What This Measure Is

This is a statewide California ballot initiative, not a city or county measure.

It would allow the State of California to borrow money (issue bonds) to fund immunology and immunotherapy research — research focused on how the body’s immune system can fight disease.

What the Initiative Does (Plain Language)

• Authorizes $8.4 billion in state general obligation bonds

• Money would fund immunology and immunotherapy research

• Research focuses on:

  • Cancer

  • Heart disease

  • Alzheimer’s disease

  • Other serious illnesses linked to the immune system

• Bonds would be repaid over time from the state’s General Fund

Real-life example:
This works like a long-term mortgage. The state gets money now to fund research, and taxpayers repay it gradually over many years.

Where the Money Goes

The funding is split evenly between two types of recipients:

1. UC-Affiliated Medical Research Institute

• A nonprofit medical research institute

• Affiliated with the University of California

• Selected by the California Department of Public Health

• Must meet specific eligibility rules

2. Public Universities & Research Institutions

• Competitive grants for:

  • Public universities

  • Research institutions

• Focus on immunology and immune-based treatments

Conditions Placed on the Research

The initiative includes price protections:

• Any drugs or technologies developed using this funding must be:

  • Sold in California at least 20% below the national average price

Why this matters:
If taxpayers help fund discoveries, Californians are guaranteed lower prices if those discoveries turn into treatments.

Cost to the State (Important)

According to the state’s fiscal estimate:

• Bond repayment would cost about $500 million per year

• Payments would last for about 25 years

• Total cost depends on interest rates

Possible upside

• If research leads to profitable discoveries:

  • The state could recover some costs

  • But this is not guaranteed

Where the Money Comes From

• Paid from the California General Fund

• That’s the same pool used for:

  • Schools

  • Healthcare

  • Public safety

  • Other state services

No new tax is specified, but bond repayment competes with other state spending.

Who Is Behind the Measure

• Sponsor: Californians for Immunology Research and Cures

• Major funder: Michelson Center for Public Policy

• Petition circulation paid for by: Supporters of the measure

Common Questions

Is this statewide?

Yes.
It would apply across all of California.

Is this a new tax?

No new tax is created, but the state takes on long-term debt.

Does it guarantee medical breakthroughs?

No.
Research may or may not lead to new treatments or cures.

Do Californians get any direct benefit?

Yes, if successful:

• Lower-priced drugs in California

• Potential health advances

• Possible long-term revenue if discoveries pay off

How This Will Appear on the Ballot

• Appears as a statewide proposition

• Voted on by all California voters

• Title references bonds for immunology research

Official Sources

• California Secretary of State – Initiative Status
  https://www.sos.ca.gov/elections/ballot-measures/initiative-and-referendum-status

• Attorney General Title & Summary (25-0026A1)
  https://oag.ca.gov/initiatives

Bottom Line

• Borrows $8.4 billion to fund immune-system medical research

• Costs about $500 million per year for decades

• Includes price protections for Californians

• Statewide measure requiring voter approval