The present invention relates to compositions forming a low viscosity mixtureof: i) a non-polymeric slow-releasematrix ii) at least one biocompatible, (preferably oxygen containing) organicsolvent iii) at least one peptide active agent and iv) atleast one lipid soluble acid. The invention further relates to methods oftreatment comprising administration of such compositions,especially in treating diabetes, and to pre-filled administration devices andkits containing the formulations.