According to the latest FEC reports, Bernie’s campaign only has around $6M cash on hand, as compared to about $30M for Team Hillary. The reason for the discrepancy is not that Bernie isn’t raising money anymore, it’s that he’s been spending it like crazy.

The two were on roughly equal fundraising footing last month, with Clinton and Sanders each raising more than $25 million. But the Vermont senator spent almost $39 million to Clinton’s $24 million, the reports showed.

This year, Sanders has averaged more than $40 million in spending per month, underlining how quickly he could blow through the cash he had on hand at the beginning of May.

Since he started his presidential bid, Sanders has spent nearly $207 million, about $25 million more than Clinton’s $182 million in expenditures. For her part, Clinton has averaged $26 million in spending per month since January.

Bernie has had every opportunity to convince Democrat voters. He’s been running on roughly equal footing with Hillary in terms of both earned media and purchased media. He’s just not closing the deal. And now he may not have the money he needs to finish the way he wants to in California.