A Research Study of a New Medicine, NNC9733-0001, in Healthy Participants and Participants With Type 2 Diabetes

Inclusion criteria

• All participants
• Informed consent obtained before any study-related activities. Study-related activities are any procedures that are carried out as part of the study, including activities to determine eligibility for the study.
• Male, or female of nonchildbearing potential
• Healthy participants
• Age 18-45 years (both inclusive) at the time of signing the informed consent.
• Body Mass Index (BMI) between 18.5 and 29.9 kilogram per meter square (kg/m\^2) (both inclusive) at screening.
• Glycosylated haemoglobin (HbA1c) less than or equal to (≤) 6.4 percent (%) (47 millimoles per mole (mmol/mol)) at screening.
• Considered to be generally healthy based on the medical history, physical examination, and the results of vital signs, Electrocardiography (ECG), and clinical laboratory tests performed during the screening visit, as judged by the investigator.
• Participants with T2DM
• Age 18-64 years (both inclusive) at the time of signing the informed consent.
• BMI between 20.0 and 34.9 kg/m\^2 (both inclusive) at screening.
• HbA1c 6.5-9.0% (47.5-74.9 mmol/mol) at screening.
• Diagnosed with type 2 diabetes mellitus (T2DM) greater than or equal to (≥) 180 days before screening.
• Stable daily dose(s) of metformin or in combination with SGLT2 inhibitors and/or dipeptidyl peptidase IV (DPP-4) inhibitors are allowed, within 90 days before screening.

Exclusion criteria

• Screening alanine transaminase (ALT) values greater than (\>) upper limit of normal (ULN) +10 per-cent (%), AST values \>ULN +20%, or total bilirubin \>ULN.
• Renal impairment, defined as estimated glomerular filtration rate (eGFR) less than (\<) 60.0 millilitre per minute per 1.73-meter square (mL/min/1.73m\^2), at screening.
• Clinical evidence of Chronic Kidney Disease (CKD) and/or urinary albumin:creatinine ratio (UACR) \>30 milligram per gram (mg/g).
• Presence or history of cardiovascular disease, including stable and unstable angina pectoris, myocardial infarction, transient ischaemic attack, stroke, cardiac decompensation, clinically significant arrhythmias, or clinically significant conduction disorders.
• Healthy participants
• Any disorder, which in the investigator's opinion, might jeopardise participants' safety or compliance with the protocol.
• Supine blood pressure at screening outside the range of 90-139 millimetres of mercury (mmHg) for systolic or 50-89 mmHg for diastolic.
• Participants with T2DM - Any disorder, except for mild conditions under stable treatment associated with T2DM, which in the investigator's opinion might jeopardise participant safety or compliance with the protocol.
• Supine blood pressure at screening outside the range of 90-159 mmHg for systolic or 50-99 mmHg for diastolic. This exclusion criterion also pertains to those participants who are receiving antihypertensive treatment.