Wasps arrived in Scotland knowing a victory of any sorts would set up a mouth-watering winner takes all clash with Heineken Cup holders Toulouse next weekend but the 2004 and 2007 tournament winners failed to match Glasgow's intensity in either defence or attack.
"We're extremely disappointed. We came up here to win. We're a team and a club full of ambition and now we've made it very difficult to get through," admitted Hanks after the 20-10 defeat handed Toulouse top spot regardless of Sunday's result at Adams Park.
"It's always disappointing to lose but this was especially hard to swallow because we didn't play well and there was obviously a lot at stake.
"But take nothing away from them - they put us under pressure on both sides of the ball. They were better on both sides of the ball, too.
"They were able to maintain possession and we didn't do that, we turned the ball over too often. We weren't consistent enough at the setpiece and we didn't put enough pressure on them defensively.
"You can't come to Glasgow and expect to win playing at those levels. You've got to be more clinical than that in any Heineken Cup game.
"At half time we knew we weren't playing well but you still think that, if you can maintain the ball and defend well, you're in the game. We never really felt fatigued but we never got our rhythm.
"There's a lot of battered egos and battered pride. You have good days and bad and we timed it really badly to have a poor day."
While today's defeat means Wasps can no longer top Pool 6, a victory next weekend could still lead to a quarter-final place courtesy of a best runners up spot.
Failing that, Wasps are still in the running for a last eight place in the Amlin Challenge Cup, a tournament in which they made it through to the semi-finals before losing to eventual winners Cardiff Blues last season.
And with plenty still to play for, Hanks insists his side will be determined to make amends for their poor showing in Glasgow with a much-improved display on home soil.
"All we can do is make sure we respond. We've made it extremely difficult and the bare minimum is a win," added Hanks.
"I feel sorry for the supporters who've travelled up here: I know they'll be as disappointed as we are. It's not what we wanted to give them.
"It was unacceptable by our standards and we all to need to look at the reasons why and reflect on those.
"But there's no point us sitting around sulking for too long. The best way for us to repay the supporters who've come up here is to front up next week. We've got to do whatever we can to make sure we prepare well.
"We've got a good crowd coming to the Toulouse match who were expecting that the game would decide the pool. We've got to repay them next week with a performance."