Spider Web burst blood vessels when pulling up in the Troytown Chase at Navan on Sunday.
The JP McManus-owned seven-year-old was a well-supported 7-1 favourite for the prestigious handicap following his victory in last month’s Munster National at Limerick.
However, he never threatened to land a blow and was eventually taken out of the race before three fences from home by jockey Luke Dempsey.
Trainer Tom Mullins said: “He has burst before and he’s a bit hit and miss.
“Some days he bleeds and other days he doesn’t. It’s just something we’ve got to work with.
“He bled yesterday anyway and that’s why he disappointed. At least we have a reason for it, although I’d prefer it if it wasn’t that reason.
“I’d say he could still make Christmas or early in the new year, but we’ll play it by ear.”
Mullins also saddled outsider Grand Partner in the Troytown and he ran a far more encouraging race to finish fourth.
The Doninga handler hopes he can win a similarly lucrative prize before the season is out, perhaps back at a shorter trip.
“He ran a cracker, we were delighted with the run,” Mullins added.
“I don’t think there was any excuse. He got a good ride and ran well.
“Maybe he didn’t quite see out the three miles. He jumped from fence to fence and just didn’t look like a horse that was looking for three miles.
“We’ll think about it for a while. It was his best performance over fences so far and maybe coming back to two miles and five (furlongs) will help.
“He could run at Christmas or I think there might be a race for him at the Dublin Racing Festival in Leopardstown at the start of February.”