In Q4'25, UPST's operating expenses reached a total of approximately 225M USD, with SG&A Expenses accounting for the majority at 158M USD, reflecting a significant increase from prior quarters, while R&D Expenses remained relatively stable at 67M USD. Over the period from Q1'23 to Q4'25, total operating expenses exhibited an overall upward trend, rising from 195M USD to 225M USD, driven primarily by consistent growth in SG&A Expenses, which more than doubled from 84M USD to 158M USD amid expanding operations. R&D Expenses showed initial volatility, peaking at 110M USD in Q1'23 before stabilizing around 55M-69M USD, indicating a shift toward cost control in innovation spending. This pattern highlights SG&A as the dominant component, comprising over 70% of total expenses in recent quarters, with no notable inflection points beyond steady escalation post-Q2'24.