Rep. Anh “Joseph” Cao had a second strong fundraising quarter in a row, bringing in nearly $400,000 from July through September.

But the vulnerable Republican’s fundraising success is tempered by a high burn rate.

From July to September, Cao raised $394,000 but spent $382,000, leaving him with just $351,000 cash on hand on September 30. That’s just $11,000 more in the bank than Cao had at the end of June.