This is a Phase 2a multicenter, randomized, double-blind, placebo-controlled clinical trial studying the efficacy, safety, and tolerability of orally administered TERN-601 in adults with overweight or obesity.

Key Inclusion Criteria:

1. Female or male aged 18 to 75 years

2. Body mass index (BMI) of:

   1. ≥ 30 kg/m^2 to < 50 kg/m^2

      OR

   2. ≥ 27 kg/m^2 to < 30 kg/m^2 with at least 1 weight-related comorbidity

3. HbA1c < 6.5%

4. Stable self-reported body weight for at least 3 months prior to study (< 5% body weight gain or loss)

Key Exclusion Criteria:

1. Have diabetes mellitus
2. Have obesity induced by medication or other diagnosed endocrinologic disorders
3. Have had or are planning surgical treatment or device-based therapy for obesity
4. Lifetime history of suicide attempt