GEMP Ph2B showed at 47% reduction in TGs with all secondary endpoints achieved. GEMP is HOPING that these results will translate into a positive POC studies in NASH/NAFLD Victory in NASH is likely to go to the treatment that produces the most desirable reversal in fibrosis. It's highly unlikely to be GEMP's compound. Even so, a MC < $120mn is cheap for a company with an effective lipid treatment. Cash runway is into 2019; but, they will need cash to run the PH3 SHTG study.