A Study Evaluating Efruxifermin in Subjects With Non-Cirrhotic Nonalcoholic Steatohepatitis (NASH)/Metabolic Dysfunction-Associated Steatohepatitis (MASH) and Fibrosis

Inclusion Criteria:

• Males and non-pregnant, non-lactating females between 18 - 80 years of ageinclusive, based on the date of the screening visit.

• Previous history or presence of 2 out of 4 components of metabolic syndrome (obesity, dyslipidemia, elevated blood pressure, elevated fasting glucose) or type 2diabetes.

• Cohort 1: Biopsy-proven NASH/MASH. Must have had a liver biopsy obtained ≤ 180 daysprior to screening with fibrosis stage 2 or 3 and a non-alcoholic fatty liverdisease (NAFLD) activity score (NAS) of ≥ 4 with at least a score of 1 in each ofthe following NAS components:

• Steatosis (scored 0 to 3),

• Ballooning degeneration (scored 0 to 2), and

• Lobular inflammation (scored 0 to 3).

Exclusion Criteria:

• Other causes of liver disease based on medical history and/or liver histology and/orcentral laboratory results.

• Presence of cirrhosis on liver biopsy (fibrosis stage 4).

• Type 1 or uncontrolled Type 2 diabetes.

Other inclusion and exclusion criteria may apply.