California · November 3, 2026 · Initiative Statute

Proposition 38: Authorizes Bonds for Immunology Medical Research.

Authorizes $8.4 billion in state general obligation bonds for immunology and immunotherapy research (technologies that use the body's immune system to treat disease).

The official ballot language

Authorizes Bonds for Immunology Medical Research. Initiative Statute.

Authorizes $8.4 billion in general obligation bonds for immunology and immunotherapy research, half to a single University of California-affiliated nonprofit medical research institute, half to research grants. Fiscal Impact: Increased state cost of $500 million to $600 million annually for about 20 years to repay the research bond, with some or all of the cost offset if the funded research generates revenue.

Source: California Secretary of State

What your vote does

A YES vote

A YES vote on this measure means: The state could borrow $8.4 billion to support medical research in immunology and immunotherapy conducted by California research institutes and universities.

A NO vote

A NO vote on this measure means: The state could not borrow $8.4 billion to support medical research in immunology and immunotherapy conducted by California research institutes and universities.

Source: Ballotpedia

What's actually in it — provision by provision

Propositions bundle things together. Here is every operative provision, separately:

Authorizes $8.4 billion in general obligation bonds for immunology and immunotherapy research, split between a UC-affiliated nonprofit research institute and competitive grants.
Basis: Ballotpedia: $8.4 billion in state general obligation bonds for immunology and immunotherapy research; half to a UC-affiliated nonprofit institute, half to competitive grants.
At least $4.2 billion must target cancer, heart disease, and Alzheimer's research; resulting drugs must be sold in California at 20% below the national average price.
Basis: Ballotpedia: at least $4.2 billion for cancer, heart disease, and Alzheimer's; recipients must sell resulting drugs in California at 20% below the national average price.

Arguments, both sides

In favor

“YES on 38 supports life-saving immunology research to cure and prevent diseases like cancer, heart disease, Alzheimer's. Strong accountability including independent audits. Mandates 20% Rx discount.”
— Yes on 38 campaign (Official Voter Information Guide argument) [source]

“This initiative invests in proven science so cures can move from the lab to patients faster.”
— YES on the California Immunology Research & Cures Initiative campaign [source]

Against

“Proposition 38 is the wrong approach. It would commit taxpayers to decades of new bond debt while limiting California's flexibility to address changing health priorities.”
— Opponents (Official Voter Information Guide argument) [source]

“Voters should reject a measure that channels half of the state funds to one institution based on arbitrary criteria chosen by the proposition authors.”
— Dr. Robert Kaplan, Stanford School of Medicine, Clinical Excellence Research Center [source]

Who's funding each side

Support: $38.2M · Oppose: $640

As of Reports through September 19, 2026; next filing deadline October 22, 2026.

Top supporters: Gary K. Michelson and Affiliated Entity Michelson Center for Public Policy; Meyer Luskin; Michelson Center for Public Policy; California Democratic Party

Top opponents: Laurence Lang

Source: Ballotpedia campaign finance

Endorsements

Supporting

Michael J. Fox Foundation
Alzheimer's Los Angeles
Kidney Cancer Association
American Nurses Association of California
ALS Association
Alzheimer's Association
American Association of Immunologists
California Black Health Network
Michelson Center for Public Policy
Parkinson Association of Northern California
Reform California

Opposing

No on Proposition 38
League of Women Voters California
Howard Jarvis Taxpayers Association

Source: Ballotpedia

Polling

Public Policy Institute of California · Sept. 4, 2026–Sept. 10, 2026

Yes 55% · No 42% · Undecided 3%

1103 LV

Source

Fiscal impact

Increased state cost of $500 million to $600 million annually for about 20 years to repay the research bond, with some or all of the cost offset if the funded research generates revenue. (Ballotpedia.)

How does Proposition 38 line up with your values?

Take the 13-question AlignAlgo Vote questionnaire and get a scored breakdown of this measure — provision by provision.

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