Authorizes Bonds for Immunology Medical Research. Initiative Statute.

Summary

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. Supporters: Michael J. Fox Foundation; Alzheimer’s Los Angeles; Kidney Cancer Assoc; American Nurses Assoc\CA Opponents: Robert M Kaplan Ph.D.

Money Raised

Chart depicts total fundraising by all committees primarily formed for and against Prop 38.Totals are updated daily with contributions from Power Search and adjustments from the most recent Political Reform Division analysis.

Largest Contributions

Showing the 10 largest contributions to committees formed primarily for and against Prop 38 in the election cycle when it appeared on the ballot. Contributions in earlier election cycles and contributions between allied committees are excluded. For more information on funding for ballot measure campaigns, visit the Power Search campaign finance search engine.

Yes on Prop 38

Gary K. Michelson
08/31/2026

$12,000,000

Gary K. Michelson and Affiliated Entity Michelson Center for Public Policy
01/09/2026

$4,000,000

Luskin, Meyer
01/09/2026

$4,000,000

Gary K. Michelson and Affiliated Entity Michelson Center for Public Policy
04/20/2026

$2,200,000

Gary K. Michelson and Affiliated Entity Michelson Center for Public Policy
01/12/2026

$2,000,000

Michelson Center For Public Policy, Inc. - YES ON 38 (NONPROFIT 501(C)(4))
08/24/2026

$2,000,000

Luskin, Meyer
01/08/2026

$1,000,000

California Democratic Party
08/21/2026

$1,248

No on Prop 38

No contributions have been reported to the No on 38 campaign in the election cycle when it appeared on the ballot.

What your vote means

Yes

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.

No

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.

Arguments

Pro

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. Designed to ensure no cost to taxpayers. YES on 38 could save your life and someone you love. Alzheimer’s Association, The Michael J. Fox Foundation for Parkinson’s Research urge YES on 38! www.YESon38.com

Con

California should continue supporting biomedical research, but 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. Research funding should be guided through the normal budget process—not by ballot initiatives.

Campaigns

For

YES on 38: Californians for Life-Saving Immunology Research and Cures: lnfo@YesOn38.com; https://yeson38.com

Against

Robert M Kaplan Stanford University School of Medicine, Clinical Excellence Research Center: Stanford CERC, CAM Building
453 Quarry Road,
Palo Alto, CA 94305; (301) 412-0205; bob.kaplan@stanford.edu