the Term F Loans, in each case equal to 3.0% of the applicable unfunded commitment, after taking into consideration any reductions to the applicable term loan commitment that the Company may make by notice to the collateral agent before the date that is eight weeks after the achievement of any applicable milestones; and (viii) extend the maturity date of the term loans to November 1, 2029. The Term E Loan and each Term F Loan also are subject to other customary conditions and limits on when the Company can request funding.

In connection with the Third Amendment, the Company issued warrants to purchase an aggregate of 50,537 shares of the Company’s common stock to Innovatus, Oxford, and certain of its affiliates (the “Warrants”). The Warrants may be exercised on a cashless basis and are exercisable through the tenth anniversary of the funding date of the Term D Loan. The number of shares of common stock for which each Warrant is exercisable and the associated exercise price are subject to certain proportional adjustments as set forth in such Warrant.

The foregoing descriptions of the Third Amendment and the Warrants do not purport to be complete and are qualified in their entirety by reference to the full text of each of the Third Amendment, which is filed as Exhibit 10.1 hereto, and the form of Warrant, which is filed as Exhibit 4.1 hereto, respectively, and each of which is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 regarding the Amended A&R Loan Agreement is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The information set forth under Item 1.01 regarding the Warrants is incorporated herein by reference. The issuance of the Warrants and the shares of the Company’s common stock upon the exercise of the Warrants will be made in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D thereunder.

Item 7.01 Regulation FD Disclosure.

On September 9, 2025, the Company issued a press release regarding the Third Amendment. A copy of the Company’s press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

The information in this Item 7.01, including the accompanying exhibit, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 7.01 shall not be incorporated by referenced into any filing pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

4.1		Form of Warrant to Purchase Stock issued in connection with the Third Amendment to Amended and Restated Loan and Security Agreement, dated September 9, 2025
10.1*		Third Amendment to Amended and Restated Loan and Security Agreement, dated September 9, 2025, by and among the Company, Oxford Finance LLC, as collateral agent, the Lenders named therein and Innovatus Life Sciences Lending Fund I, LP
99.1		Press release dated September 9, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Pursuant to Item 601(b)(10)(iv) of Regulation S-K, certain information has been excluded from this exhibit because it both (i) is not material and (ii) is the type that the registrant treats as private or confidential.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 10, 2025

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

FAQ

What did Celcuity Inc. (CELC) change in its loan agreement?

Celcuity entered into a Third Amendment to its Amended and Restated Loan and Security Agreement, replacing Innovatus with Oxford as collateral agent, increasing and adding term loan tranches, revising certain fees, and extending the term loan maturity to November 1, 2029.

How much new borrowing capacity does Celcuity have under the amended facility?

The amendment confirms disbursement of a $30.0 million Term D Loan, increases the potential Term E Loan from $50.0 million to up to $100.0 million, adds three new $40.0 million Term F Loans, and introduces a discretionary $150.0 million Term G Loan.

What milestones must Celcuity meet to access the Term E and Term F loans?

The Term E Loan may only be drawn upon U.S. Food and Drug Administration approval of gedatolisib in second line wild-type advanced breast cancer patients after CDK4/6 inhibitor therapy. Each Term F Loan may only be drawn upon achievement of specified trailing three months’ product revenue thresholds.

What fees are associated with Celcuity’s amended loan facility?

Celcuity agreed to pay an amendment fee of $50,000 at closing. The amendment also revises the non‑utilization fee for the Term E Loan and adds a new non‑utilization fee for the Term F Loans, each equal to 3.0% of the applicable unfunded commitment, after permitted commitment reductions within eight weeks of achieving applicable milestones.

What warrants did Celcuity issue in connection with the Third Amendment?

The company issued warrants to Innovatus, Oxford and certain affiliates to purchase an aggregate of 50,537 shares of Celcuity common stock. The warrants are exercisable on a cashless basis through the tenth anniversary of the Term D Loan funding date, with share count and exercise price subject to proportional adjustments.

How is the maturity of Celcuity’s term loans affected by this amendment?

The Third Amendment extends the maturity date of the term loans under the amended loan agreement to November 1, 2029, lengthening the timeframe over which Celcuity must repay these borrowings.

Under what securities law exemptions were Celcuity’s warrants issued?

The issuance of the warrants and the shares issuable upon exercise will rely on exemptions from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506 of Regulation D.