Fair Value Measurements

6 Months Ended

Jun. 30, 2022

4. FAIR VALUE MEASUREMENTS

The Company’s assets and liabilities that were measured at fair value by level within the fair value hierarchy were as follows:


	As of June 30, 2022
	Fair Value		Level 1
Financial assets:
Cash equivalents—money market funds	$	333,813	$	333,813
Marketable securities:
U.S. government Treasury bills		403,140		403,140
Total financial assets	$	736,953	$	736,953

	As of December 31, 2021
	Fair Value		Level 1
Financial assets:
Cash equivalents—money market funds	$	539,091	$	539,091
Marketable securities:
U.S. government Treasury bills		241,117		241,117
Total financial assets	$	780,208	$	780,208

The Company remeasures certain assets, including intangible assets and its equity-method investment in a private company, at fair value on a nonrecurring basis when there are identifiable events or changes in circumstances that may have a significant adverse impact on the fair value of these assets. No such events or changes occurred during the three and six months ended June 30, 2022 and 2021.