Beeline Medicines launched out of stealth with plans to develop licensed immunology assets from Bristol Myers Squibb, backed by Bain Capital’s $300 million Series A. The new company is led by Saqib Islam, a former CEO of SpringWorks Therapeutics, and its lead program is afimetoran, an oral daily therapy for systemic lupus erythematosus. Beeline said a Phase 2 study for afimetoran is underway with expectations to complete in the second half of the year, positioning the company for a pivotal development program thereafter. It also disclosed early assets across atopic dermatitis, plaque psoriasis, and preclinical programs tied to IL-8 and IL-10.