The present invention provides a novel liquid composition suitable for in-situ formation of a depot system to deliver a protein or peptide in a controlled manner. The composition of the present invention comprises: (a) a hydrophobic non-polymeric carrier material (b) a water miscible biocompatible organic solvent that dissolves the hydrophobic non-polymeric material (c) a protein or peptide covalently conjugated with one or more formulation performance-enhancing compounds. The present invention also provides a method of manufacturing and use of the composition thereof.
