Saracens boss Mark McCall could not hide his disappointment after his side's 17-16 Heineken Cup defeat to Toulouse at Wembley on Friday.
The Premiership's table-toppers led 16-7 heading into the final quarter but battled to halt the Top 14 side and conceded a crucial try to France number eight Louis Picamoles.
Owen Farrell fell just short with a late penalty from just inside his own half and then had a drop-goal attempt deflected wide in injury time as Toulouse secured victory.
"We had a couple of chances in injury time," said McCall.
"Owen's penalty was pretty close.
"I thought there were a couple of penalties in those 22 phases at the end but it didn't appear as though they'd be given.
"It demonstrated the fight and composure of the team that we were able to do that. It's unbelievably disappointing to lose.
"This result puts Toulouse in control of the group to a degree, but we still have a lot to play for.
"We must do the job when we have Zebre back to back in December."
Outside centre Chris Wyles scored a try in the ninth minute and Farrell kicked three penalties and a conversion, but it was not enough to stop Saracens from suffering their first defeat of the season.
"It was a really tight game," added McCall.
"We got ourselves into a nine-point lead and in a match as tight as that we should have seen it through.
"That five-metre scrum was a horrible way to lose seven points. That said, our effort, energy, physicality and fight were extraordinary at times.
"Toulouse are a very good team and we had to fight really hard in defence. For an hour we controlled them pretty well."