I almost forgot about Resmetirom the other thyroid hormone receptor-b MASH drug. It has the same mechanism of action as Tern pharma's TERN-501.
I wondered if they had results from their phase 3 trial yet. They do, it only shows 12% of patients having an improvement over placebo in one primary endpoint - 1-stage improvement in fibrosis with no worsening of NAS. In the second primary endpoint it shows 20% of patients having an improvement over placebo - NASH resolution (ballooning 0, inflammation 0,1) with ≥2-point reduction in NAS and no worsening of fibrosis. Might be good enough for approval but in a fairly small percentage of patients.