Jack McDonald (D), a technology executive who had been waging a well-funded campaign against Rep. Mike McCaul (R), announced Tuesday afternoon that he was ending his Congressional bid just two weeks before the Texas filing deadline.

“This was a difficult decision for me and one I did not make lightly,” McDonald wrote in letter to his supporters. “I approached the decision in the same way I have approached my business decisions over the years–in an informed, realistic and fiscally-responsible way.”

McDonald’s campaign had never moved passed what he called the “exploratory” phase but he had been raising serious cash since announcing his exploratory committee in February.

McDonald reported raising $298,000 in the third quarter and $933,000 overall; he had $805,000 in cash on hand as of Sept. 30. McDonald has loaned his campaign $26,000 in personal funds, including $25,000 in the third quarter.

McDonald said that in the coming weeks he’ll be offering to return contributions made to his campaign.

McCaul raised $236,000 from individuals, political action committees and other sources in this year’s third quarter, for a total of $736,000 in overall receipts. He had $892,000 left to spend as October began.