California just passed Proposition 38, authorizing $8.4 billion in bonds to support medical research, mainly in immunology, after federal funding took a hit.
More than half of voters backed the move on Wednesday, November 11, 2026, and the plan involves issuing $8.4 billion in bonds to get new treatments off the ground.
UCLA institute funding raises transparency concerns
Half of this funding heads straight to the yet-open California Institute of Immunology and Immunotherapy at University of California, Los Angeles, co-founded by billionaires Gary Michelson and Meyer Luskin.
Some folks aren't thrilled about so much public cash going toward one institute or one type of research.
There are also concerns about transparency (the measure is exempt from some oversight laws) and about California taking on $500 million to $600 million annually for 20 years to repay the Prop 38 bond.
Still, there's a silver lining: any meds developed must be sold to Californians at a 20% discount, with 10% of any revenue going back to the state.