A Study of PER-001 in Participants With Diabetic Retinopathy

Inclusion Criteria: * Must be ≥ 18 years of age at the time of signing the informed consent * A negative pregnancy test for females of childbearing potential at Screening (serum) and Day 1 (urine). * Best-corrected visual acuity (BCVA) of ≥ 60 Early Treatment Diabetic Retinopathy Study (ETDRS) letters (Snellen equivalent of 20/63 or better) at Screening in potentially eligible eye(s) and prior to randomization at Day 1 in the study eye * Moderately severe to severe non-proliferative diabetic retinopathy (NPDR) (diabetic retinopathy severity scale \[DRSS\] of 47 to 53) within the standard 7-field ETDRS. Exclusion Criteria: * Hemoglobin A1c \>12%, or if HbA1c ≤12%, diabetes mellitus is uncontrolled in the opinion of the investigator * Any condition which, in the opinion of the investigator, would preclude the participant's ability to comply with study requirements including completion of the study (including but not limited to diagnosis of dementia, Alzheimer's, and/or other neurological disease or physical incapacity) * Females who are pregnant, nursing, or planning a pregnancy during the study * Active cancer within past 12 months except for appropriately treated carcinoma in situ of the cervix, non-melanoma skin carcinoma or prostate cancer * Uncontrolled blood pressure (defined as systolic \>180 or diastolic \>110 mmHg while the participant is sitting). * Currently untreated diabetes mellitus or previously untreated participants who initiated oral anti-diabetic medicatio…