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SCHEDULE 13D/A 0001072613-22-000433 0001917895 XXXXXXXX LIVE 4 Common Stock, $0.001 par value per share 03/05/2026 false 0001603454 15102K100 Celcuity Inc. 16305 36th Avenue North Suite 100 Minneapolis MN 55446 Stephanie Brecher (410)842-4000 New Enterprise Associates 1954 Greenspring Drive, Suite 600 Timonium MD 21093 0001917895 N Growth Equity Opportunities 18 VGE, LLC WC N DE 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 OO 0001880239 N NEA 18 Venture Growth Equity, L.P. WC N DE 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 PN 0001898446 N NEA Partners 18 VGE, L.P. AF N DE 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 PN 0001898598 N NEA 18 VGE GP, LLC AF N DE 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 OO 0001613867 N Ali Behbahani AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001746342 N Carmen Chang AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001559827 N Anthony A. Florence, Jr. AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001630226 N Mohamad H. Makhzoumi AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001328625 N Edward T. Mathers AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001237289 N Scott D. Sandell AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001553150 N Paul Walker AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN 0001851328 N Rick Yang AF N X1 0.00 2285561.00 0.00 2285561.00 2285561.00 N 4.9 IN Common Stock, $0.001 par value per share Celcuity Inc. 16305 36th Avenue North Suite 100 Minneapolis MN 55446 This Amendment No. 4 ("Amendment No. 4") to Schedule 13D amends and supplements the Schedule 13D originally filed on May 24, 2022 (the "Schedule 13D"), Amendment No. 1 thereto filed on September 12, 2022 ("Amendment No. 1"), Amendment No. 2 thereto filed on August 18, 2025 ("Amendment No. 2") and Amendment No. 3 thereto filed on January 16, 2026 ("Amendment No. 3"), relating to the Common Stock of the Issuer. Certain terms used but not defined in this Amendment No. 4 have the meanings assigned thereto in the Schedule 13D (and Amendment No. 1, Amendment No. 2 and Amendment No. 3 thereto). Except as specifically provided herein, this Amendment No. 4 does not modify any of the information previously reported on the Schedule 13D (and Amendment No. 1, Amendment No. 2 and Amendment No. 3 thereto). Growth Equity Opportunities 18 VGE, LLC ("GEO"); NEA 18 Venture Growth Equity, L.P. ("NEA 18 VGE"), which is the sole member of GEO; NEA Partners 18 VGE, L.P. ("NEA Partners 18 VGE"), which is the sole general partner of NEA 18 VGE; and NEA 18 VGE GP, LLC ("NEA 18 VGE LLC" and, together with NEA Partners 18 VGE, the "Control Entities"), which is the sole general partner of NEA Partners 18 VGE; and Ali Behbahani ("Behbahani"), Carmen Chang ("Chang"), Anthony A. Florence, Jr. ("Florence"), Mohamad H. Makhzoumi ("Makhzoumi"), Edward T. Mathers ("Mathers"), Scott D. Sandell ("Sandell"), Paul Walker ("Walker") and Rick Yang ("Yang") (together, the "Managers"). The Managers are the managers of NEA 18 VGE LLC. The persons named in this Item 2 are referred to individually herein as a "Reporting Person" and collectively as the "Reporting Persons." The address of the principal business office of GEO, NEA 18 VGE, each Control Entity and Sandell is New Enterprise Associates, 1954 Greenspring Drive, Suite 600, Timonium, Maryland 21093. The address of the principal business office of Behbahani, Chang, Makhzoumi, Walker and Yang is New Enterprise Associates, 2855 Sand Hill Road, Menlo Park, California 94025. The address of the principal business office of Florence and Mathers is New Enterprise Associates, 104 5th Avenue, 19th Floor, New York, New York 10011. The principal business of GEO and NEA 18 VGE is to invest in and assist growth-oriented businesses located principally in the United States. The principal business of NEA Partners 18 VGE is to act as the sole general partner of NEA 18 VGE. The principal business of NEA 18 VGE LLC is to act as the sole general partner of NEA Partners 18 VGE. The principal business of each of the Managers is to manage the Control Entities, NEA 18 VGE, GEO and a number of affiliated partnerships with similar businesses. During the five years prior to the date hereof, none of the Reporting Persons has been convicted in a criminal proceeding or has been a party to a civil proceeding ending in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. During the five years prior to the date hereof, none of the Reporting Persons has been convicted in a criminal proceeding or has been a party to a civil proceeding ending in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. GEO and NEA 18 VGE LLC are limited liability companies organized under the laws of the State of Delaware. NEA 18 VGE and NEA Partners 18 VGE are limited partnerships organized under the laws of the State of Delaware. Each of the Managers is a United States citizen. Not applicable. The information provided and incorporated by reference in Item 5(c) is hereby incorporated by reference. Depending on market conditions and other factors, GEO and other Reporting Persons may dispose of additional shares of the Issuer. GEO is the record owner of 2,285,561 shares of Common Stock of the Issuer (the "GEO Shares"). As the sole member of GEO, NEA 18 VGE may be deemed to own beneficially the GEO Shares. As the general partner of NEA 18 VGE, NEA Partners 18 VGE may be deemed to own beneficially the GEO Shares. As the sole general partner of NEA Partners 18 VGE, NEA 18 VGE LLC may be deemed to own beneficially the GEO Shares. As members of NEA 18 VGE LLC, each of the Managers may be deemed to own beneficially the GEO Shares. Each Reporting Person disclaims beneficial ownership of the GEO Shares other than those shares which such person owns of record. The percentage of outstanding Common Stock of the Issuer which may be deemed to be beneficially owned by each Reporting Person is set forth on Line 13 of such Reporting Person's cover sheet. Such percentage was calculated based on 46,271,259 shares of Common Stock reported by the Issuer to be outstanding as of November 6, 2025, on the Issuer's Form 10-Q filed with the Securities and Exchange Commission on November 13, 2025. Regarding the number of shares as to which such person has: (i) sole power to vote or to direct the vote: See line 7 of cover sheets (ii) shared power to vote or to direct the vote: See line 8 of cover sheets (iii) sole power to dispose or to direct the disposition: See line 9 of cover sheets (iv) shared power to dispose or to direct the disposition: See line 10 of cover sheets. On March 5, 2026, GEO made a distribution of 625,000 shares of Common Stock of the Issuer to NEA 18 VGE, which made a pro rata distribution of the shares to its general partner and limited partners for no consideration (the "Distribution"). NEA Partners 18 VGE acquired 9,375 shares of Common Stock of the Issuer as a result of the Distribution and, subsequent to the Distribution, on March 5, 2026, made a distribution of the shares of Common Stock of the Issuer for no consideration, of which 9,375 shares were received by an entity for which Florence, Makhzoumi and Sandell may be deemed to have beneficial ownership (the "NEA Partners 18 VGE Distribution"). On March 6, 2026, the shares indirectly received by Florence, Makhzoumi and Sandell in the NEA Partners 18 VGE Distribution were sold as set forth on Schedule A. No other transactions in the Issuer's Common Stock were effected by the Reporting Persons since the filing of Amendment No. 3. No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, Common Stock beneficially owned by any of the Reporting Persons. March 5, 2026. Not applicable. Exhibit 1 - Agreement regarding filing of joint Schedule 13D. Exhibit 2 - Schedule A: Transactions. Exhibit 3 - Power of Attorney regarding filings under the Securities Exchange Act of 1934, as amended. Growth Equity Opportunities 18 VGE, LLC /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer 03/09/2026 /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer 03/09/2026 NEA 18 Venture Growth Equity, L.P. /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer 03/09/2026 /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer 03/09/2026 NEA Partners 18 VGE, L.P. /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer 03/09/2026 /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer 03/09/2026 NEA 18 VGE GP, LLC /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Anthony A. Florence Jr., Managing Partner and Co-Chief Executive Officer 03/09/2026 /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Mohamad H. Makhzoumi, Managing Partner and Co-Chief Executive Officer 03/09/2026 Ali Behbahani /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Ali Behbahani 03/09/2026 Carmen Chang /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Carmen Chang 03/09/2026 Anthony A. Florence, Jr. /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Anthony A. Florence, Jr. 03/09/2026 Mohamad H. Makhzoumi /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Mohamad H. Makhzoumi 03/09/2026 Edward T. Mathers /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Edward T. Mathers 03/09/2026 Scott D. Sandell /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Scott D. Sandell 03/09/2026 Paul Walker /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Paul Walker 03/09/2026 Rick Yang /s/ Zachary Bambach Zachary Bambach as attorney-in-fact for Rick Yang 03/09/2026 This Amendment No. 4 to Schedule 13D was executed by Zachary Bambach on behalf of the individuals listed above pursuant to a Power of Attorney, a copy of which is attached as Exhibit 3.