NASH is a severe, rapidly progressive form of nonalcoholic fatty liver disease (NAFLD) that has been identified as the next big global epidemic. NASH, characterized by buildup of fat and inflammation in the liver, may be accompanied by fibrosis, and can progress to life-threatening cirrhosis or liver cancer. Currently, there are no approved therapies. Approximately 6.5 million adults in the U.S. and the five major European countries have advanced NASH. The size of the global market for NASH treatments is estimated to be $35 to $40 billion by 2025.