Vaccine developer Moderna  said it was cutting research and development spending and pushed back its time frame for breaking even.

The company on Thursday also forecast a 2025 revenue range that fell below Wall Street expectations.

Moderna said it planned an approximately 20% reduction in expected research and development expenses for 2025 to 2028 from $20 billion to $16 billion. It expects a reduction of about $1.1 billion in annual spending starting in 2027 through cost cuts and by prioritizing its portfolio.

Moderna developed the Spikevax COVID-19 vaccine, and regulators approved this year its vaccine for RSV or respiratory syncytial virus. The company also has a combination flu/COVID vaccine and an RSV vaccine for high-risk younger adults that it expects to submit to regulators in 2024.

The company also said that it now expects to break even in 2028. It predicted last November that this would happen in 2026.

Shares of Cambridge, Massachusetts-based shed more than 12% Thursday, closing at $69.68.

Mortgage rates inch down

The average rate on a 30-year mortgage in the U.S. fell this week to its lowest level in 19 months, reflecting a pullback in Treasury yields ahead of an expected interest rate cut from the Federal Reserve next week.

The rate fell to 6.20% from 6.35% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.18%.

The average rate is now the lowest it’s been since February 12, 2023, when it was 6.12%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 5.27% from 5.47% last week. A year ago, it averaged 6.51%, Freddie Mac said.