It helps to be literal here: the mechanism question has a clean answer for the peripheral effects and a much less clean answer for the central ones, and it is worth being explicit about which of those you are asking about.
Comparing a 2.4 mg dose of one agonist to a 15 mg dose of another tells you nothing, because the molar potencies at their respective receptors differ, the receptor profiles differ, and the exposure per milligram differs. The only defensible comparison is between clinical outcomes in trials with comparable populations and durations, which is why SURMOUNT-5 exists and why indirect comparisons should be read sceptically.
Amylin co-agonism adds to a GLP-1 effect rather than duplicating it because the two act through different circuits: amylin signals through the area postrema via calcitonin receptor complexes, GLP-1 through both the area postrema and the arcuate nucleus. Two non-redundant satiety signals summate, which is the design rationale for a co-formulation rather than a higher dose of either.
The role of the area postrema and the hypothalamic arcuate nucleus in GLP-1-mediated appetite suppression is supported by both the neuroanatomy of receptor expression and by the effect of lesioning studies in animal models.
I would separate what is established structurally from what is inferred clinically. The chemistry is settled; the attribution of clinical effect to specific receptor arms mostly is not.
The mechanism is settled enough to be useful and unsettled enough to be interesting, which is a reasonable place for a field to be.
edited 1 Aug 2026 by day_seven_trough — expanded the table to cover the lower concentration