As of Q4'25, UPST reported R&D Expenses of $66.9M and SG&A Expenses of $158.4M, marking the highest SG&A spending in the observed period. The latest quarter reflects a continued increase in both categories, with SG&A Expenses significantly outpacing R&D. From Q1'23 to Q4'25, the chart reveals a steady upward trend in SG&A Expenses, which more than doubled from $84.1M to $158.4M. R&D Expenses, while fluctuating, remained relatively stable in the $55M–$69M range after a sharp drop from $110.1M in Q1'23. The data highlights a strategic shift toward higher SG&A investment, suggesting a focus on scaling operations and commercial activities over the last two years.