Efficacy and Safety of KAI-9531 Administered Once Weekly Compared With Semaglutide and Placebo in Participants Living With Obesity Who Do Not Have Diabetes

Key Inclusion Criteria:

• BMI ≥35 kilograms per square meter (kg/m^2).

• History of at least 1 self-reported unsuccessful effort to lose weight with diet andexercise within the prior 6 months.

Key Exclusion Criteria:

• Current diagnosis or history of diabetes mellitus.

• Started medications within 3 months prior to Screening that may cause significantweight gain, including, but not limited to, tricyclic antidepressants, atypicalantipsychotics, and mood stabilizers.

• Unstable weight defined as self-reported change in body weight exceeding 5% withinthe 3 months prior to Screening.

• Family or personal history of multiple endocrine neoplasia Type 2 or medullarythyroid cancer.

• Uncontrolled hypertension or unstable cardiovascular disease.

• History of chronic or acute pancreatitis.

• Known clinically significant gastric-emptying abnormality or chronic treatment withmedications that directly affect gastrointestinal motility.

• History of suicide attempt.

• History of significant active or unstable Major Depressive Disorder (MDD) or othersevere psychiatric disorder.

• Received treatment with semaglutide, tirzepatide, glucagon-like peptide-1 receptor (GLP-1R) agonist, GLP-1/glucose-dependent insulinotropic polypeptide (GIP), orglucagon receptor agonist within 3 months prior to Screening.

Note: Additional inclusion/exclusion criteria may apply, per protocol.