Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Approved · ActiveModality: oral small molecule (liver-directed THR-beta agonist)
Aliases resmetirom
Target THR-beta
Partnerships F. Hoffmann-La Roche AG: sole and exclusive license to develop and commercialize resmetirom; FDA-approval ($5M) and EC-approval ($3M) milestones paid; tiered single-digit royalty on net sales
Indications
Noncirrhotic MASH with moderate to advanced fibrosis (F2-F3)(Approved)
Compensated MASH cirrhosis (F4c)(Phase 3)
Catalysts
— 2027
— 2028
Status note FDA accelerated approval March 2024; EC conditional marketing authorization August 2025 (Germany launch September 2025); UK MHRA authorization June 2026.
MGL-2086
Phase 1 · ActiveModality: oral small molecule (GLP-1 receptor agonist)
Aliases SYH2086
Target GLP-1 receptor
Partnerships CSPC Pharmaceutical Group Limited: exclusive global license (July 2025); $120M upfront; up to $2.0B in milestones
Indications
MASH(Phase 1)
Status note Phase 1 single-ascending dose trial in healthy volunteers initiated June 2026.
Ervogastat
Phase 2 · ActiveModality: oral small molecule (DGAT-2 inhibitor)
Target DGAT-2
Partnerships Pfizer: exclusive global license (December 2025); $50M upfront; up to $70M in development/regulatory milestones; low-double digit royalties. License also covers two additional early-stage MASH assets
Indications
MASH(Phase 2)
Status note Phase 2 oral DGAT-2 inhibitor.
MGL-0795
Phase 1 · ActiveModality: GalNAc-conjugated siRNA
Aliases ARO-PNPLA3
Target PNPLA3
Partnerships Arrowhead Pharmaceuticals: exclusive global license (May 2026); $25M upfront; up to $975M in milestones; high-single digit to mid-teens royalties
Indications
MASH (PNPLA3 I148M carriers)(Phase 1)
Status note Clinical-stage siRNA targeting a genetically validated driver of MASH. Company will consult FDA on design of a Phase 2 combination trial with resmetirom.
Undisclosed siRNA programs
Preclinical · ActiveModality: siRNA
Partnerships Ribocure: license agreement covering siRNA candidates; first candidate nominated for clinical development July 2026
Indications
MASH(Preclinical)
Status note Six siRNA programs plus additional preclinical MASH candidates.
Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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