Cytek Biosciences (CTKB) said Monday it approved a stock repurchase program for up to $50 million of its common stock to succeed the Dec. 31 expiration of its existing $50 million repurchase program.

The new buyback authorization commences Jan. 1 and remains in effect until the end of 2025, the company said.

The biotech company said the program may be changed or ended at its discretion.

Shares of the company were up more than 1% in Monday's premarket activity.