“If he came in fourth, yeah, that could hurt,” said Bill Freeman, a Biden donor from Nashville, Tennessee, who added that he hadn’t even considered such a possibility heading into Monday’s caucuses. “That’s a bad night, no matter how you spin it.”

Most precarious for Biden: Some of the would-be donors he could win over with a strong showing are giving new looks to Bloomberg, the former New York City mayor whose entire strategy of sitting out the four early nominating states is pegged to the possibility that Biden falters. Bloomberg, one of the world’s wealthiest men with a net worth approaching $60 billion, isn’t asking for money. He’s simply looking for support that could cut off financial lifelines to Biden, whose campaign reported just $9 million cash on hand to start the year.

That’s patronage Biden needs to remain competitive with Buttigieg, as well as Sen. Elizabeth Warren and Sanders, who have raised massive sums from small-dollar online contributors who have been far less generous to Biden…

Biden has a campaign footprint across the March primary map, with paid staff or volunteer offices in 13 states. But his cash flow raises questions about how much he can bolster his existing operation. His uneasy financial situation is underscored by an affiliated super PAC that spent more on Iowa ads than the campaign itself, but still has struggled to raise money and has little left over after Iowa.