California Proposition 38 would authorize $8.4 billion in state bonds for immunology and immunotherapy research, partly replacing research funding frozen, terminated or delayed by the Trump administration.

At least $4.2 billion would go toward research on cancer, heart disease and Alzheimer’s disease. The California Department of Public Health could select a research institute to receive half the bond revenue, with the remainder distributed through competitive grants.

That institute-funding structure is a point of dispute: opponents say the grant criteria could leave only the California Institute for Immunology and Immunotherapy, co-founded by Gary K. Michelson, eligible. Yes on 38 spokesperson Robin Swanson said the institute was likely to receive half the funds under the current criteria, while the California Department of Public Health would make the selection.

Supporters, including the Michael J. Fox Foundation for Parkinson’s Research and the ALS Association, say the funding could advance treatments and offer hope to people with chronic illnesses.

The Legislative Analyst’s Office estimates bond repayment would add $500 million to $600 million in annual costs for about 20 years. Supporters say a requirement that 10% of proceeds from immunotherapy licensing go toward repayment could help offset the total cost, including interest, though future commercial treatments are uncertain.