A Study of Multiple Doses of HM15211 in Obese Subjects With NAFLD and in Subjects With NASH

Inclusion Criteria:

- Body mass index ≥ 30 kg/m2

- Waist circumference ≤ 57 inches

- Fasting Plasma Glucose < 7 mmol/L (126 mg/dL)

- HbA1c < 6.5%

- Controlled Attenuation Parameter ≥ 300 dB/m by FibroScan

- Liver fat by MRI-PDFF ≥ 10%.

Exclusion Criteria:

- A history of or active chronic liver disease due to alcohol, auto-immune, HIV, HBV or
active HCV-infection or NASH disease

- Any history of clinically significant chronic liver disease including esophageal
varices, ascites, encephalopathy or any hospitalization for treatment of chronic liver
disease; or Model for End Stage Liver Disease (MELD) ≥ 10

- Previous surgical treatment for obesity

- Uncontrolled hypertension

- Any weight control treatment

- History or current diagnosis of acute or chronic pancreatitis or factors for
pancreatitis

- History of major depression, anxiety, suicidal behavior or attempts, or other
psychiatric disorder requiring medical treatment

- History or current diagnosis of heart disease

- Presence of clinically significant ECG findings

- History of renal disease or abnormal kidney function tests

- History of alcohol or illicit drug abuse

- Daily heavy use of cigarettes or any tobacco product