As of Q4'25, HIMS reported R&D Expenses of USD 40.96M and SG&A Expenses of USD 314.21M, marking the highest levels observed in the presented period. Both categories of operating expenses have shown consistent growth, with SG&A Expenses remaining the dominant component. From Q1'23 to Q4'25, the chart reveals a steady upward trend in both R&D and SG&A Expenses. R&D Expenses increased nearly fourfold from USD 10.75M to USD 40.96M, while SG&A Expenses more than doubled from USD 127.76M to USD 314.21M. The most notable acceleration occurred from mid-2024 onward, particularly in SG&A, which saw significant jumps each quarter, indicating increased investment in operational and administrative activities.