Massachusetts-based Moderna, one of the companies at the forefront of developing a vaccine during the COVID pandemic, announced Thursday that it will lay off about 10% of its workforce.

Massachusetts-based vaccine maker Moderna on Thursday announced plans to cut its workforce by approximately 10%. Moderna CEO Stéphane Bancel notified employees of the decision. His memo explained that the company is committed to cutting operating expenses by approximately $1.

Vaccine maker Moderna (MRNA) on Thursday said that the company will reduce its headcount by about 10% globally to shrink its workforce to fewer than 5,000 individuals by the end of the year. The announcement comes ahead of the company's second-quarter (Q2) earnings,