Geron (NASDAQ:GERN) shares traded higher in the premarket on Thursday after the company reported better-than-expected earnings for Q3 and announced a $375M funding deal with Royalty Pharma (RPRX) and investment manager Pharmakon Advisors.

Foster City, California-based biotech’s Q3 beat was driven by its newly launched blood disorder therapy Rytelo, which added $28.2M to the topline during its first full quarter of U.S. launch.

“The initial full quarter of product revenue from our U.S. launch exceeded our expectations and demonstrates strong execution as a commercial company,” said CEO John Scarlett.

Meanwhile, GERN’s net loss narrowed ~41% YoY to $26.4M as the company cut its R&D expenses by ~31% YoY to $20.2M.

As for guidance, Geron (NASDAQ:GERN) lowered its full-year outlook for total operating expenses to $ 260M-$270M from $270M-$280M projected three months ago.

As part of the funding agreement, GERN said Royalty Pharma (RPRX) is expected to provide the company with $125M in cash upfront in exchange for a synthetic royalty on U.S. sales of Rytelo.

Meanwhile, investment funds managed by Pharmakon Advisors are set to provide $250M as part of a 5-year, senior secured term loan. The company has already received its first tranche of $125M.