HEPA's drug CRV431 seems to be a modification of cyclosporine. Cyclosporine primarily acts as an anti-inflammatory and immunosuppressant by the downregulation of calcineurin. Cyclosporine in long term use can also develop some bad side effects including liver and kidney damage.

How effective CRV431 is in NASH will be dependent on if the modifications made to cyclosporine enhance the anti-inflammatory effects and decrease side effects. In the poster HEPA released for their phase 2a trial they show the results from two biomarkers but no actual results directly related to NASH. I can see why the share price went down with such a paucity of evidence.


Amongst other things leronlimab also decreases calcineurin through the downregulation of CA-2+.