(CNN) - Jon Huntsman's presidential campaign is verging on broke after burning through more than $4 million since the former Utah governor entered the race for the Republican nomination in June.
The Huntsman campaign, which re-trenched last month by laying off staff and moving its national quarters to the must-win primary state of New Hampshire, finished the third fundraising quarter in September with just $327,000 in the bank and $890,000 in debt.
Since joining the race on June 21, Huntsman raised $2.26 million and contributed $2.25 million of his own money to the campaign for a total $4.51 million.
But a campaign official told CNN Friday that they have spent $4.18 million, leaving Huntsman with a paltry war chest as the GOP nomination fights heats up.
By contrast, Texas Gov. Rick Perry and former Massachusetts Gov. Mitt Romney each have roughly $15 million in the bank.
Fundraising reports are due with the Federal Election Commission on Saturday, and the numbers will provide the first official glimpse into the Huntsman books.
Huntsman announced his campaign before the second quarter fundraising deadline on June 30, but federal election regulations did not require him to file a report because he joined the race just days before the deadline.
A source close to the campaign said in an email that "after a fast start fundraising, the projections were far too high. Fundraising dried up in the summer and that accounts for the campaign reining in spending."
But there are encouraging signs for Huntsman supporters.
After a rocky summer that saw the departures of a handful of senior campaign advisers, the operation has slimmed down and reduced spending by half since June.
And after an uptick in the polls in New Hampshire –Huntsman's beachhead in the GOP race– the campaign says they have seen a 240% increase in fundraising since late September.
"Since the end of the third quarter, Gov. Huntsman has unveiled a bold foreign policy plan, performed strongly in the debates and seen positive momentum in every New Hampshire poll," Huntsman spokesman Tim Miller told CNN. "Our campaign has re-organized to become more nimble with a focus on success in New Hampshire and our fundraising this first two weeks of this quarter has reflected that."
Huntsman remains mired between one and three percent in national polls, but his numbers are creeping up in New Hampshire.
Huntsman backers are hoping that television ads will help boost the campaign's profile both nationally and in the Granite State, the underwhelming fundraising numbers suggest the campaign far from prepared to buy any airtime.
That leaves the task of going on television to "Our Destiny PAC," a SuperPAC formed by Huntsman supporters to raise and spend unlimited funds on behalf of the candidate.
A source close to the SuperPAC had better news than the campaign, telling CNN that their fundraising total is "good" and that many of the Huntsman campaign donors have moved to the SuperPAC.
As for when the SuperPAC might actually go on television, the source called that "a tightly held" strategy.