[Form 4] Celcuity Inc. Insider Trading Activity

Rhea-AI Filing Summary

Celcuity Inc. (CELC) director Richard E. Buller reported several insider transactions involving shares held through a trust. On 11/19/2025, the trust disposed of 500 shares of common stock in a transaction coded "G" at a reported price of $0, leaving 7,260 shares held indirectly by the trust. On 11/20/2025, the trust exercised a stock option for 3,900 shares at an exercise price of $14.83 per share, increasing indirect holdings to 11,160 shares. That same day, the trust sold 3,900 shares of common stock at a weighted average price of $96.732 per share in multiple trades, bringing indirect trust holdings back to 7,260 shares. Following these transactions, Buller also reported direct ownership of 1,029 shares of common stock and indirect ownership of 2,622 stock options through the trust, which are fully vested.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Buller Richard E

(Last) (First) (Middle)

16305 36TH AVE N

SUITE 100

(Street)

MINNEAPOLIS MN 55446

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Celcuity Inc. [ CELC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/19/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

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. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction 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	11/19/2025		G		500	D	$0	7,260	I	By Trust(1)
Common Stock	11/20/2025		M		3,900	A	$14.83	11,160	I	By Trust(1)
Common Stock	11/20/2025		S		3,900	D	$96.732(2)	7,260	I	By Trust(1)
Common Stock								1,029	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction 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 (Month/Day/Year)		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: 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)	$14.83	11/20/2025		M			3,900	(3)	06/04/2034	Common Stock	3,900	$0	2,622	I	By Trust(1)

Explanation of Responses:

1. The Reporting Person and his spouse are the trustees and beneficiaries. The Reporting Person continues to beneficially own these securities held by the trust.

2. The price reported in Column 4 is a weighted average price. These shares of common stock of the issuer were traded in multiple transactions at prices ranging from $96.465 to $96.920, inclusive. The Reporting Person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares traded at each separate price within the range set forth in this footnote.

3. 100% vested.

	/s/ Griffin D. Foster as Attorney-in-Fact for Richard E. Buller pursuant to Power of Attorney previously filed	11/21/2025
	** 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 Number.

FAQ

What insider transactions did Celcuity (CELC) director Richard E. Buller report?

Richard E. Buller reported a 500-share disposition on 11/19/2025, a stock option exercise for 3,900 shares at $14.83 on 11/20/2025, and a sale of 3,900 shares at a weighted average price of $96.732 on the same day.

How many Celcuity (CELC) shares does Richard E. Buller own after these transactions?

After the reported transactions, Richard E. Buller holds 7,260 shares of Celcuity common stock indirectly through a trust and 1,029 shares directly.

What stock options related to Celcuity (CELC) did Richard E. Buller report?

Buller reported a stock option with an exercise price of $14.83 per share, of which 3,900 shares were exercised on 11/20/2025, leaving 2,622 derivative securities beneficially owned indirectly through the trust.

At what price did the Celcuity (CELC) shares sell in the reported Form 4?

The 3,900 Celcuity shares sold on 11/20/2025 were transacted at a weighted average price of $96.732 per share, with individual trades ranging from $96.465 to $96.920.

What is the relationship between Richard E. Buller and the Celcuity (CELC) trust holdings?

Buller and his spouse are the trustees and beneficiaries of the trust, and he continues to beneficially own the Celcuity securities held by the trust.

What role does Richard E. Buller hold at Celcuity (CELC)?

Richard E. Buller is reported as a Director of Celcuity Inc. on the Form 4.