A Study to Evaluate the Effects of Enicepatide in Participants With Obesity or Overweight, With or Without Type 2 Diabetes

Prior treatment

• Any planned major medical procedure or surgery during the study
• Treatment with any approved or investigational GLP-1-RA-based therapy within 6 months prior to randomization
• Treatment with other investigational therapy within 3 months prior to randomization or less than 5 elimination half-lives prior to randomization, whichever is longer

Other illness

• History of Type 1 diabetes mellitus (T1DM)
• Obesity induced by other endocrinologic disorders
• History of significant active or unstable major depressive disorder (MDD) or other severe psychiatric disorder
• Any lifetime history of suicide attempt
• History of acute or chronic pancreatitis or clinically significant gallbladder disease
• Known allergy to any component of the study drug formulation or any other condition that is a contraindication to GLP-1 RAs or GLP-1/GIP RAs

Lab values

• History of any hematologic conditions that may interfere with HbA1c measurement

• Body mass index (BMI) ≥24.0 kilograms per meter squared (kg/m\^2) for participants with type 2 diabetes mellitus (T2DM)
• BMI ≥28.0 kg/m\^2 or BMI ≥24.0 and \<28.0 kg/m\^2 and diagnosed with at least one weight-related comorbidity (prediabetes, hypertension, dyslipidemia, fatty liver, obstructive sleep apnea, or weight-related cardiovascular disease) for participants without T2DM
• Agreement to adhere to the contraception requirements