The speaker is addressing a friend who has died, someone they knew back when they were both just starting hormones. The poem suggests the friend was transgender too, and that the death may have been a suicide, though it never says so outright. The line "you shouldn't have let it get to you" hints at that, and the speaker sounds both tender and a little angry.
What stands out is how plain the language is. The speaker lists how things have improved: "i'm a lot happier now," "we've all grown up and gotten better." Each good thing is followed by a "but" that points back to the missing friend. Their absence makes the progress feel unfair. The advice to "give it time" comes too late, and the speaker knows it.
The ending is the most painful part. "We need you as much as ever" isn't dramatic, just honest. The mood is quiet, aching, and direct, like someone talking to a person who can't answer.