Inclusion Criteria:  Males or females greater than or equal to (≥) 18 and less than or equal to (≤) 75 years old at the time of informed consent. Body mass index ≥ 25 Kg/m2 as assessed during screening Liver fat ≥ 10% as assessed by MRI-PDFF before randomization. Presence of NASH confirmed by centrally read liver biopsy Weight loss < 5% after historical biopsy. Otherwise, weight loss < 5% in the previous 3 months prior to randomization. ALT and AST ≤ 200 units per liter (U/L) and confirmed to be stable. Total Bilirubin ≤ 1.3 miligrams per deciliter (mg/dL) and confirmed to be stable.  Exclusion Criteria:  Prior or planned (during the Study Period) bariatric surgery History of solid organ transplant  Screening laboratory values that would render a participant unsuitable for inclusion, including but not limited to:  Clinically significant albuminuria or proteinuria Positive test for blood on urinalysis Estimated glomerular filtration rate (eGFR) < 60 milliliters (mL)/minute (min)/1.73 square meter (m^2) Hemoglobin A1c (HbA1c) > 9.5% Platelet count < 170 × 10^9/liter (L) Diagnosis of Gilbert's syndrome Known history of or evidence of liver disease other than NASH. Clinical evidence of liver decompensation Active SARS-CoV-2 infection (COVID-19) or confirmed SARS-CoV-2 infection-related complication within 8 weeks of Screening Uncontrolled arterial hypertension History of bleeding diathesis or coagulopathy Participants with known intolerance to magnetic resonance imaging (MRI) or with conditions contraindicated for MRI Procedures History of, or current hard drug or alcohol abuse within 2 years prior to Screening Use of drugs historically associated with NAFLD for more than 2 weeks in the year prior to Screening. Use of obeticholic acid, ursodeoxycholic acid, icosapent ethyl, niacin, PCSK9 inhibitors, and bile acid sequestrants  Participants taking the following medicines UNLESS on a stable dose:  Anti-diabetic medications statins, fenofibrate, and ezetimibe Estrogen containing contraceptives Glucagon-like peptide (GLP)-1 agonists Pioglitazone Vitamin E at doses ≤ 800 international unit (IU)/day Herbal medicines, other prescription medicines, vitamins or supplements known to affect lipid metabolism Other protocol-defined inclusion/exclusion criteria could apply