Item 9A. Controls and Procedures
ITEM 9A. Controls and Procedures
Evaluation of Disclosure
Controls and Procedures
Our management, with the
participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures
as of December 31, 2024. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), means controls and other procedures of a company that
are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure
controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed
by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management,
including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance
of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible
controls and procedures.
Based on the evaluation
of our disclosure controls and procedures as of December 31, 2024, our Chief Executive Officer and Chief Financial Officer concluded that,
as of such date, our disclosure controls and procedures were effective.
Management Report on Internal Control over Financial
Reporting
Our management is responsible for establishing
and maintaining adequate internal control over financial reporting as such term is defined in Rule 13a-15(f) under the Securities Exchange
Act of 1934. Management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2024 based
on criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO – 2013”) in Internal
Control-Integrated Framework. Based on this assessment, our Chief Executive Officer and Chief Financial Officer concluded that our system
of internal control over financial reporting was effective as of such date.
This Annual Report does not
include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s
report was not subject to attestation by our registered public accounting firm pursuant to our designation as a small reporting company
or SRC and Non-Accelerated filer.
Changes in Internal Control
over Financial Reporting
There were no changes to
our system of internal control over financial reporting during the three months ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, our system
of internal controls over financial reporting.
ITEM 9B. Other Information
On November 19, 2024, Brightstone Venture Capital Fund, LP (“Brightstone”)
adopted a 10b5-1 plan that provided for the sale of up to 220,000 shares of Celcuity Inc. common stock through November 19, 2025. This
plan was terminated on December 12, 2024. On December 13, 2024,
Brightstone adopted a 10b5-1 plan that provides for the sale of up to 229,325 shares
of Celcuity Inc. common stock through December 13, 2025. David Dalvey is a General Partner at Brightstone.
During the three months ended December 31, 2024, none
of our other directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “Rule
10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation
S-K.
On
March 28, 2025, the Compensation Committee of the Board of Directors (the “Committee”) of the Company
adopted the Celcuity Inc. Change in Control and Severance Plan (the “Severance Plan”). The purpose of the Severance Plan
is to provide assurances to employees of the Company of specified benefits in the event of a Change in Control of the Company (as defined
in the Company’s equity plan) or certain terminations of employment following a Change in Control. The Severance Plan covers all
regular full or part-time employees of the Company, including each executive officer of the Company. The Committee is responsible for
administering the Severance Plan. The Severance Plan may be amended or terminated at any time prior
to a Change in Control.
In the event of a
participant’s involuntary termination of employment without cause or resignation for good reason (as such terms are defined in
the Severance Plan) within the twelve-month period following a Change in Control, the Severance Plan provides for: (i) a severance
payment in an amount ranging from three months to three years of the participant’s base salary and target cash bonus, plus
(ii) COBRA premiums for the participant and their enrolled dependents for the same time period, but no greater than eighteen months,
both payable in a lump sum.
The amount of severance provided under the Severance
Plan is: three years for the Company’s chief executive officer; two years for the Company’s other executive officers; one
year for the Company’s other executives that are not executive officers; six months for the Company’s vice presidents; and
for all other participants, the greater of (i) three months or (ii) two weeks per each full year of employment, with a maximum of six
months.
In addition, the Severance Plan provides that
in the event of a Change in Control, all outstanding equity awards held by any participant will fully vest (with performance awards vesting
at the greater of target or actual performance levels) immediately upon the effective date of such change in control.
The foregoing description of the Severance Plan
does not purport to be complete and is qualified in its entirety by reference to the full text of the Severance Plan, which is filed
as Exhibit 10.35 hereto and is incorporated herein by reference.
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
67
PART III
ITEM 10. Directors, Executive Officers and Corporate Governance
Directors
Brian F. Sullivan , age 63, is our co-Founder
and has served as Chairman of the Board and Chief Executive Officer since we commenced operations in 2012. Mr. Sullivan has over 30 years
of experience founding and building successful, high-growth technology companies. He was Chairman and CEO of SterilMed, a medical device
reprocessing company, from 2003, when he led an investment group to acquire a majority interest, until its sale to Ethicon Endo-Surgery
Inc., a Johnson & Johnson company, for $330 million in 2011. Previously, he was co-founder and Chief Executive Officer of Recovery
Engineering, a filtration company, which he took public and subsequently sold to Procter & Gamble for $265 million in 1999. Mr. Sullivan
previously served on the board of directors of two publicly-held companies, Entegris, Inc. and Virtual Radiologic Inc. Mr. Sullivan
has received nine U.S. patents and has several pending. He graduated magna cum laude with distinction from Harvard College with
an A.B. in economics. Among other attributes, skills, and qualifications, the board of directors believes Mr. Sullivan is uniquely
qualified to serve as a director based on his extensive operational and business development experience, and his knowledge in building
stockholder value, growing a company from inception and navigating significant corporate transactions and the public company process.
Lance G. Laing, Ph.D., age 63, is our co-Founder
and has served as Chief Science Officer, Vice President, Secretary and Director since we commenced operations in 2012. Dr. Laing’s
career spans more than 20 years in drug discovery research and technology development. He received his doctorate in biophysics and biochemistry
from The Johns Hopkins University and completed a National Institutes of Health post-doctoral fellowship at Washington University Medical
School. He has received 24 U.S. patents and has several U.S. patents pending. His drug discovery research career began at Scriptgen/Anadys
Pharmaceuticals (purchased by Novartis), where he worked under Professor Peter Kim, who became President of Merck Research. He also was
Director of Chemistry and Bioapplications and Director of Detection Product Development for two companies that each developed instruments
similar to those Celcuity uses to perform the CELsignia tests. His work at these two instrument companies gave him unique expertise and
experience in developing a variety of patented applications for these instruments. Most recently, he served as an executive director for
an international drug discovery and development company. Among other attributes, skills, and qualifications, the board of directors believes
Dr. Laing is uniquely qualified to serve as a director based on his significant research, medical and scientific expertise.
Richard E. Buller, M.D., Ph.D., age 75, was
appointed to Celcuity’s board of directors in December 2019. Dr. Buller has over 15 years of experience leading oncology clinical
development and translational medicine departments at major pharmaceutical companies. He has participated in the development of 15 drugs
and several companion diagnostics that received U.S. FDA approval. Dr. Buller most recently served as Head Oncology Clinical Development
and Vice President of Translational Oncology at Pfizer, Inc, one of the world’s largest pharmaceutical companies, until he retired
in 2016. He had previously served as Vice President of Translational Medicine at Exelixis, a leading biopharmaceutical company, where
he led efforts to study patients selected by molecular testing for inclusion in their phase 2 and phase 3 clinical trials. He began his
pharmaceutical company career at GlaxoSmithKline as Director of the Oncology Medicine Development Center. Prior to his leadership positions
in drug development, he was Professor of Gynecologic Oncology at the University of Iowa, where he led laboratory research focused on identifying
genomic variants involved in ovarian cancer. He received his M.D. from the Baylor College of Medicine, where he also received his Ph.D.
in cell biology. Among other attributes, skills, and qualifications, the board of directors believes Dr. Buller is uniquely qualified
to serve as a director based on his oncology drug and diagnostic development expertise.
68
David F. Dalvey , age 66, has served as a member
of Celcuity’s board of directors since February 2014. Mr. Dalvey has more than 30 years of experience in the fields of
corporate finance and venture capital, working primarily with growth-oriented technology and life-science businesses. He has over 10 years
of corporate finance advisory experience with two national investment banks, completing over 150 individual transactions. He has been
the General Partner of Brightstone Venture Capital, a venture capital management company, since September 2000. Brightstone is a
25-year old venture capital management company that has raised and managed ten venture partnerships. Previously, he held management positions
with R.J. Steichen and Company, an investment bank, from 1995 to 2000, The Food Fund LP, a venture capital firm, from 1992 to 1995 and
Wessels, Arnold & Henderson, an investment bank, from 1987 to 1992. Mr. Dalvey served on the board of directors for Navarre Corporation
(now Speed Commerce, Inc.) from 2009 until November 2012, on the board of managers for Blue Rock Market Neutral Fund, a mutual fund
registered under the Investment Company Act of 1940 from 2000 to 2014 and on the board of directors for Digitiliti, Inc. from July 2011
until October 2012. Mr. Dalvey has significant operational exposure as a board director or advisor to many other public and privately
held growth businesses and has served on these companies’ audit, strategic or governance committees, including companies such as
HomeSpotter, Definity Health, AppTec Laboratories, CHF Solutions, BiteSquad, Agiliti, and Nature Vision. Mr. Dalvey received a B.S. in
Business/Management Economics from University of Minnesota. Among other attributes, skills, and qualifications, the board of directors
believes Mr. Dalvey is uniquely qualified to serve as a director based on his leadership experience in operating both public and private
companies and his experience working in the investment community and with investment firms, which enable him to bring valuable insight
and knowledge to our board of directors.
Leo T. Furcht, M.D., age 78, was appointed
to Celcuity’s board of directors in May 2019. Dr. Furcht is currently Allen-Pardee Professor of Cancer Biology and Head of the Department
of Laboratory Medicine and Pathology at the University of Minnesota and a member of the Division of Molecular Pathology and Genomics.
He served as Chairman of the Board of Directors for University of Minnesota Physicians, the Medical School practice plan with approximately
700 physicians, from 2004-2014. He was also the founding Director of the Biomedical Engineering Center from 1990-2001, where he led efforts
to establish stem cell and molecular diagnostics expertise at the University of Minnesota. He has published more than 180 scientific papers
and holds more than 30 patents in the fields of polypeptides, biomaterials, and adult stem cells. His business experience includes co-founding
two medical technology companies, South Bay Medical, a medical device company that was acquired by Mentor Corporation, and Diascreen,
a diagnostics company, which was later acquired by Chronimed. Among other attributes, skills, and qualifications, the board of directors
believes Dr. Furcht is uniquely qualified to serve as a director based on his research in tumor cell behavior and extracellular matrix
proteins, Head of the University of Minnesota’s Department of Laboratory Medicine and Pathology, and his experience in several biotechnology
start-ups.
Polly A. Murphy, D.V.M., Ph.D., age 60, was
appointed to Celcuity’s board of directors in September 2022. Dr. Murphy has served as Chief Business Officer at Avadel Pharmaceuticals
plc since May 2024. Prior to that, Dr. Murphy was Chief Business Officer at UroGen Pharma, Inc. from August 2020 through May 2024 and
served in various leadership roles at Pfizer Inc. from September 2008 to August 2020, including as Vice President and Head of Early Commercial
Development, Pfizer Oncology Business Unit from January 2019 to August 2020, Vice President and Head of Global Marketing and Commercial
Development, Pfizer Oncology Business Unit from June 2017 to December 2018, and Vice President and Head of Strategy and Business Development
for Pfizer China from November 2013 to May 2018. Since August 2020,
Dr. Murphy as served on the board of directors of Atea Pharmaceuticals, Inc., a publicly held company. Dr. Murphy received her D.V.M.
and Ph.D. from Iowa State University and her M.B.A. from Nova Southeastern University. Among other attributes, skills, and qualifications,
the board of directors believes Dr. Murphy is uniquely qualified to serve as a director based on her significant medical and scientific
expertise and experience in the pharmaceutical industry in business development and commercialization.
Richard J. Nigon , age 77, is currently Senior
Vice President of Cedar Point Capital, LLC., a private company that raises capital for early-stage companies, where he has served since
2007. Mr. Nigon has also been a board member for Northern Technologies International Corp. since February 2010, including its non-executive
Chairman of the board of directors since November 2012. Mr. Nigon also serves as a director of several private companies. Mr. Nigon
previously served as a board member for Tactile Systems Technology from September 2012 to May 2022, Vascular Solutions, Inc. from November 2000
to February 2017, when it was acquired by Teleflex, Incorporated and as a board member for Virtual Radiologic Corporation from May 2007
until it was acquired in July 2010. From February 2001 until December 2006, Mr. Nigon was a Director of Equity Corporate
Finance for Miller Johnson Steichen Kinnard, a privately held investment firm, which was acquired in December 2006 by Stifel Nicolaus,
a brokerage and investment banking firm. After that acquisition, Mr. Nigon became a Managing Director of Private Placements of Stifel
Nicolaus until May 2007. From February 2000 to February 2001, Mr. Nigon served as the Chief Financial Officer of Dantis,
Inc., a web hosting company. Prior to joining Dantis, Mr. Nigon was employed by Ernst & Young LLP from 1970 to 2000, where he served
as a partner from 1981 to 2000. While at Ernst & Young, Mr. Nigon served as the Director of Ernst & Young’s Twin Cities
Entrepreneurial Services Group and was the coordinating partner on several publicly-traded companies in the consumer retailing and manufacturing
sectors. Among other attributes, skills, and qualifications, the board of directors believes Mr. Nigon is qualified to serve as a director
because of his extensive public accounting and auditing experience, including particular experience with emerging growth companies. The
board of directors also believes that Mr. Nigon will bring to the board of directors a strong background in financial controls and reporting,
financial management, financial analysis, SEC reporting requirements and mergers and acquisitions. His strategic planning expertise gained
through his management and leadership roles at private investment firms also makes him well-suited to serve as a member of the board of
directors.
69
Executive Officers
Information regarding our Chief Executive Officer,
Brian F. Sullivan, and our Chief Science Officer, Lance G. Laing, PhD., is included above under the heading “Directors”.
Vicky Hahne , age 58, joined as our Chief Financial
Officer in July 2017. She has more than 25 years of financial leadership experience, including the most recent 15 years in the healthcare
industry. Prior to joining Celcuity, Ms. Hahne served as Controller of Respiratory Technologies Inc., a medical device manufacturer, from
2015 to 2017. While at Respiratory Technologies, she played a key role in the due diligence process to sell the company to Koninklijke
Philips. In 2014, she served as Controller for Ability Network Inc., a healthcare information technology company. From 2007 to 2012, Ms.
Hahne served as Controller of SterilMed Inc., a medical device reprocessing company, where she was significantly involved in the sale
of the company to Johnson & Johnson. Prior to these roles, Ms. Hahne held several senior financial positions at SimonDelivers Inc.,
including Chief Financial Officer. Ms. Hahne has extensive experience in early stage, high growth companies with responsibilities including
financial controls and stewardship, financial analysis, mergers and acquisitions, building infrastructure and systems. She received a
B.S. degree in Finance and Accounting from Northern State University and received her CPA certificate in 1990.
Corporate Governance
Our board of directors has adopted a Code of Ethical
Business Conduct that applies to our directors, officers and employees. In addition, our CEO, CFO and other senior financial
officers of the company are subject to a Code of Ethical Business Conduct for Senior Financial Officers. These Codes are available on
the corporate governance section of our website (which is a subsection of the investor relations section of our website) at the following
address: www.celcuity.com. We intend to disclose on our website any amendments or waivers to these codes that are required to be disclosed
by SEC or Nasdaq rules.
Additional information required
by this Item 10 will be contained in our definitive proxy statement for our 2025 Annual Meeting of Stockholders (the “Definitive
Proxy Statement”) under the captions “Corporate Governance,” and “Meetings and Committees of the Board of Directors”
and is incorporated herein by reference.
ITEM 11. Executive Compensation
The information required by this Item 11 will be contained
in the Definitive Proxy Statement under the captions “Corporate Governance,” “Executive Compensation” and “Director
Compensation” and is incorporated herein by reference.
ITEM 12. Security Ownership of Certain Beneficial
Owners and Management and Related Stockholder Matters
The information required by this Item 12 will be contained
in the Definitive Proxy Statement under the captions “Beneficial Ownership of Common Stock” and “Securities Authorized
for Issuance under Equity Compensation Plans” and is incorporated herein by reference.
ITEM 13. Certain Relationships and Related Transactions, and Director
Independence
The information required by this Item 13 will be contained
in the Definitive Proxy Statement under the captions and “Corporate Governance” and “Certain Relationships and Related
Transactions” and is incorporated herein by reference.
ITEM 14. Principal Accountant Fees and Services
The information required by this Item 14 will be contained
in the Definitive Proxy Statement under the caption “Proposal No. 2, Ratification of Appointment of Independent Registered Public
Accounting Firm” and is incorporated herein by reference.
70
PART IV
ITEM 15. Exhibits and Financial Statement Schedules.
FINANCIAL STATEMENTS
Item
Page
Report of Independent Registered Public Accounting Firm
48
Balance Sheets – December 31, 2024 and 2023
49
Statements of Operations – Years ended December 31, 2024 and 2023
50
Statements of Changes in Stockholders’ Equity – Years ended December 31, 2024 and 2023
51
Statements of Cash Flows – Years ended December 31, 2024 and 2023
52
Notes to Consolidated Financial Statements
53
FINANCIAL STATEMENT SCHEDULES
None.
EXHIBITS
See Exhibit Index immediately following the signature
page hereto, which is incorporated herein by reference.
ITEM 16. Form 10-K Summary
None.
71
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: March 31, 2025
CELCUITY INC.
By
/s/ Brian F. Sullivan
Brian F. Sullivan
Chairman and Chief Executive Officer
(Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Each person whose signature appears below constitutes
and appoints Brian F. Sullivan and Vicky Hahne as the undersigned’s true and lawful attorneys-in fact and agents, each acting alone,
with full power of substitution and resubstitution, for the undersigned and in the undersigned’s name, place and stead, in any
and all amendments to this Annual Report on Form 10-K and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granted unto said attorneys-in-fact and agents, each acting alone, full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all said attorneys-in-fact and
agents, each acting alone, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
Signature
Title
Date
/s/
Brian F. Sullivan
Chairman and Chief Executive Officer
March 31, 2025
Brian F. Sullivan
(Principal Executive Officer)
/s/
Vicky Hahne
Chief Financial Officer
March 31, 2025
Vicky Hahne
(Principal Financial and Accounting Officer)
/s/
Lance G. Laing
Chief Science Officer, Vice President and Secretary, and
March 31, 2025
Lance G. Laing
Director
/s/
Richard E. Buller
Director
March 31, 2025
Richard E. Buller
/s/
Dave F. Dalvey
Director
March 31, 2025
Dave F. Dalvey
/s/
Leo T. Furcht
Director
March 31, 2025
Leo T. Furcht
/s/
Polly A. Murphy
Director
March 31, 2025
Polly A. Murphy
/s/
Richard J. Nigon
Director
March 31, 2025
Richard J. Nigon
72
EXHIBIT INDEX
CELCUITY INC.
FORM 10-K
Exhibit
No.
Description
2.1
Form of Plan of Conversion (incorporated by reference to Exhibit 2.1 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
3.1
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 with the SEC on October 9, 2024).
3.2
Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 13, 2017).
4.1
Specimen Certificate representing shares of common stock of Celcuity Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
4.2*
Description of Registered Securities.
4.3
Form of Warrant to Purchase Units of Membership Interest issued by Celcuity LLC to Cedar Point Capital, LLC, as placement agent of membership units and unsecured convertible promissory notes of Celcuity LLC (incorporated by reference to Exhibit 10.9 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
4.4
Form of Warrant to Purchase Common Stock issued by Celcuity Inc. in connection with the conversion of 1.25% Unsecured Convertible Promissory Notes (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2017).
4.5
Representative’s Warrant to Purchase Common Stock (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 25, 2017).
4.6
First Amendment to Representative’s Warrant, dated September 13, 2022, between Celcuity Inc. and Craig-Hallum Capital Group LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 14, 2022).
4.7
Form of Warrant issued by Celcuity Inc. to Innovatus Life Sciences Lending Fund I, LP in connection with the Loan and Security Agreement dated April 8, 2021 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 8, 2021).
4.8
Equity Grant Agreement, dated April 8, 2021, between the Company and Pfizer Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 8, 2021).
4.9
Form of Stock Purchase Warrant issued by Celcuity Inc. in connection with the Securities Purchase Agreement, dated May 15, 2022 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 18, 2022).
4.10
Form of Pre-Funded Warrant to Purchase Common Stock issued by Celcuity Inc. in connection with the Securities Purchase Agreement, dated October 18, 2023 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 23, 2023).
4.11
Form of Amendment to Placement Agent’s Warrants, dated February 13, 2024 (incorporated by reference to Exhibit 4.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024).
4.12
Form of Amendment to Warrants to Purchase Shares of Common Stock, dated February 13, 2024 (incorporated by reference to Exhibit 4.5 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024).
73
4.13
Form of Warrant to Purchase Stock issued by Celcuity Inc. in connection with the Amended and Restated Loan Agreement, dated May 30, 2024 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 30, 2024).
10.1+
Celcuity Inc. 2017 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
10.2+
Celcuity Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 15, 2020).
10.3+
Amendment to the Celcuity Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 12, 2023).
10.4+
Form of Stock Option Agreement pursuant to Celcuity Inc. 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
10.5+
Form of Restricted Stock Agreement pursuant to Celcuity Inc. 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
10.6+
Form of Restricted Stock Unit Agreement pursuant to Celcuity Inc. 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
10.7+
Form of Stock Appreciation Rights Agreement pursuant to Celcuity Inc. 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
10.8+
Celcuity LLC 2012 Equity Incentive Plan, adopted August 10, 2012, as amended by First Amendment to the Celcuity LLC 2012 Equity Incentive Plan, adopted November 12, 2015 (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
10.9+
Form of Unit Option Agreement pursuant to the Celcuity LLC 2012 Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
10.10
Commercial Lease, dated September 28, 2017, between West Glen Development I, LLC and Celcuity, LLC (incorporated by reference to Exhibit 10.11 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 13, 2017).
10.11
Commercial Lease, First Amendment to Lease, dated July 28, 2020, between West Glen Development I, LLC and Celcuity Inc. (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020).
10.12
Commercial Lease, Second Amendment to Lease, dated July 19, 2021, between West Glen Development I, LLC and Celcuity Inc. (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 11, 2021).
10.13
Commercial Lease, Third Amendment to Lease, dated July 27, 2022, by and between Celcuity Inc. and West Glen Development I, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 29, 2022).
10.14
Commercial Lease, Fourth Amendment to Lease, dated March 13, 2023, by and between Celcuity Inc. and West Glen Development I, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 15, 2023).
74
10.15
Clinical Trial Agreement, dated May 8, 2017, by and between NSABP Foundation, Inc. and Celcuity LLC (incorporated by reference to Exhibit 10.13 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
10.16
Amendment No. 1, Clinical Trial Agreement for FB-12 Phase II Study, by and between NSABP Foundation, Inc and Celcuity Inc., dated October 15, 2020 (incorporated by reference Exhibit 10.15 to the Company’s Annual Report on Form 10-K filed with the SEC on February 16, 2021).
10.17+
Confidentiality, Assignment of Inventions and Non-Competition Agreement, dated November 15, 2011, between Celcuity LLC and Brian F. Sullivan (incorporated by reference to Exhibit 10.14 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
10.18+
Confidentiality, Assignment of Inventions and Non-Competition Agreement, dated November 15, 2011, between Celcuity LLC and Lance G. Laing (incorporated by reference to Exhibit 10.15 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
10.19+
Confidentiality, Non-Compete and Proprietary Rights Agreement, dated May 17, 2017, between Celcuity LLC and Vicky Hahne (incorporated by reference to Exhibit 10.16 to the Company’s Registration Statement on Form S-1 filed with the SEC on August 23, 2017).
10.20
Form of Indemnification Agreement between Celcuity Inc. and each of its officers and directors (incorporated by reference to Exhibit 10.17 to the Company’s Registration Statement on Form S-1/A filed with the SEC on September 12, 2017).
10.21†
License Agreement, dated April 8, 2021, by and between the Company and Pfizer, Inc (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 11, 2021).
10.22†
Amendment No. 1 to License Agreement, dated May 6, 2021, by and between the Company and Pfizer Inc. (incorporated by reference to Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 11, 2021).
10.23
Open Market Sale Agreement SM , dated February 4, 2022, by and between Celcuity Inc., and Jefferies LLC (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 4, 2022).
10.24
Securities Purchase Agreement, dated May 15, 2022, by and among the Registrant and the Investors named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 18, 2022).
10.25
Registration Rights Agreement, dated May 15, 2022, by and among the Registrant and the Investors named therein (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on May 18, 2022).
10.26
Loan and Security Agreement, dated as of April 8, 2021, by and between the Company and Innovatus Life Sciences Lending Fund I, LP. (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 11, 2021).
10.27
First Amendment to Loan and Security Agreement, dated August 9, 2022, by and among the Company and Innovatus Life Sciences Lending Fund I, LP (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on August 11, 2022).
10.28
Securities Purchase Agreement, dated October 18, 2023, by and among the Company and the Investors named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 23, 2023).
10.29
Registration Rights Agreement, dated October 18, 2023, by and among the Company and the Investors named therein (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on October 23, 2023).
10.30
Second Amendment to Loan and Security Agreement, dated March 29, 2024, by and among the Company and Innovatus Life Sciences Lending Fund I, LP (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on March 29, 2024).
75
10.31+
Amendment to the Celcuity Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2024).
10.32+
Amendment to Form of Stock Option Agreement pursuant to Celcuity Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024).
10.33+
Form of Non-Qualified Stock Option Transfer Agreement pursuant to Celcuity Inc. Amended and Restated 2017 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on May 15, 2024).
10.34†
Amended and Restated Loan and Security Agreement, dated May 30, 2024, by and among the Company, Innovatus Life Sciences Lending Fund I, LP, as collateral agent, and the Lenders named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 30, 2024).
10.35+*
Change in Control and Severance Plan and Summary Plan Description.
19*
Celcuity Inc. Policy to Prohibit Insider Trading.
23.1*
Consent of Boulay PLLP.
24.1*
Power of Attorney (included on the signature page).
31.1*
Certification of principal executive officer required by Rule 13a-14(a).
31.2*
Certification of principal financial officer required by Rule 13a-14(a).
32.1**
Section 1350 Certification of principal executive officer.
32.2**
Section 1350 Certification of principal financial officer.
97
Celcuity Inc. Policy for the Recoupment of Erroneously Awarded Compensation (incorporated by reference to Exhibit 97 to the Company’s Annual Report on Form 10-K filed with the SEC on March 27, 2024).
101
The following information from the Annual Report on Form 10-K of the Company for the year ended December 31, 2024, formatted, in Inline XBRL: (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Changes in Stockholders’ Equity, (iv) the Statements of Cash Flows, (v) the Notes to Financial Statements, and (vi) the information under Part II, Item 9B “Other Information.”.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).
* Filed herewith.
** Furnished herewith.
+ Management contract or compensatory plan.
† Certain portions have been omitted from this exhibit.
76