Moderna's R&D expenses fell 27% in the third quarter, mainly due to lower clinical development costs after completion and phasing out of certain late-stage studies in the infectious disease portfolio, as well as continued cost efficiency across the organization.

Moderna's R&D expenses fell 27% in the third quarter, mainly due to lower clinical development costs after completion and phasing out of certain late-stage studies in the infectious disease portfolio, as well as continued cost efficiency across the organization.