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ZSP1601 + RAY1225 is an investigational combination regimen consisting of ZSP1601, an oral small-molecule pan-phosphodiesterase (pan-PDE) inhibitor, and RAY1225 (bilpatide), an injectable long-acting dual GLP-1 and GIP receptor agonist peptide. Developed by Guangdong Zhongsheng Pharmaceutical and its subsidiary Guangdong Raynovent Biotech (with Qilu Pharmaceutical holding commercialization rights for RAY1225 in China), the combination is designed to target metabolic dysfunction-associated steatohepatitis (MASH, formerly NASH) and associated metabolic disorders. ZSP1601 acts as a first-in-class non-selective PDE inhibitor that reduces liver inflammation and fibrosis by increasing intracellular cAMP levels and suppressing TNF-alpha synthesis. RAY1225 is a dual incretin receptor agonist that promotes weight loss, improves insulin sensitivity, and reduces hepatic lipid accumulation. Individually, ZSP1601 has completed Phase IIb trials for MASH with positive histological results and received Breakthrough Therapy Designation in China, while RAY1225 has achieved positive Phase III topline weight-loss data.
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