I haven't looked at them closely enough to form a definitive opinion. I realize IPF is not an easy indication so am willing to give them a pass (I believe the J&J collaboration was when I first heard of them). It seems to me they've been touting their library since at least then whether it is just taking time to develop/partner or its not as valuable as it would seem is something I would want to get comfortable with first. Their former CMO went to (and is now out of) Nektar too (I didn't find her especially impressive).
I did find BIND appealing at a low valuation to take a position but the real value may be early stage/with partners we don't know much about.
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