As of Q4'25 (2025-12-31), SMR's latest reported operating expenses show R&D expenses at USD 13.5M and SG&A expenses at USD 44.8M. Notably, the SG&A expenses in the prior quarter (Q3'25) spiked dramatically to USD 519.2M before returning to more typical levels in Q4'25. Over the period from Q1'23 to Q4'25, R&D expenses generally trended downward, peaking at USD 63.7M in Q3'23 and then steadily declining to a range between USD 9.1M and USD 13.5M in 2024 and 2025. SG&A expenses remained relatively stable between USD 14.7M and USD 23.2M until a significant one-time surge in Q3'25, after which they normalized. This pattern suggests a largely stable cost structure with the exception of the Q3'25 SG&A anomaly, which stands out as a major outlier in the otherwise consistent trend.