This randomized, double-blind, placebo-controlled Phase II study is designed to evaluate the efficacy, safety, and tolerability of ASC30 oral tablets formulation in participants with Type 2 Diabetes Mellitus

Inclusion Criteria:

• Have Type 2 Diabetes (T2D)
• Have HbA1c ≥7.0% to ≤10.5% as determined by the central laboratory at screening.
• Stable body weight (less than 5% self-reported change within the previous 3 months).
• Have a BMI ≥23.0 kilogram/square meter (kg/m²) at screening.

Exclusion Criteria:

• Have any prior diagnosis of type 1 diabetes mellitus (T1DM), or rare forms of diabetes mellitus
• Have had more than 1 episode of severe hypoglycemia
• Have poorly controlled hypertension
• Have acute or chronic hepatitis and pancreatitis
• Have evidence of a significant active and uncontrolled medical condition