Immunology Research Bond
What it is
Proposition 38 would authorize $8.4 billion in general obligation bonds to fund immunology and immunotherapy research conducted by California research institutes and universities. If Proposition 38 passes, half of the funds would go toward cancer, heart disease, and Alzheimer’s research. The other half of funds would be used as competitive research grants focused on immunology and immunotherapy.
What Your Vote Means
Voting YES
The state could borrow $8.4 billion to support medical research in immunology and immunotherapy conducted by California research institutes and universities.
Voting NO
The state could not borrow $8.4 billion to support medical research in immunology and immunotherapy conducted by California research institutes and universities.
Arguments
Supporters say
Proposition 38 is necessary to help fund critical research after the Trump Administration gutted billions in research grants to the state. The campaign supporting the measure says it will help position California as a world leader in biomedical research. They argue Proposition 38 will pay for itself because 10% of profits from treatments developed with the funding would be paid to the state, and those treatments would be offered to Californians at a discount.
Opponents say
Proposition 38 is flawed. The campaign against the measure says it supports the medical research but argues issuing bonds to cover the cost will saddle taxpayers with unnecessary debt. The campaign is also critical of the California Institute for Immunology and Immunotherapy, which has financial backing by billionaire former spinal surgeon Gary K. Mickelson. They argue the institute, formed in 2022, has little research experience and a risky that directing public funds to it could be risky.
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.
Campaign Finance
Supporting
$66,223,427
32 contributions · 4 contributors
- Gary K. Michelson$58,200,000
- Luskin, Meyer$5,000,000
- MICHELSON CENTER FOR PUBLIC POLICY, INC.$3,000,000
- California Democratic Party$23,427
Opposing
$8,782
4 contributions · 4 contributors
- Marks, Dean$5,000
- Kaplan, Robert$3,142
- California Health Policy Strategies, LLC$390
- Lang, Laurence$250
Last updated on October 19, 2026. Source: CA Secretary of State Power Search