2026 California voter guide
California Proposition 38: What Voters Should Know
A plain-language guide to the $8.4 billion immunology and immunotherapy research bond on the November 3, 2026 ballot.
Last reviewed September 23, 2026
01
The proposal
What does Proposition 38 do?
Proposition 38 would authorize California to issue $8.4 billion in general obligation bonds for research in immunology—the study of the immune system—and immunotherapy, which uses the immune system to help fight disease.
The measure divides the bond proceeds into two equal parts. Fifty percent would go to a single qualifying nonprofit medical research institute. Fifty percent would be awarded as individual research grants to eligible public universities, nonprofit universities and nonprofit research institutions represented on a new research council.
- At least $4.2 billion must support research involving cancer, heart disease and Alzheimer’s disease.
- State administrative costs are limited to 2 percent of the bond funds.
- Funded treatments sold in California generally must be offered to California patients at a 20 percent discount.
- Ten percent of revenue generated by funded discoveries must first go to the General Fund until the bond’s principal and interest are repaid.
02
Fiscal effect
How much would it cost?
The nonpartisan Legislative Analyst estimates that repaying the bonds would cost the state General Fund between $500 million and $600 million each year for about 20 years. The General Fund also pays for programs including education, health care and prisons.
After adjusting for inflation, the Analyst estimates the bond would cost about 10 percent more than paying for the research up front. Proposition 38 could return research-generated revenue to the state, but the Analyst says the amount and timing are uncertain and that offsetting the bond cost could take decades.
03
Distribution
Who would receive the money?
A single research institute
The California Department of Public Health would select one nonprofit institute that satisfies criteria involving its research specialty, size, philanthropy and affiliation with a University of California campus and health system.
Research grants
A council representing seven UC campuses and 10 to 15 other California universities and nonprofit research institutions would award project grants to organizations represented on that council.
04
Ballot choice
What would a Yes or No vote mean?
The state could borrow $8.4 billion to support immunology and immunotherapy research conducted by California research institutes and universities.
The state could not borrow the $8.4 billion authorized by Proposition 38 for that research program.
05
The debate
What are the principal arguments?
Arguments in favor
- Supporters say the measure could accelerate immunology research and treatments for cancer, heart disease, Alzheimer’s and other illnesses.
- They point to annual reporting, independent audits, limits on administrative costs and conflict-of-interest provisions.
- They emphasize the 20 percent California patient discount and the requirement that 10 percent of research revenue be returned to the state.
- The Yes campaign says research revenue and avoided health costs could offset the public cost.
Arguments against
- Opponents say the measure commits the General Fund to decades of debt for an ongoing research program.
- They argue that directing half the money to one qualifying institute limits open competition.
- They say placing detailed research priorities in a ballot measure reduces California’s ability to respond to changing scientific and public-health needs.
- They note that the Legislative Analyst describes future research revenue and its timing as uncertain.
The Secretary of State notes that ballot arguments are the opinions of their authors and have not been checked for accuracy by an official agency.
06
Public positions
Who supports and opposes Proposition 38?
The Secretary of State’s ballot summary identifies the Michael J. Fox Foundation, Alzheimer’s Los Angeles, the Kidney Cancer Association and the American Nurses Association/California as supporters. It identifies Robert M. Kaplan, PhD, as an opponent.
These summary lists are not exhaustive. Campaigns and outside organizations publish additional endorsements during the election.
Source: Official ballot summary ↗
07
Read it yourself
Official documents and further reading
This page distinguishes official descriptions from campaign arguments and independent reporting. Figures and descriptions are attributed to their sources so readers can review the underlying material directly.