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Fair Value Measurements
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4.       FAIR VALUE MEASUREMENTSThe Company’s assets and liabilities that were measured at fair value by level within the fair value hierarchy as of December 31, 2020 and March 31, 2021, were as follows:

 

 

 

As of December 31, 2020

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

Financial assets:

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

58,997

 

 

$

58,997

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

8,551

 

 

 

 

 

 

8,551

 

Commercial paper

 

 

26,469

 

 

 

 

 

 

26,469

 

U.S. government Treasury bills

 

 

170,382

 

 

 

170,382

 

 

 

 

Total financial assets

 

$

264,399

 

 

$

229,379

 

 

$

35,020

 

 

 

 

As of March 31, 2021

 

 

 

Fair Value

 

 

Level 1

 

 

Level 2

 

Financial assets:

 

 

 

 

 

 

 

 

 

Cash equivalents—money market funds

 

$

133,597

 

 

$

133,597

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

Corporate debt securities

 

 

5,500

 

 

 

 

 

 

5,500

 

Commercial paper

 

 

16,988

 

 

 

 

 

 

16,988

 

U.S. government Treasury bills

 

 

100,241

 

 

 

100,241

 

 

 

 

Total financial assets

 

$

256,326

 

 

$

233,838

 

 

$

22,488

 

 

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 months ended March 31, 2020 and 2021.