1 Table of Contents 1 Table of Contents 5 1.1 List of Tables 7 1.2 List of Figures 8 2 Introduction 10 2.1 Disease Introduction 10 2.2 Epidemiology 10 2.3 Symptoms 11 2.4 Etiology and Pathophysiology 12 2.4.1 Etiology 12 2.4.2 Pathophysiology 12 2.5 Diagnosis 16 2.5.1 Non-invasive Tests 17 2.6 Disease Classification 18 2.7 Prognosis 20 2.8 Co-morbidities 20 2.9 Treatment Options and Treatment Algorithm 20 2.9.1 Treatment Options 20 2.9.2 Treatment Algorithm 23 2.9.3 Non-pharmacological Treatments 25 3 Marketed Products 27 3.1 Overview 27 3.1.1 Vitamin E 27 3.1.2 Pentoxifylline 27 3.1.3 Pioglitazone 28 3.2 Comparative Efficacy and Safety of Marketed Products 29 4 Pipeline Analysis 32 4.1 Overview 32 4.2 Pipeline by Stage of Development, Molecule Type, Route of Administration and Program Type 32 4.3 Pipeline by Molecular Target 34 4.4 Promising Pipeline Candidates 35 4.4.1 Selonsertib - Gilead 35 4.4.2 Elafibrinor - Genfit 37 4.4.3 Saroglitazar - Zydus 39 4.4.4 Ocaliva (obeticholic acid) - Intercept Pharmaceuticals 40 4.4.5 Cenicriviroc - Allergan 42 4.4.6 Aramchol - Galmed 44 4.5 Comparative Efficacy and Safety of Pipeline Products 44 4.6 Product Competitiveness Framework 46 5 Clinical Trial Analysis 48 5.1 Failure Rate 48 5.1.1 Overall Failure Rate 48 5.1.2 Failure Rate by Phase and Molecule Type 50 5.1.3 Failure Rate by Phase and Molecular Target 51 5.2 Clinical Trial Size 52 5.2.1 Patient Enrollment per Product by Molecule Type, Molecular Target and Stage of Development 52 5.2.2 Patient Enrollment per Trial by Molecule Type, Molecular Target and Stage of Development 54 5.3 Clinical Trial Duration 55 5.3.1 Clinical Trial Duration by Molecule Type 55 5.3.2 Clinical Trial Duration by Molecular Target 57 5.4 Summary of Clinical Trial Metrics 58 6 Multi-scenario Forecast 59 6.1 Geographical Markets 59 6.2 Asia-Pacific Market 59 6.3 India 61 6.3.1 Treatment Usage Patterns 61 6.3.2 Annual Cost of Therapy 62 6.3.3 Market Size 63 6.4 China 64 6.4.1 Treatment Usage Patterns 64 6.4.2 Annual Cost of Therapy 65 6.4.3 Market Size 67 6.5 Australia 67 6.5.1 Treatment Usage Patterns 67 6.5.2 Annual Cost of Therapy 69 6.5.3 Market Size 71 6.6 South Korea 72 6.6.1 Treatment Usage Patterns 72 6.6.2 Annual Cost of Therapy 73 6.6.3 Market Size 74 6.7 Japan 75 6.7.1 Treatment Usage Patterns 75 6.7.2 Annual Cost of Therapy 75 6.7.3 Market Size 77 7 Drivers and Barriers 78 7.1 Drivers 78 7.1.1 Rising Awareness and Growing Prevalence of the Disease 78 7.1.2 Launch of NASH-Specific Therapies 78 7.1.3 Advancements in Diagnostic Procedures for NASH 78 7.1.4 Increasing Awareness and Diversified Healthcare Reform 79 7.2 Barriers 79 7.2.1 Delayed Diagnosis Due to Complex Pathophysiology 79 7.2.2 Low Diagnosis and Treatment Rate 79 7.2.3 High Cost Therapies May Lead to Reimbursement issues 80 8 Deals and Strategic Consolidations 81 8.1 Licensing Deals 81 8.1.1 Deals by Region and Value 81 8.1.2 Number of Disclosed and Undisclosed Deals by Year, Aggregate Deal Value 82 8.1.3 Deal Value by Stage of Development, Molecule Type, and Molecular Target 83 8.1.4 Key Licensing Deals 85 8.2 Co-development Deals 87 8.2.1 Number of Disclosed and Undisclosed Deals by Year, Aggregate Deal Value 88 8.2.2 Deal Value by Stage of Development, Molecule Type, and Molecular Target 89 8.2.3 Key Co-development Deals 91 9 Appendix 93 9.1 All Pipeline Drugs by Stage of Development 93 9.1.1 Discovery 93 9.1.2 Preclinical 95 9.1.3 IND/CTA-filed 98 9.1.4 Phase I 99 9.1.5 Phase II 100 9.1.6 Phase III 101 9.2 Summary of Multi-scenario Market Forecasts to 2024 101 9.2.1 Asia-Pacific 101 9.2.2 India 102 9.2.3 China 102 9.2.4 Australia 103 9.2.5 South Korea 103 9.2.6 Japan 104 9.3 Bibliography 104 9.4 Abbreviations 107 9.5 Research Methodology 108 9.5.1 Secondary Research 109 9.5.2 Marketed Product Profiles 109 9.5.3 Late-Stage Pipeline Candidates 110 9.5.4 Comparative Efficacy and Safety Heat Map for Marketed and Pipeline Products 110 9.5.5 Product Competitiveness Framework 110 9.5.6 Pipeline Analysis 110 9.5.7 Forecasting Model 111 9.5.8 Deals Data Analysis 112 9.6 Contact Us 112 9.7 Disclaimer 112

1.1 List of Tables Table 1: NAFLD Definitions and Phenotypes 10 Table 2: Major Symptoms of NASH 11 Table 3: Etiologies of NASH 12 Table 4: Histopathological Abnormalities in NASH 17 Table 5 NAFLD Activity Score and Staging System 20 Table 6: Therapeutic Management in NASH 24 Table 7: NASH Therapeutics Market, Global, Licensing Deals Valued $100m and Above, 2007-2018 86 Table 8: NASH Therapeutics Market, Global, Co-development Deals with Deal Value 10 and above, 2007-2018 92 Table 9: NASH Therapeutics Market, Global, All Pipeline Products, Discovery, 2018 93 Table 10: NASH Therapeutics Market, Global, All Pipeline Products, Preclinical, 2018 95 Table 11: NASH Therapeutics Market, Global, All Pipeline Products, IND/CTA-filed, 2018 98 Table 12: NASH Therapeutics Market, Global, All Pipeline Products, Phase I, 2018 99 Table 13: NASH Therapeutics Market, Global, All Pipeline Products, Phase II, 2018 100 Table 14: NASH Therapeutics Market, Global, All Pipeline Products, Phase III, 2018 101 Table 15: NASH Therapeutics Market, APAC, Market Forecast, 2017-2024 101 Table 16: NASH Therapeutics Market, India, Market Forecast, 2017-2024 102 Table 17: NASH Therapeutics Market, China, Market Forecast, 2017-2024 102 Table 18: NASH Therapeutics Market, Australia, Market Forecast, 2017-2024 103 Table 19: NASH Therapeutics Market, South Korea, Market Forecast, 2017-2024 103 Table 20: NASH Therapeutics Market, Japan, Market Forecast, 2017-2024 1041.2 List of Figures Figure 1: Pathophysiology of Hepatic Steatosis 13 Figure 2: Factors Contributing to Development of NASH from Steatotic Liver 15 Figure 3: Diagnostic Flow Chart for NASH 16 Figure 4: Stages of NASH Progression 19 Figure 5: Treatment Options in NASH (Potential Therapeutic Targets) 21 Figure 6: NASH Therapeutics Market, Comparative Efficacy and Safety Heatmap for Marketed Products for NASH Treatment, 2018 31 Figure 7: NASH Therapeutics Market, Global, Pipeline, 2018 33 Figure 8 NASH Therapeutics Market, Global, Pipeline by Molecular Target, 2018 34 Figure 9: NASH Therapeutics Market, Global, Pipeline by Molecular Target and Stage of Development, 2018 35 Figure 10: NASH Therapeutics Market, APAC, Selonsertib Forecast ($m), 2023-2024 37 Figure 11: NASH Therapeutics Market, APAC, Elafibrinor Forecast ($m), 2023-2024 39 Figure 12: NASH Therapeutics Market, APAC, Saroglitazar Forecast ($m), 2020-2024 40 Figure 13: NASH Therapeutics Market, Comparative Efficacy and Safety Heatmap for Pipeline Products for NASH Treatment, 2018 46 Figure 14: NASH Therapeutics Market, Competitor Matrix for NASH Marketed and Pipeline Products, 2018 47 Figure 15: NASH Therapeutics Market, Global, Average Clinical Trial Failure Rate (%), 2017 49 Figure 16: NASH Therapeutics Market, Global, Clinical Trial Failure Rate by Molecule Type (%), 2007-2017 50 Figure 17: NASH Therapeutics Market, Global, Clinical Trial Failure Rate by Molecular Target (%), 2007-2017 51 Figure 18: NASH Therapeutics Market, Global, Clinical Trial Size per Product by Molecule Type, 2007-2017 52 Figure 19: NASH Therapeutics Market, Global, Clinical Trial Size per Product by Molecular Target, 2007-2017 53 Figure 20: NASH Therapeutics Market, Global, Clinical Trial Size per Trial by Molecular Type, 2007-2017 54 Figure 21: NASH Therapeutics Market, Global, Clinical Trial Size per Trial by Molecular Target, 2007-2017 55 Figure 22: NASH Therapeutics Market, Global, Clinical Trial Duration by Stage of Development and Molecule Type, 2007-2017 56 Figure 23: NASH Therapeutics Market, Global, Clinical Trial Duration by Molecular Target, 2007-2017 57 Figure 24: NASH Therapeutics Market, Comparison of Average Trial Metrics by Phase and Molecule Type 58 Figure 25: NASH Therapeutics Market, Comparison of Average Trial Metrics by Phase and Molecular Target 58 Figure 26: NASH Therapeutics Market, APAC, Treatment Patterns (million), 2017-2024 60 Figure 27: NASH Therapeutics Market, APAC, Market Size ($m), 2017-2024 61 Figure 28: NASH Therapeutics Market, India, Treatment Usage Patterns (million), 2017-2024 62 Figure 29: NASH Therapeutics Market, India, Annual Cost of Therapy ($), 2017-2024 63 Figure 30: NASH Therapeutics Market, India, Market Size ($m), 2017-2024 64 Figure 31: NASH Therapeutics Market, China, Treatment Usage Patterns (millions), 2017-2024 65 Figure 32: NASH Therapeutics Market, China, Annual Cost of Therapy ($), 2017-2024 66 Figure 33: NASH Therapeutics Market, China, Market Size ($m), 2017-2024 67 Figure 34: NASH Therapeutics Market, Australia, Treatment Usage Patterns (million), 2017-2024 68 Figure 35: NASH Therapeutics Market, Australia, Annual Cost of Therapy ($), 2017-2024 70 Figure 36: NASH Therapeutics Market, Australia, Market Size ($m), 2017-2024 71 Figure 37: NASH Therapeutics Market, South Korea, Treatment Usage Patterns (million), 2017-2024 72 Figure 38: NASH Therapeutics Market, South Korea, Annual Cost of Therapy ($), 2017-2024 73 Figure 39: NASH Therapeutics Market, South Korea, Market Size ($m), 2017-2024 74 Figure 40: NASH Therapeutics Market, Japan, Treatment Usage Patterns (millions), 2017-2024 75 Figure 41: NASH Therapeutics Market, Japan, Annual Cost of Therapy ($), 2017-2024 76 Figure 42: NASH Therapeutics Market, Japan, Market Size ($m), 2017-2024 77 Figure 43: NASH Therapeutics Market, Global, Licensing Deals by Region and Value, 2007-2018 81 Figure 44: NASH Therapeutics Market, Global, Number of Disclosed and Undisclosed Licensing Deals by Year, Aggregate Deal Value and Aggregate Upfront Payment Value, 2007-2018 82 Figure 45: NASH Therapeutics Market, Global, Licensing Deals by Stage of Development, Deal Value and Upfront Payment Value, 2007-2018 83 Figure 46: NASH Therapeutics Market, Global, Licensing Deals by Molecule Type and Stage of Development, 2007-2018 84 Figure 47: NASH Therapeutics Market, Global, Licensing Deals by Molecular Targets and Aggregate Deal Value ($), 2007-2018 85 Figure 48: NASH Therapeutics Market, Global, Co-development Deals by Region, 2007-2018 87 Figure 49: NASH Therapeutics Market, Global, Number of Disclosed and Undisclosed Co-development Deals by Year, Aggregate Deal Value and Aggregate Upfront Payment Value, 2007-2018 88 Figure 50: NASH Therapeutics Market, Global, Co-development Deals by Stage of Development, Deal Value and Upfront Payment Value, 2007-2018 89 Figure 51: NASH Therapeutics Market, Global, Co-development Deals by Molecule Type and Stage of Development, 2007-2018 90 Figure 52: NASH Therapeutics Market, Global, Co-development Deals by Molecular Target, 2007-2018 91