The pulmonary fibrosis field is entering a pivotal moment. Boehringer Ingelheim’s positive Phase 3 trials for nerandomilast, poised to be the first new approval in over a decade, have injected long-awaited momentum into the space. PureTech Health, Endeavor BioMedicines, Insilico Medicine, Bristol Myers Squibb, and United Therapeutics are rapidly advancing through mid- to late-stage trials, signaling a renewed era of therapeutic possibility. Yet 2025 has also brought setbacks, including Pliant’s discontinuation of the BEACON-IPF study for bexotegrast due to safety concerns, underscoring the complexity of treating this disease.