Study to Evaluate the Safety, Tolerability, and Efficacy of ASC41 in Adults With NASH

Key Inclusion Criteria: * Presence of ≥ 8% liver fat content on screening MRI-PDFF. * Histologic evidence of NASH upon central read of a liver biopsy obtained no more than 6 months before Day 1 defined by NASH activity score (NAS) greater than or equal to 4 with at least 1 point each in inflammation and ballooning. * Diabetes Mellitus well controlled based on laboratory test HbA1c ≤ 9.5%. Key Exclusion Criteria: * Evidence of advanced liver disease such as cirrhosis (stage 4 fibrosis) or decompensated liver disease (e.g. ascites, esophageal varices) or liver cancer. * Evidence of other causes of chronic liver disease. * Weight change ≥ 5% after qualifying liver biopsy or MRI-PDFF performed. * Any contraindications to a MRI scan. * Treatment with vitamin E (unless stable dose of \< 400 IU/d), thiazolidinediones (TZD), or glucagon-like peptide-1 receptor agonists (GLP-1 RA), unless subject is on a stable dose for 6 months prior to qualifying liver biopsy. * Known history of alcohol or other substance abuse within the last year or at any time during the study. * Use of any investigational drug within 6 months of MRI-PDFF and/or liver biopsy. * Known positivity for antibody to Human Immunodeficiency Virus (HIV).