As of Q3'26 (2025-10-31), PATH reported R&D Expenses of $97M and SG&A Expenses of $232M. These figures represent the latest available data points in the quarterly operating expenses breakdown, covering the period from Q4'23 (2023-01-31) to Q3'26. Over this time frame, R&D Expenses have shown a gradual upward trend, increasing from $82M in Q4'23 to a peak of $100M in Q4'25, before stabilizing around $97M–$98M in recent quarters. SG&A Expenses, while consistently higher than R&D, have experienced more volatility—rising from $224M in Q4'23 to a high of $258M in Q2'25, then declining to $214M by Q1'26 before rebounding to $232M in Q3'26. Overall, SG&A remains the dominant component of PATH's operating expenses, with both categories demonstrating moderate fluctuations but no sustained decline.