Indicates an intense, sometimes desperate effort when options are running out. With the deadline approaching, we're at our last gasp to finish the project.
Pro Tip 2/3
Not Always Literal
Used metaphorically; doesn't always mean someone is physically struggling to breathe. The negotiation was the company's last gasp to avoid bankruptcy.
Pro Tip 3/3
Sports Usage
Often used in sports to describe a team's final effort to win or score. The athlete pushed for a last gasp sprint to cross the finish line.