Beeline Medicines launched with a five-program portfolio in-licensed from Bristol Myers Squibb and backed by a $300 million Series A led by Bain Capital. The company’s lead asset, afimetoran, is a once-daily oral selective TLR7/8 inhibitor for lupus, which received FDA fast track designation for systemic lupus erythematosus. Beeline is also advancing an IL-2–CD25 fusion protein (BMS-986326) and other immune pathway programs including a TYK2 inhibitor and biologics targeting IL-18 and IL-10. The structure aims to run trials with dedicated capital and transition legacy study management as appropriate under pre-defined points, giving the startup control over future development strategy across multiple autoimmune and inflammatory indications.