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I am guessing this is a "dream" state where Taehyuk is experiencing "dreams" representing how he's slowly losing his life. Him forgeting Hyoun is just a part of the dream, or he might really forget him when he wakes up (just a possibility since falls like that may cause brain damage). Hyoun "enters" the dream appearing as his young versions because he feeds Taehyuk the pearl and attempts to revive him in real life. The boatman of death comes to take him because he is supposed to die from that fall, but Hyoun is stopping him.
It wasn't remotely anywhere close to a happy ending, but I was satisfied with how it ended. Gonna reread it again during my next period