A Study to Evaluate ASP0367 in Participants With Reduced Maximum Oxygen Uptake Due to Poor Systemic Oxygen Extraction

Inclusion Criteria: * Participant agrees and is able to adhere to the study requirements for the length of the study, including undergoing both aCPET and SHAPE Test. * Participant has a body mass index (BMI) range of 17.0 to 36 kg/m\^2, inclusive and weighs at least 50 kg (male participant) or 40 kg (female participant) at screening. * Participants with reduced maximum oxygen uptake due to poor SOE, defined as peak exercise (\[Ca-VO2\])/\[Hb\]) ≤ 0.85 and VO2max \< 85% predicted in the absence of a cardiac or pulmonary mechanical limit, determined by aCPET within 6 months prior to day 1 or participants with reduced maximum oxygen uptake due to poor SOE, defined as peak exercise (\[Ca-VO2\])/\[Hb\]) ≤ 0.85 and VO2max \< 85% predicted in the absence of a cardiac or pulmonary mechanical limit, determined by historical aCPET within 45 months of screening and confirmed reduction in skeletal muscle citrate synthase activity. * Female participant is not pregnant and at least 1 of the following conditions apply: * Not a woman of childbearing potential (WOCBP) * WOCBP who agrees to follow the contraceptive guidance from the time of informed consent through at least 28 days after final IP administration. * Female participant must agree not to breastfeed starting at screening and throughout the study period and for 28 days after final IP administration. * Female participant must not donate ova starting at first dose of IP and throughout the study period and for 28 days after final IP administration. * Male participant with female partner(s) of childbearing potential (including breastfeeding partner\[s\]) must agree to use contraception throughout the treatment period and for 28 days after final IP administration. * Male participant must not donate sperm during the treatment period and for 28 days after final IP administration. * Male participant with pregnant partner(s) must agree to remain abstinent or use a condom for the duration of the pregnancy throughout the study period and for 28 days after final IP administration. * Participant agrees not to participate in another interventional study while participating in the present study. Exclusion Criteria: * Participant has signs and/or symptoms due to a cerebellar, pyramidal, extrapyramidal or other nonmyopathic process (e.g., cerebellar dysfunctions, movement disorder) that would interfere in any nontrivial manner with aCPET or SHAPE Test. * Participant has received any investigational therapy within 28 days or 5 half-lives, whichever is longer, prior to screening. * Participant has any condition which makes the participant unsuitable for study participation. * Participant has used moderate or strong inducers of CYP3A, CYP2C8 and CYP2C19 within the 3 months prior to day -1. * Participant has cardiac troponin I (cTnI) \> ULN (or cardiac troponin T \> ULN if cTnI is not available) at screening. * Participant has estimated glomerular filtration rate (eGFR) calculated by the modification of diet in renal disease equation \< 60 mL/min per 1.73 m\^2 at screening. * Participant has at screening: total bilirubin (TBL) \> upper limit of normal (ULN) or transaminase(s) (aspartate aminotransferase \[AST\] or alanine aminotransferase \[ALT\]) \> ULN in the absence of elevations in creatine kinase. * Participant has diabetes mellitus (types 1 or 2). * Participant has mental conditions such as schizophrenia, bipolar disorder or major depressive disorder that has not been under control within 1 year prior to screening. * Participant has severe behavioral or cognitive problems that preclude participation in the study. * Participant has a history of suicide attempt, suicidal behavior or has any suicidal ideation within 1 year prior to screening that meets criteria at a level of 4 or 5 by using the Columbia-Suicide Severity Rating Scale (C-SSRS) or who is at significant risk to commit suicide. * Participant has undergone an inpatient hospitalization within the 30 days prior to the randomization or has a planned hospitalization or a surgical procedure during the study, which may affect the study assessments. * Participant has clinically significant respiratory disease (such as chronic obstructive pulmonary disease, cystic fibrosis, severe asthma, lung infections including tuberculosis, sarcoidosis, thoracic endometriosis, pulmonary fibrosis and lung cancers) and/or cardiac disease (medical history or current clinical findings) or prior interventional cardiac procedure (e.g., left heart catheterization which resulted in angioplasty/percutaneous coronary intervention, balloon valvuloplasty, etc.) within 3 months prior to randomization. * Participant has a pacemaker, implantable cardioverter-defibrillator or cardiac resynchronization therapy device, or has a mean corrected QT interval using Fridericia's formula (QTcF) \> 450 msec for male participants and \> 470 msec for female participants at screening or randomization. If QTcF exceeds these limits, 1 additional triplicate ECG can be taken on the same day in order to determine the participant's eligibility. * Participant has ECG evidence of acute ischemia, atrial fibrillation or active conduction system abnormalities at screening, with the exception of any of the following: * First degree atrioventricular (AV)-block * Second degree AV-block type 1 (Mobitz type 1/Wenckebach type) * Right bundle branch block * Participant has a seizure disorder that may interfere with their ability to complete all study requirements. * Participant has an active malignancy or any other cancer from which the participant has been disease-free for \< 5 years. * Participant has a solid organ transplant and is currently receiving treatment with therapy for immunosuppression. * Participant has a positive serology test for human immunodeficiency virus, hepatitis B or hepatitis C infection at screening. * Participant has previously received ASP0367. * Participant has a history of active substance abuse within 1 year prior to randomization. * Participant has smoked, used tobacco-containing products and nicotine or nicotine-containing products (e.g., electronic vapes) within 6 months prior to screening or the participant tests positive for cotinine at screening or on day -1. * Participant has a history of consuming \> 14 units for male participants or 7 units for female participants of alcoholic beverages per week within 6 months prior to screening or has a history of alcoholism or drug/chemical/substance abuse within 2 years prior to screening (note: 1 unit = 12 ounces of beer, 4 ounces of wine, 1 ounce of spirits/hard liquor) or the participant tests positive for alcohol at screening or on day -1. * Participant has used any drugs of abuse, that are not prescribed for a medical diagnosis (amphetamines, barbiturates, benzodiazepines, cannabinoids, cocaine and/or opiates) within 3 months prior to day -1 or the participant tests positive for drugs of abuse without a prescription (amphetamines, barbiturates, benzodiazepines, cannabinoids, cocaine and/or opiates) at screening or on day -1. * Participant has used any PPAR ligands such as fibrates and thiazolidinediones (e.g., clinofibrate, clofibrate, fenofibrate, gemfibrozil, pioglitazone, rosiglitazone) within 4 weeks prior to randomization. * Participant has used mestinon within 2 weeks prior to randomization. * Participant has initiated the use of coenzyme Q10 (CoQ10), carnitine, creatine or other mitochondrial-focused supplements within 4 weeks prior to randomization. * Participant has initiated an exercise regimen within 4 weeks prior to randomization. * Participant has a known or suspected hypersensitivity to ASP0367 or any components of the formulation used. * Participant has a positive result for SARS-CoV-2 polymerase chain reaction (PCR) test at screening.