Proposition 38: Immunology research bond$8.4 billion in borrowing for immune-system medical research
Read the full text of the measure: Official Voter Information Guide (PDF)
In plain words
"Immunotherapy" means treatments that use the body's immune system to fight disease, such as some cancer drugs. The state would borrow $8.4 billion and pay it back from its main budget. At least $4.2 billion must go to research on cancer, heart disease and Alzheimer's. About half goes to one research institute chosen by the state health department that works with a UC campus; about half goes to grants picked by a council of UC campuses and other California universities and nonprofits. The state gets 10% of any money the research earns, and technology and drugs from the research must be sold in California for 20% below the national average price. (lao.ca.gov (Legislative Analyst's Office) )
Before and after
| Question | Today | If it passes |
|---|---|---|
| State borrowing for immunology research | None | $8.4 billion |
| Who gets it | Not applicable | About half to one UC-linked institute; about half to grants by a research council |
| State share of earnings from the research | Not applicable | 10%, to repay the bond first |
| Price in California of treatments developed | Not applicable | 20% below the national average price |
| Yearly cost to repay | None | $500 million to $600 million a year for about 20 years |
Numbers from the official ballot title (ballot title ); also see (lao.ca.gov (Legislative Analyst's Office) )
Example
Illustration only: $550 million a year spread over about 39 million Californians is about $14 per person per year, for about 20 years, possibly offset by research earnings. (lao.ca.gov (Legislative Analyst's Office) )
Biggest change
- At least $4.2 billion must go to immunology research on cancer, heart disease and Alzheimer's; no more than 2% to state administration. source: lao.ca.gov (Legislative Analyst's Office)
Who it affects most: Patients with cancer, heart disease, Alzheimer's and immune-related illness; California research universities and institutes; all taxpayers through repayment.
Cost to the state: Increased state cost of $500 million to $600 million a year for about 20 years to repay the bond, with some or all offset if the research earns money (Legislative Analyst).
Our plain-words summary. Every line points to its source.
What your vote means
The state can borrow $8.4 billion for immunology research, repaid at about $500 million to $600 million a year for 20 years.
The state does not borrow $8.4 billion for immunology research.
Our one-line summary. The official "What your vote means" statements are in the Secretary of State's Official Voter Information Guide, linked below.
Why people want it, and why others object
Why this is on the ballot
Voters put this on the ballot by signing a petition. It changes a state law, which lawmakers can later change. It passes with a simple majority.
- Philanthropist and medical inventor Gary Michelson placed it on the ballot. Voters approved $8.5 billion in stem-cell research bonds in 2004 (Prop. 71) and 2020 (Prop. 14). source: CalMatters
Why supporters want it
- Official argument in favor: vote yes "because it could save your life and the life of someone you love." Supporters say it offsets federal research cuts and pays for itself through the 10% revenue return. Signed by Susan Disney Lord (Alzheimer's Los Angeles), Eugene P. Brandon (ALS Association) and Dr. Brian Shuch (Kidney Cancer Association). source: voterguide.sos.ca.gov (Secretary of State)
Why opponents object
- Official argument against by Robert M. Kaplan, Ph.D. (Stanford): "Research priorities should be established through scientific review and public health planning," not a ballot measure; borrowing is a poor way to fund research that takes decades, and the state likely won't get the revenue assumed. source: voterguide.sos.ca.gov (Secretary of State)
Who backs each side
- For: Michael J. Fox Foundation, Alzheimer's Los Angeles, Kidney Cancer Association, American Nurses Association\California, American Association of Immunologists, City of Hope, California Democratic Party. Against: Robert M. Kaplan, the "No on 38" campaign led by California Health Policy Strategies, League of Women Voters. source: CalMatters
- Money (Secretary of State, through Aug. 2, 2026): "Yes on 38," sponsored by the Michelson Center for Public Policy, reported $13,200,000. No opposing committee was identified. source: sos.ca.gov (Secretary of State)
In each side's own words where we could find them, quoted or summarized with a link to the source. We don't endorse either side.
What you will see on your ballot
Official ballot wording, word for word (tap to open)
The official ballot title, word for word from the Secretary of State's Official Voter Information Guide .
AUTHORIZES BONDS FOR IMMUNOLOGY MEDICAL RESEARCH. INITIATIVE STATUTE.
YES
NO
Official title copied word for word from the Official Voter Information Guide (page 44). The title and summary are prepared by the Attorney General.
Official summary by the Attorney General (tap to open)
Authorizes $8.4 billion in state general obligation bonds for immunology and immunotherapy research (technologies that use body’s immune system to treat disease), with half dedicated to cancer, heart disease, and Alzheimer’s disease. Allocates funds equally between (1) a single University of California-affiliated nonprofit medical research institute, and (2) research grants for public or nonprofit universities and institutions. Requires funding recipients to sell technology and drugs derived from research in California for 20% below national average price. Appropriates money from General Fund to repay bonds; General Fund receives 10% of licensing royalties until bonds are repaid.(sos.ca.gov (Official Voter Information Guide) )
Latest news
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Full text of the measure
The full text of the proposed law is printed in the Official Voter Information Guide. Read it in the Official Voter Information Guide (PDF) .
Read more
- Secretary of State: Official Voter Information Guide, Nov. 3, 2026 (PDF)
- Official Voter Information Guide: Proposition 38
- Official arguments and rebuttals
- Legislative Analyst's analysis
We link to analysis from several sources; we don't endorse it.