BC’s corporate headquarters, a 968 square meter office space, is situated in Beijing, PRC, with the lease expiring in June 2024. Additionally, a laboratory center spanning approximately 640 square meters was leased in Shanghai, China, which expired in November 2023. In 2022, the Company secured a new lease for an office space of approximately 180 square meters in Zhengzhou, China, with the lease set to expire in August 2024. In November 2023, the Company also secured a new lease for its U.S. headquarters in San Diego, United States, with the lease set to expire in December 2026.

The Company also has multiple short-term leased properties used as offices and employee dormitories. The Company recorded a total of $89,000 and $52,000 short-term rent expenses during the years ended December 31, 2023 and 2022, respectively. The short-term rent expense amounts are recorded in operating expenses in the accompanying consolidated statements of operations and comprehensive (loss) income.

As of December 31, 2023, the Company recorded an aggregate ROU asset of $0.5 million and an aggregate lease liability of $0.4 million in the accompanying consolidated balance sheets.

Rent expense related to operating leases was $0.5 million for each of the years ended December 31, 2023 and 2022, respectively. Variable lease payments for the years ended December 31, 2023 and 2022 were immaterial.

Supplemental cash flow information related to operating leases was as follows (in thousands):


	Year Ended December 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating lease	$	573	$	517

The present value assumptions used in calculating the present value of the lease payments were as follows:


	Year Ended December 31,
	2023	2022
Weighted-average remaining lease term	2.2 years	1.5 years
Weighted-average discount rate	4.78%	4.75%

As of December 31, 2023, undiscounted future minimum payments under the Company’s operating leases were as follows (in thousands):


	Amount
2024	$	226
2025		103
2026		106
Total undiscounted lease payments		435
Less: imputed interest		(26	)
Total lease liabilities		409
Less: current portion of lease liabilities		(210	)
Lease liabilities, net of current portion	$	199

The Company is required to maintain security deposits of $0.1 million in connection with various leases, which amounts are included in other assets, noncurrent on the Company’s consolidated balance sheets.

As of December 31, 2023, the Company held land use rights for two land parcels in Beijing’s Shunyi District, expiring in 2053, and in Cangzhou, Hebei Province, expiring from 2067 to 2071. These parcels, with a combined area of approximately 66,559 square meters, are utilized as manufacturing facilities. As of December 31, 2023, the aggregate recorded land use rights, net assets for these parcels was $1.5 million.