California voters will decide Proposition 38 on November 3, 2026, which would authorize $8.4 billion in general obligation bonds for immunology and immunotherapy research, with half allocated to a University of California-affiliated institute selected by the Department of Public Health and half to competitive grants at public and nonprofit institutions. At least half the proceeds must target cancer, heart disease, and Alzheimer’s research, and recipients must return 10 percent of any licensing revenue to offset repayment costs while offering resulting treatments at a 20 percent discount to Californians. The measure qualified for the ballot via petition signatures in June 2026 and draws support from disease advocacy organizations amid federal research funding reductions. Traders price passage at 63 percent Yes, reflecting broad health-sector backing and the state’s history with similar research bonds offset by projected annual General Fund repayment costs of $500 million to $600 million for roughly two decades.