BEBT-503 is a highly potent pan-PPAR agonist primarily intended for the treatment of diabetes complicated by non-alcoholic fatty liver disease (NAFLD). Preclinical studies have demonstrated that BEBT-503, in a CDAHFD mouse model of diabetes with NAFLD, can reduce baseline blood glucose levels, improve glucose tolerance, and notably, it does not lead to weight gain in mice. In September 2022, the company initiated Phase I clinical trials for BEBT-503 in Australia. In October 2022 and February 2023, BEBT-503 received approvals for Phase I and Phase II clinical trials, respectively, in China for the treatment of type 2 diabetes with NAFLD (including non-alcoholic fatty liver and non-alcoholic steatohepatitis) and primary biliary cholangitis. The company's BEBT-503 domestic bridge test in healthy people is in the start-up stage, and the Phase II clinical trial for the treatment of type 2 diabetes mellitus combined with non-alcoholic fatty liver disease is being prepared to start.