This is a Phase 2a study designed to assess the effect of NLY01 in patients with type 2 diabetes. Patients will be monitored for safety, pharmacokinetics, and pharmacodynamic effects on glycemic control.

Inclusion Criteria:

• Male or female subject with type 2 diabetes for at least one year
• Willing to continue treatment with metformin at the same dose and frequency until and (if applicable) to pause any treatment with a second oral antidiabetic
• Body Mass Index (BMI) 22.0 to 35.0 kg/m^2,

Exclusion Criteria:

• History of multiple and/or severe allergies to drugs or foods or a history of severe anaphylactic reaction.
• Any history or presence of clinically relevant comorbidity (with the exception of conditions associated with diabetes mellitus), that may place the subject at increased risk as determined by the investigator
• Any prior exposure to an exenatide-based product (BYETTA and BYDUREON)
• History of gastroparesis
• History of severe hypoglycemia in the past 6 months
• If female, pregnant or breastfeeding