Aphaia Pharma has dosed the first patient in a second Phase 2 study of its oral glucose-based candidate in people with obesity.

The company, which operates from Zug, San Juan and Toronto, said the new trial is informed by results and mechanistic insights from an earlier Phase 2 study. It is designed to improve weight loss and metabolic outcomes while preserving the low level of adverse effects reported previously.

Steffen-Sebastian Bolz, chief scientific officer of Aphaia Pharma, said: “We are very encouraged by the initial results from the first Phase 2 study, which have led us to design this follow-up trial aimed at maximising our formulation’s potential and further enhancing an already competitive and sustainable weight loss effect.”

He added: “While we await the finalisation of the second Phase 2 trial — anticipated in mid-2026 — and plan to share the complete Phase 2 dataset, we are pleased to report that data from the first Phase 2 study continue to confirm our formulation’s mechanism of action in restoring hormone release across all treated individuals, including healthy, pre-diabetic, and diabetic patients. It also continues to demonstrate the benign safety profile, which we expect will improve patient compliance and adherence to the treatment regime, a key prerequisite for long-term treatment.”

Findings from the first Phase 2 trial

The company highlighted three outcomes from the earlier study:

• The oral formulation showed outcomes suggestive of competitive weight loss while remaining well tolerated.

• Treatment induced the release of a wide spectrum of L-cell hormones, including GLP-1, GLP-2, oxyntomodulin and glicentin, across all treated individuals.

• Data suggested that treatment for six months could improve structural and functional deficits at the L-cell level, pointing to the potential to address the underlying pathophysiology of obesity.

About the formulation

Aphaia’s oral formulation is designed to release glucose in specific parts of the small intestine to restore nutrient-sensing pathways and trigger the release of hormones that regulate appetite, satiety and glucose metabolism. The company said the manufacturing process is highly scalable to support broad accessibility.