Study to Assess Safety, Tolerability and Efficacy of SC Administered MBL949 in Obese Participants With or Without T2DM

Inclusion Criteria: * Body mass index: ≥ 32 kg/m2, weight ≥ 77 kg, stable body weight i.e., less than 1.5 kg self-reported change within 90 days * Diagnosed T2DM as documented by medical history and confirmed by Investigator and with diagnosed duration \< 10 yrs, HbA1c ≤ 9%, and fasting C-peptide ≥ 0.2 ng/ml * If treated for T2DM, treatment must be limited to diet and exercise and treatment with one of the following anti-diabetic agents (stable for 90 days prior to randomization): * Metformin * SGLT2i inhibitors (if prescribed as the first line, ie. single agent) * DDP4 inhibitors * Acarbose Exclusion Criteria: * Vitals at screening: * systolic blood pressure less than 95 mm Hg or greater than 155 mm Hg * diastolic blood pressure less than 60 mg Hg or greater than 95 mm Hg * pulse rate less than 56 or greater than 110 bpm * History of bariatric surgery, Roux-en-Y Gastric Bypass, Sleeve Gastrectomy, gastric banding, and any other intrabdominal procedures designed for weight loss at screening * History of myocardial infarction with 2 years of screening * Diet attempts within 90 days before screening * Participation in organized weight reduction program within 6 months of screening