The speaker looks at another person, addressed as "You", and wonders what role they played in someone else's life. The answer comes as a string of images: a rock in a flood, a branch hanging over an abyss, a grail for tears, a cocoon, the shedding of scales. Some of these suggest rescue and comfort, while others, like "Chains to Lose" and "Bat of Darkness", suggest burden or shadow. The "You" seems to have been many things to "Them", and perhaps none of them permanently.
The second stanza turns the question around. "They" became part of "You", but does that go both ways? The last line of that stanza offers a bleak option: that "You" ended up as "a Forgotten Memory". The poem closes on a shrug of uncertainty, "Fate? Perhaps....", then repeats the title as if giving up on a firmer answer. The mood is wistful and unsettled. The capital letters make each image feel weighty, yet the repeated "perhaps" leaves everything unproven, and it is hard to tell whether the speaker finds comfort or sadness in being only a phase.