Using -replace
$string = '% O0033(SUB RAD MSD 50R III) G91G1X-6.4Z-2.F500 G3I6.4Z-8.G3I6.4 G3R3.2X6.4F500 G91G0Z5. G91G1X-10.4 G3I10.4 G3R5.2X10.4 G90G0Z2. M99 %'
$program = $string -replace '^%\sO\d{4}\((.+?)\).+$','$1'
$program
SUB RAD MSD 50R III