Tom Shaw snatched a point for Cambridge with a deserved injury-time equaliser against Telford at the Abbey Stadium.
After Michael Gash twice hit the post, they fell behind when Steve Jones side-footed home but recovered with goals from Andy Pugh and Gash.
Richard Davies volleyed into the top corner for Telford and substitute James Spray then scored with a low shot.
Shaw denied the visitors victory with his last-gasp 25-yarder but Cambridge have now not won in six matches.
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Cambridge United manager Jez George told BBC Radio Cambridgeshire:
"That was an honest performance, we gave everything for the cause and because of that we have been applauded off the pitch when we have drawn at home.
"The players showed an unbelievable attitude and character - we know we made mistakes for goals...but the goal at the end epitomises the spirit that the group showed today.
"I know it won't be enough, just that [a draw] moving forward, but that gives the fans something to believe in and it shows there is a bit of fight left in us yet."