VK2735 for Weight Management Type 2 Diabetes Phase 3 (VANQUISH 2)

Inclusion Criteria:

1. Age ≥18 years of age at the time of signing the informed consent

2. Body mass index (BMI) ≥27 kg/m2

3. Have Type 2 Diabetes Mellitus according to the American Diabetes Association withHbA1c ≥ 7% to ≤ 11% at screening, on stable therapy for the last 3 months prior toScreening. Type 2 diabetes mellitus may be treated with diet/exercise alone or anyoral glycemic-lowering agent (as per local labeling), EXCEPT for amylin analogues ordipeptidyl peptidase 4 (DPP-4) inhibitors or GLP-1R agonists or dual GLP-1/glucose-dependent insulinotropic polypeptide (GIP) receptor agonists

Exclusion Criteria:

1. History of or current clinically significant medical disorder that, in the opinionof the Investigator, does not support study participation

2. Self-reported body weight change of 5% or more within 3 months of screening

3. Have a prior or planned surgical treatment for obesity (except for liposuction orabdominoplasty if performed >1 year prior to screening)

4. Have or plan to have endoscopic and/or device-based therapy for obesity or have haddevice removal within the last 6 months prior to screening (such as mucosalablation, gastric artery embolization, intragastric balloon, duodenal-jejunalendoluminal line)

5. Have Type 1 diabetes mellitus, history of ketoacidosis or hyperosmolar state/coma orany other types of diabetes except Type 2 diabetes mellitus (T2DM)

6. Have had 1 or more episodes of severe hypoglycemia and/or 1 or more episode ofhypoglycemia unawareness within 6 months of screening

• Note: Severe hypoglycemia episodes should be considered when severe cognitiveimpairment requiring the assistance of another person occurs and the administrationof carbohydrate, glucagon, or other resuscitative actions are required. Bloodglucose (BG) measurements may not be available during such an event, butneurological recovery attributable to the restoration of BG to normal is consideredsufficient evidence that the event was induced by a low BG concentration. If BGmeasurements are available, the levels associated with severe hypoglycemia are BG < 54 mg/dL

7. Have at least 2 confirmed fasting self-monitoring blood glucose (SMBG) values > 270mg/dL (on 2 non-consecutive days) within 4 weeks prior to randomization

8. Have proliferative diabetic retinopathy OR diabetic macular edema ORnon-proliferative diabetic retinopathy that requires acute treatment

9. Personal or family history of medullary thyroid carcinoma (MTC) or multipleendocrine neoplasia type 2 (MEN2)

10. History of acute or chronic pancreatitis

11. Thyroid disease that is not controlled (Thyroid stimulating hormone (TSH) outsidenormal range by central lab at screening; one repetition during screening isallowed). Participants with previous history of partial/total thyroidectomy orhypothyroidism may be included, provided their hormone replacement dose has beenstable for 3 months prior to screening