The present invention is directed to methods and agents for modulating adipogenesis. More particularly, the present invention relates to molecules that modulate the level or functional activity of inosine-5′ monophosphate dehydrogenase (IMPDH) and to their use in modulating the accumulation of lipids in adipocytes and/or the differentiation of preadipocytes to adipocytes for treating or preventing adiposity-related conditions including, but not limited to, obesity, lipoma, lipomatosis, cachexia or lipodystrophy or the loss of adipose tissue in trauma or atrophic conditions.