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CIRM presents FY24–25 results and wins approval for $505 million research budget for 2025–26
Summary
CIRM presented FY24–25 financial results and an approved FY25–26 research budget of $505 million. Directors told the oversight committee 53% of research dollars are encumbered; members pressed CIRM on equitable access, underspent funds rollover and large budget variances.
The California Institute for Regenerative Medicine (CIRM) presented its FY24–25 financial results and its approved FY25–26 budgets to the Citizens Financial Accountability Oversight Committee on Dec. 30, 2025. Michelle Lewis, CIRM's director of finance, reviewed Proposition 14 totals, research encumbrances, and drivers of budget variances, and outlined the agency's approved $505 million research budget for 2025–26.
Lewis told the committee Proposition 14 provides $5,500,000,000 and said "it is broken into 4 major categories," including a $4.9 billion research/grants allocation and administrative categories for grant administration, general administration and bond issuance costs. She reported CIRM's total available research funding is about $7.7 billion when combining Propositions 14 and 71 and said CIRM had encumbered "53% of its research dollars," meaning funds have been committed to awards or…
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