In Q4'25, total operating expenses for RXRX reached $129.6M USD, comprising $95.9M USD in R&D expenses and $33.7M USD in SG&A expenses, reflecting a decline from the prior quarter's peak. From Q1'23 to Q4'25, R&D expenses exhibited strong growth, rising from $46.7M USD to a high of $129.6M USD in Q1'25 before tapering to $95.9M USD, indicating an overall upward trend with a recent moderation; meanwhile, SG&A expenses increased steadily from $22.9M USD to $77.2M USD in Q4'24, followed by a notable decline to $33.7M USD, suggesting cost optimization efforts in administrative functions amid fluctuating R&D investments. The stacked bar chart highlights R&D as the dominant component, driving total expenses from $69.5M USD in Q1'23 to a peak of $184.3M USD in Q1'25, with volatility underscoring potential expansion phases in the biotech sector.