Celcuity Reports Third Quarter Fiscal 2017 Financial Results Minneapolis, Minnesota

Celcuity Reports Third Quarter Fiscal

2017 Financial Results

Minneapolis, Minnesota-November 13, 2017-Celcuity

Inc. (NASDAQ: CELC) a functional cellular analysis company that is discovering new cancer subtypes and commercializing diagnostic

tests designed to significantly improve clinical outcomes of cancer patients treated with targeted therapies, announced financial

results for the third quarter ended September 30, 2017.

Unless otherwise stated, all comparisons are for the third quarter

and nine months ended September 30, 2017, compared to the third quarter and nine months ended September 30, 2016.

Celcuity reported a net loss of $1.8 million, or $0.26 per share,

for the third quarter of 2017, compared to a net loss of $0.9 million, or $0.13 per share, for the third quarter of 2016. Net loss

for the first nine months of 2017 was $4.5 million, or $0.69 per share, compared to $2.4 million, or $0.38 per share, for the first

nine months of 2016.

Non-GAAP adjusted net loss was $1.4 million, or $0.20 per share,

for the third quarter of 2017, compared to non-GAAP adjusted net loss of $0.8 million, or $0.12 per share, for the third quarter

of 2016. Non-GAAP adjusted net loss for the first nine months of 2017 was $3.5 million, or $0.53 per share, compared to non-GAAP

adjusted net loss of $2.3 million, or $0.37 per share, for the first nine months of 2016. Non-GAAP adjusted net loss excludes stock-based

compensation expense and non-cash interest expenses, each of which have no impact on the cash position of the Company. For a reconciliation

of financial measures in accordance with generally accepted accounting principles of the United States (GAAP) to non-GAAP financial

measures in this release, please see the financial tables at the end of this news release.

Net cash used in operating activities for the third quarter

of 2017 was $1.6 million. Net cash used in operating activities for the first nine months of 2017 was $3.8 million. At September

30, 2017, Celcuity had cash, cash equivalents and investments of $32.5 million, compared to cash, cash equivalents, and investments

of $5.9 million at December 31, 2016.

Chief Executive Officer, Brian Sullivan, commented,

"During the third quarter of 2017, we completed our initial public offering and received aggregate net proceeds of

$23.3 million. We expect this funding, along with our previous cash-on-hand, will enable us to continue our efforts to

discover new cancer sub-types, to develop additional CELx Signaling Function tests, and to support our efforts to collaborate

with pharmaceutical companies. Activities related to the clinical trial we are fielding in collaboration with the NSABP

Foundation and Genentech were also initiated in the third quarter. This clinical trial, Functional Analysis of

live Cell signaling Transduction 1, or FACT 1, will evaluate the efficacy of two of Genentech's HER2

drugs, Herceptin and Perjeta , in HER2-negative breast cancer patients selected by our CELx HER2 Signaling Function test.

During the third quarter, we also entered into a lease for 16,000 square feet of office and laboratory space that we will

move into during the second quarter of 2018. This new space will replace our current space and enable us to expand our

R&D programs and related operational processes."

Operating expenses were $1.5 million for the third quarter of

2017, compared to $0.9 million for the third quarter of 2016. Operating expenses for the first nine months of 2017 were $4.1 million,

compared to $2.4 million for the first nine months of 2016.

Research and Development Expenses:

Research and development (R&D) expenses were $1.4 million

for the third quarter of 2017, compared to $0.8 million for the third quarter of 2016. R&D expenses for the first nine months

of 2017 were $3.6 million, compared to $2.2 million for the first nine months of 2016. The approximately $1.4 million increase

during the first nine months of 2017, compared to the first nine months of 2016, resulted primarily from increased expenses associated

with development of the CELx platform, verification studies associated with new CELx tests under development, legal expenses related

to pending patents, start-up clinical trial costs, and business development activities, as well as other employee-related expenses,

including approximately $0.3 million of stock-based compensation.

General and Administrative Expenses:

General and administrative (G&A) expenses were $0.2 million

for the third quarter of 2017, compared to $0.1 million for the third quarter of 2016. G&A expenses for the first nine months

of 2017 were $0.6 million, compared to $0.2 million for the first nine months of 2016. The approximately $0.4 million increase

during the first nine months of 2017 compared to the first nine months of 2016 resulted primarily from increases in professional

accounting and audit fees, director and officer insurance and employee-related expenses, including approximately $0.1 million of

stock-based compensation.

Management will host a teleconference call at 4:30 PM Eastern

Time today to discuss the results. Anyone interested in participating should dial 1-800-459-5346 referencing confirmation code.

"Celcuity" (23528489). Participants are asked to dial in 5 to 10 minutes prior to the start of the call and inform

the operator you would like to join the "Celcuity Conference Call."

Celcuity Inc. is a cellular analysis

company that is discovering new cancer sub-types and commercializing diagnostic tests designed to significantly improve the clinical

outcomes of cancer patients treated with targeted therapies. Celcuity's proprietary CELx diagnostic platform uses a

patient's living tumor cells to identify the specific abnormal cellular activity driving a patient's cancer and the

targeted therapy that can best treat that patient's disease. Celcuity is headquartered in Minneapolis, MN. Further information

about Celcuity can be found at www.celcuity.com.

Forward-Looking Statements

This press release contains statements

that constitute "forward-looking statements." In some cases, you can identify forward-looking statements by terminology

such as "may," "should," "expects," "plans," "anticipates," "believes,"

"estimates," "predicts," "potential," "intends" or "continue," and

other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or

other comparable terminology. Forward looking statements in this release include, without limitation, the anticipated benefits

to the clinical outcomes of cancer patients, expectations with respect to commercializing diagnostic tests, expectations with respect

to use of cash, the discovery of additional cancer sub-types, the development of additional CELx Signaling Function tests and planned

collaboration with pharmaceutical companies, expectations regarding the outcome of the clinical trial with NSABP Foundation and

Genentech and plans to expand research and development and operational processes. Forward-looking statements are subject to numerous

conditions, many of which are beyond the control of Celcuity, which include, but are not limited to, those set forth in the Risk

Factors section of Celcuity's Prospectus, dated September 19, 2017, filed with the Securities and Exchange Commission

on September 20, 2017 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. Readers

are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Celcuity

undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required

Condensed Balance Sheets

CONDENSED STATEMENTS OF OPERATIONS

Cautionary Statement

Regarding Non-GAAP Financial Measures

This news release contains references to non-GAAP

adjusted net loss and non-GAAP adjusted net loss per share. Management believes these non-GAAP financial measures are useful supplemental

measures for planning, monitoring, and evaluating operational performance as they exclude stock-based compensation expense and

non-cash interest expenses from net loss and net loss per share. Management excludes these items because they do not impact the

cash position of the Company, which management believes better enables Celcuity to focus on cash used in operations. However, non-GAAP

adjusted net loss and non-GAAP adjusted net loss per share are not recognized measures under GAAP and do not have a standardized

meaning prescribed by GAAP. Therefore, non-GAAP adjusted net loss and non-GAAP adjusted net loss per share may not be comparable

to similar measures presented by other issuers. Investors are cautioned that non-GAAP adjusted net loss and non-GAAP adjusted net

loss per share should not be construed as alternatives to net loss, net loss per share or other statements of operations data (which

are determined in accordance with GAAP) as an indicator of Celcuity's performance or as a measure of liquidity and cash flows.

Management's method of calculating non-GAAP adjusted net loss and non-GAAP adjusted net loss per share may differ materially

from the method used by other companies and accordingly, may not be comparable to similarly titled measures used by other companies.

Reconciliation of GAAP Net Loss to Non-GAAP

Adjusted Net Loss and

GAAP Net Loss Per Share to Non-GAAP Adjusted