Bain Capital-backed Beeline Medicines launched out of stealth with plans to develop precision therapies for immune-mediated diseases, funded by a $300 million Series A. The startup built its pipeline by licensing five investigational immunology assets from Bristol Myers Squibb. Beeline’s initial slate includes afimetoran for systemic lupus erythematosus and other early-stage programs positioned across indications including atopic dermatitis, lupus, and plaque psoriasis. The company said a Phase 2 readout for afimetoran is expected later this year before moving into pivotal development. The formation of Beeline reflects how large-pharma shelved immunology programs are being re-housed into venture-backed execution models with staged capital and clearer trial ownership.