Elizabeth Warren admitted defeat in New Hampshire Tuesday night. She claimed to be still plotting a path forward for her presidential campaign, but, at this point, it has nowhere left to go.

With results still coming in, MSNBC has projected that Warren will come out of the primary with zero delegates. At best, she'll be in a distant fourth, well behind Bernie Sanders, Pete Buttigieg, and Amy Klobuchar. This was a disastrous night for Warren on top of an already lackluster showing in Iowa last week.

In New Hampshire, Warren was supposed to have a bit of a home-base advantage: She represents the neighboring state, and Boston’s media tend to dominate New Hampshire’s coverage. It also has a large population of well-off, educated liberals who tend to be her core base. Yet, she failed to seal the deal with many voters.

The problem for Warren is that her campaign relied on Iowa and New Hampshire to give her the political momentum necessary to win the Democratic nomination. Joe Biden also flopped in the first two primary states, but he has South Carolina to look to. Even if his chances of a comeback are fading, at least he can argue that his strategy hasn't had a chance to play out again. Warren, on the other hand, is looking at a bleak campaign trail from here on out. She might have been able to win Nevada had she won New Hampshire. But, now, that’s remote, and there's no reason to believe she can compete in South Carolina heading into Super Tuesday.

Warren suggested on Tuesday night that Iowa's and New Hampshire’s results are only one small part of a much bigger picture. “We’re two states in, with 55 states and territories to go. We still have 98% of the delegates for our nomination up for grabs, and Americans in every part of our country are going to make their voices heard,” she said after congratulating Sanders, Buttigieg, and Klobuchar.

This might be true, but Warren is not in a position to compete seriously for the other 98%. She no longer has an advantage, and it’s only a matter of time before her base begins to drift toward Sanders, the leading liberal candidate. Now is the time to bow out gracefully. If she doesn’t, the rest of Warren’s presidential campaigns will have results similar to those in Iowa and New Hampshire. Surely, that can’t be the legacy Warren wants.