In a note to employees on Thursday, Moderna Inc. said it was laying off about 10% of its global workforce as part of the biotechnology company’s plan to cut costs by $1.5 billion over the next couple of years.

The layoffs are part of an ongoing effort to reduce operating costs amid government and competitive challenges to its vaccine business.

Moderna faces weak post-pandemic vaccine demand and financial struggles, with limited near-term catalysts. Click here to read an analysis of MRNA stock now.