Fair Value Measurements

9 Months Ended

Sep. 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:


	September 30, 2022
	Fair Value		Level 1
Financial assets:
Cash equivalents—money market funds	$	383,059	$	383,059
Marketable securities—U.S. Treasury securities		361,025		361,025
Total financial assets	$	744,084	$	744,084

	December 31, 2021
	Fair Value		Level 1
Financial assets:
Cash equivalents—money market funds	$	539,091	$	539,091
Marketable securities—U.S. Treasury securities		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 nine months ended September 30, 2022 and 2021.