The present invention relates to compositions forming a low viscosity mixture of:i) a non-polymeric slow-release matrixii) at least one biocompatible, (preferably oxygen containing) organic solvent;iii) at least one peptide active agent; andiv) at least one lipid soluble acid.The invention further relates to methods of treatment comprising administration of such compositions, especially in treating diabetes, and to pre-filled administration devices and kits containing the formulations.