Fair Value Measurements

3 Months Ended

Mar. 31, 2022

4. FAIR VALUE MEASUREMENTS

The Company’s assets and liabilities that were measured at fair value by level within the fair value hierarchy as of March 31, 2022 and December 31, 2021 were as follows:


	March 31, 2022
	Fair Value		Level 1
Financial assets:
Cash equivalents—money market funds	$	315,453	$	315,453
Marketable securities:
U.S. government Treasury bills		419,104		419,104
Total financial assets	$	734,557	$	734,557


	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 months ended March 31, 2022 and 2021.