This study focuses on individuals who have been diagnosed with idiopathic pulmonary fibrosis (IPF), a condition in which the tiny air sacs in the lungs become damaged. IPF is caused by scarring and the build-up of scar tissue (called fibrosis) in the air sacs. The purpose of the study is to determine the effectiveness and safety of an investigational drug called bexotegrast (PLN-74809) compared to a placebo (inactive substance) for the treatment of IPF. Participants will be randomly assigned to receive either bexotegrast 160 mg, bexotegrast 320 mg, or placebo; they will have a 2 out of 3 (66% chance) of receiving bexotegrast and 1 out of 3 (33% chance) of receiving placebo.