A Study in Participants With Non-cirrhotic NASH With Fibrosis

Inclusion Criteria:

1. Participant must be ≥ 18 to ≤ 75 years of age at the time of signing the informedconsent.
2. Histological confirmed NASH per Clinical Research Network (CRN) criteria as diagnosedby liver biopsy (within 12 months prior screening, participants without historicalbiopsy should be willing to undergo a liver biopsy at screening) fulfilling all of thefollowing criteria:

• NAS ≥ 4 with a score of ≥ 1 for each component: steatosis, lobular inflammationand ballooning
• Presence of fibrosis F1, F2-F3

3. One increased serum ALT measurement (ALT > ULN) at screening, and historical localserum ALT level (> ULN [41 U/L for men and 31 U/L for women] but < 300 U/L) on ≥ 1occasion in the 6 months prior to screening.

Exclusion Criteria:

1. Liver disease of other etiologies (eg, alcoholic steatohepatitis; drug-induced, viral,or autoimmune hepatitis; primary biliary cirrhosis; primary sclerosing cholangitis;hemochromatosis; alpha 1 antitrypsin deficiency; Wilson's disease).
2. History of excessive alcohol consumption, defined as an average weekly intake of > 21drinks/week for males or > 14 drinks/week for females. One drink is equivalent to 14 galcohol.
3. Recent (within 3 months of randomization) use of drugs approved for weight loss (eg,orlistat, bupropion/naltrexone, phentermine-topiramate, phentermine, lorcaserin), aswell as those drugs used off-label.
4. High dose vitamin E (> 400 IU) unless on a stable dose within 6 months of screening.
5. Recent (within 6 months of screening) use of therapies associated with development ofNAFLD (eg, systemic corticosteroids, methotrexate, tamoxifen, amiodarone, or long-termuse of tetracyclines).
6. Recent (within 6 months of screening) use of obeticholic acid or other therapy underinvestigation for NASH.