A left-leaning think tank is warning anew that a third-party presidential bid by candidates under the “No Labels” party will ultimately be detrimental to President Joe Biden’s reelection bid.

Matt Bennet, the co-founder of Third Way, is warning that a No Labels ticket will lead to former President Donald Trump, the current GOP frontrunner, winning a second term.

“We honestly believe in a head-to-head race, these latest polls not withstanding, Biden wins because of the dynamics of the electorate,” Bennett argued, The Hill reported on Sunday.

“But we think if there’s a well-funded, reasonably high-profile alleged moderate as an alternative, [Biden] loses,” he added.

Sen. Joe Manchin, a Democrat from West Virginia who recently declared that he won’t seek re-election next year, has been considering the possibility of a third-party run. However, he has also acknowledged that it’s a “long shot” for any potential candidates.

“But if you can get a movement to where you can move the two established parties, the Democrat and Republican, back to where their roots are, where they’ve come from and what they’ve been able to produce over all these years, they can get back to some normality,” he said, adding in a recent interview that he would consider running for the White House.

Bennet, meanwhile, told The Hill that No Labels members are the “only people on earth who think they can win.”

Ryan Clancy, a chief strategist for “No Labels,” told the outlet that there is an opportunity for a third-party ticket in this election cycle. He pointed to several polls indicating that voters are not inclined to support either Biden or Trump in the 2024 race.

“In life, it’s usually dangerous to say this time is different because it’s usually not,” Clancy said. “But this time, we think it is. We really do. The depth of dissatisfaction voters have with their likely choices, we just don’t think Washington has caught up to that yet.”

He added that the organization has yet to officially approach Manchin about running.