A Study of RAY1225 Versus Semaglutide as Add-on Therapy to Oral Antidiabetic Drugs in Participants With Type 2 Diabetes

Inclusion criteria

• Have been diagnosed with type 2 diabetes mellitus (T2DM)
• Have HbA1c between ≥7.0% and ≤11.5%
• Have a body mass index (BMI) ≥20 kilograms per meter squared (kg/m²) at screening
• Be of stable weight (±5%) for at least 12 weeks before screening

Exclusion criteria

• Have type 1 diabetes mellitus
• Presence of severe chronic diabetic complications at screening, including but not limited to: proliferative diabetic retinopathy, diabetic macular edema, and severe non-proliferative diabetic retinopathy requiring acute treatment;
• History of diabetic ketoacidosis or hyperosmolar hyperglycemic state within 24 weeks prior to randomization;
• Occurrence of a Grade 3 hypoglycemic event within 12 months prior to screening, or ≥3 Grade 2 hypoglycemic events (venous or capillary blood glucose <3.0 mmol/L) within 3 months prior to screening, or presence of hypoglycemia-related symptoms ;
• History of severe trauma, severe infection, or surgery within 12 weeks prior to screening that may affect glycemic control;
• Receipt of blood transfusion within 12 weeks prior to screening, or blood donation/loss ≥400 mL within 12 weeks prior to screening, or blood donation/loss ≥200 mL within 4 weeks prior to screening, or known hemoglobinopathy (such as thalassemia, hemolytic anemia, sickle cell anemia, etc.);
• Any unstable or treatment-requiring endocrine disorders related to glycemic control other than type 2 diabetes mellitus (such as hyperthyroidism, acromegaly, Cushing's syndrome, etc.).