01 | FOLLOW THE MONEY

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A billionaire backs it.
His institute benefits.
Taxpayers foot the bill.

Prop 38 would borrow $8.4 billion. About half appears destined for one research institute—the one its billionaire backer helped create.

Public research dollars should go to the strongest proposals, not to somebody's pet project.

Vote NO on Prop 38.
VoteNoOnProp38.org

SHORT CAPTION
A billionaire backs Prop 38. About $4.2 billion appears destined for the institute he helped create. Public research dollars should go to the strongest proposals, not to somebody's pet project. Vote NO on Prop 38. VoteNoOnProp38.org

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No on Prop 38 graphic. A billionaire backs it. His institute benefits. Taxpayers foot the bill. $4.2 billion appears destined for the institute its billionaire backer helped create. Vote NO on Prop 38. VoteNoOnProp38.org. Source: CalMatters, July 31, 2026.

02 | DECADES OF DEBT

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Breakthroughs aren’t guaranteed.
Debt payments are.

Prop 38 would cost California taxpayers an estimated $500 million to $600 million a year for about 20 years.

Those payments would compete with schools, health care and other services for the same state dollars.

Future discoveries might help cover the cost. But taxpayers are responsible whether that happens or not.

Vote NO on Prop 38.
VoteNoOnProp38.org

SHORT CAPTION
Breakthroughs aren’t guaranteed. Debt payments are. Prop 38 means an estimated $500–$600 million a year for about 20 years—competing with schools, health care and other services for state dollars. Vote NO on Prop 38. VoteNoOnProp38.org

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No on Prop 38 graphic. Decades of debt. An estimated $500 million to $600 million a year for about 20 years, paid from the same state fund that supports schools, health care, housing and public safety. Large Vote NO on Prop 38 call to action and campaign logo. VoteNoOnProp38.org. Source: California Legislative Analyst, 2026.

03 | SUPPORT THE SCIENCE

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Science moves fast. Prop 38 locks billions into one field.

Immunology and immunotherapy are important and promising fields. But Prop 38 would commit billions to one scientific area for years through a ballot initiative that cannot adapt as evidence, technology and public-health needs change.

California should fund the strongest proposals wherever they originate—not place billions of taxpayer dollars in one scientific and institutional basket.

Vote NO on Prop 38.
VoteNoOnProp38.org

SHORT CAPTION
Science moves fast. Prop 38 locks billions into one field through a ballot initiative that cannot adapt as evidence, technology and public-health needs—or new paths to cures—emerge. Vote NO on Prop 38. VoteNoOnProp38.org

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No on Prop 38 graphic. Science moves fast. Prop 38 locks billions into one field. It cannot adapt as evidence, technology and public-health needs change, or as new paths to cures emerge. Large Vote NO on Prop 38 call to action and campaign logo. VoteNoOnProp38.org.
