Inclusion Criteria (NHVs):

• - Normal pulmonary function tests at Screening.

• - Normal electrocardiogram (ECG) at Screening.

• - Non-smoking.

• - Female participants cannot be pregnant or lactating.

• - Male and female participants of childbearing potential must agree to use highly effective contraception and must not donate eggs/sperm during the study and for at least 90 days following end of study or last dose of study drug, whichever is later.

Inclusion Criteria (IPF Participants):

• - Age ≥ 45 years at Screening.

• - Clinical diagnosis consistent with IPF based upon established criteria confirmed by review of high-resolution computed tomography (HRCT) and surgical lung biopsy findings (if available) - Safely able to undergo bronchoscopy.

• - Stable IPF disease at Screening with minimum life expectancy of ≥ 12 months from Screening.

• - Female participants cannot be pregnant or lactating.

• - Male and female participants of childbearing potential must agree to use highly effective contraception and must not donate eggs/sperm during the study and for at least 90 days following end of study or last dose of study drug, whichever is later.

Exclusion Criteria (NHVs):

• - Acute lower respiratory infection within 30 days prior to first dose or acute upper respiratory infection within 7 days prior to first dose.

• - Positive COVID-19 test during Screening window.

• - Any history of chronic pulmonary disease or anaphylaxis.

• - Human immunodeficiency virus (HIV) infection, seropositive for hepatitis B virus (HBV), seropositive for hepatitis C virus (HCV) - Uncontrolled hypertension.

• - History of significant cardiac disease.

• - History of major surgery within 12 weeks prior to first dose.

• - Unwilling to limit alcohol consumption to within moderate limits for the duration of the study.

• - Use of illicit drugs.

• - Use of an investigational agent or device within 30 days prior to first dose.

Exclusion Criteria (IPF Participants):

• - Interstitial lung disease (ILD) associated with known primary cause.

• - Positive COVID-19 test during Screening window.

• - IPF exacerbation within 6 weeks prior to first dose.

• - Lower respiratory tract infection requiring antibiotics or antivirals within 30 days prior to first dose.

• - Smoking cigarettes or e-cigarettes within 3 months prior to first dose.

• - Use of systemic corticosteroid therapy within 30 days prior to first dose.

• - Initiation or cessation of antifibrotic therapy or change of antifibrotic dose regimen within 10 weeks prior to first dose.

• - Any history of lung transplant or plan to undergo transplant during the course of the study.

• - Any concomitant pulmonary disease that could interfere with the evaluation of the study drug or interpretation of patient safety or study results.

• - HIV infection, seropositive for HBV, seropositive for HCV.

• - Uncontrolled hypertension.

• - History of significant cardiac disease.

• - History of major surgery within 12 weeks prior to first dose.

• - Unwilling to limit alcohol consumption to within moderate limits for the duration of the study.

• - Use of illicit drugs.

• - Use of an investigational agent or device within 30 days prior to first dose.

Note: additional inclusion/exclusion criteria may apply per protocol

Arms

Experimental: ARO-MMP7

single or multiple doses of ARO-MMP7 by inhalation of nebulized solution

Placebo Comparator: Placebo

single or multiple doses of placebo by inhalation of nebulized solution

Interventions

Drug: - ARO-MMP7 Inhalation Solution

ARO-MMP7 by inhalation of nebulized solution

Drug: - Placebo

Calculated volume of normal saline (0.9% NaCl) to match active treatment by inhalation of nebulized solution