Part A Inclusion Criteria:  Type 2 diabetes ≥ 12 months. Treatment with diet and exercise or metformin monotherapy on stable dose for 3 months prior to screening HbA1c ≤ 10%). Body Mass Index (BMI) ≥ 25 and ≤ 40.0 kg/m2  Part B Inclusion Criteria  Type 2 diabetes ≥ 12 months. Treatment with diet and exercise or metformin monotherapy on stable dose for 3 months prior to screening HbA1c ≤ 10% BMI ≥ 30 kg/m2 and ≤ 40.0 kg/m2 Waist circumference ≤ 57 inches Controlled attenuation parameter by FibroScan Liver fat fraction ≥ 10% by magnetic resonance imaging (MRI)  Part A Exclusion Criteria:  History of type 1 diabetes mellitus (T1DM) History of acute proliferative retinopathy or maculopathy, severe gastroparesis, and/or severe neuropathy, in particular autonomic neuropathy, as judged by the Investigator. Uncontrolled hypertension Treatment with antihypertensive medication and statins not stable during the past 2 months prior to screening Treatment with thyroid hormones not stable during the past 3 months prior to screening History of any weight control treatment, including over-the-counter and herbal medication and supplements, or any medication with a labeled indication for weight loss or weight gain within 3 months prior to screening History of surgical treatment for obesity History of heart disease History of renal disease History or current diagnosis of acute or chronic pancreatitis or factors for pancreatitis, such as a history of cholelithiasis (without cholecystectomy) or alcohol abuse A history of or active chronic liver disease due to alcohol, auto-immune, HIV, HBV or active HCV-infection or NASH History of major depression, anxiety, suicidal behavior or attempts, or other psychiatric disorder requiring medical treatment Personal or family history of medullary thyroid carcinoma (MTC) or a genetic condition that predispose to MTC (i.e., multiple endocrine neoplasia type 2) Administration of Vaccines/Immunizations within 14 days prior to first dosing or if scheduled during the study. Vaccination for COVID-19 is allowed during the study if a washout period of 5 days after vaccine administration is followed before dosing. History of any major surgery within 6 months prior to screening Participation in any other clinical interventional study receiving active treatment within 30 days or 5 half-lives prior to screening, whichever is longer History of alcohol or illicit drug abuse including marijuana Existence of any surgical or medical condition that, in the judgment of the Investigator, might interfere with the investigational product  PART B Exclusion Criteria  History of type 1 diabetes mellitus (T1DM) History of acute proliferative retinopathy or maculopathy, severe gastroparesis, and/or severe neuropathy, in particular autonomic neuropathy, as judged by the Investigator Uncontrolled hypertension (treatment with medications must be stable) History of any weight control treatment History of surgical treatment for obesity History of heart disease History of renal disease Subjects with a history or clinically significant active disease of the gastrointestinal, cardiovascular, hepatic, neurological, renal, pancreatic, immunological, dermatological, endocrine, genitourinary or hematological system. History or current diagnosis of acute or chronic pancreatitis History of major depression, anxiety, suicidal behavior or attempts, or other psychiatric disorder requiring medical treatment History of alcohol or illicit drug abuse including marijuana Existence of any surgical or medical condition that, in the judgment of the Investigator, might interfere with the investigational product Any history of clinically significant chronic liver disease