New Hampshire's incumbent Republican Sen. Kelly Ayotte ends the first fundraising quarter of 2016 with $4 million more cash on hand than her Democratic opponent, Gov. Maggie Hassan.

Hassan's campaign reported Tuesday that the two-term governor has raised $2.25 million since January and starts the spring with a war chest of $2.9 million. Almost 95 percent of Hassan's funds come from small-dollar donors who contributed $100 or less.

"Maggie for New Hampshire has also cut the Ayotte campaign's cash on hand advantage by roughly $1 million since entering the race," the campaign claimed.

But Ayotte still holds a significant financial edge over her Democratic challenger.

According to WMUR, the Republican senator raised $2.2 million from January 1 to the end of March and now has $6.9 million cash on hand. Since Ayotte was elected to the Senate in 2010, her re-election campaign has raised a total of nearly $12 million.

The Senate race in New Hampshire has already become one of the most closely-watched contests this election cycle.

A recent donor scandal involving former Phillips Exeter Academy instructor Rick Schubert, who was accused of sexual misconduct with students and contributed to Hassan's gubernatorial campaign in 2012, has also brought heat to the already bitter contest. Hassan's husband, Tom, was principal of Phillips Exeter when the allegations against Schubart first surfaced.

"There certainly are questions that need to be answered by [Hassan] about this whole matter. And she's given some inconsistent answers," Ayotte said of her opponent last week.