After suffering a heavy defeat in Semenyih, PSM said Malaysians are not ready for a third-alternative in national politics.
"Maybe the time since the last general election was also too short for this new alternative to grow," PSM central committee member S Arutchelvan added in a statement today.
PSM came in third in today's by-election, securing only 847 votes and losing its deposit.
However, Arutchelvan said that in terms of vote share, PSM maintained its support at about two percent.
Meanwhile, PSM's candidate for the seat Nik Aziz Afiq Abdul said his real test begins tomorrow.
"The test, is whether or not I will fulfil what I said before, that is to continue serving the constituency despite losing.
"Not doing so would show that I do not appreciate the 847 people who voted for me and PSM today," Nik Aziz said.