Moderna’s CEO Sees an ‘Evolution of Strategy.’ The Stock Hits Lowest Level Since 2020.

Moderna stock tumbled Thursday after the company announced a major pullback in its research and development efforts, as the drugmaker seeks to stretch its cash to cover an extended period of losses. The company said it plans to cut research and development spending by 20% beginning in 2025, pausing a number of drug programs and discontinuing others. Moderna says those cuts will bring it to break even on an operating cash cost basis in 2028.