Carnage And Norman Osborn Are No More
In the final moments of the fight between Spider-Man and the Red Goblin, Spidey uses a motorcycle filled with gasoline to ignite a fire that burns the Carnage symbiote off of Norman for good. With fire being one of the known weaknesses of a symbiote and Peter saying, "Did you feel what the symbiote did when it burned?", all signs point to Carnage, and the Red Goblin, being no more.
Norman is left mentally damaged as well; the shock of Carnage dying while attached to him has fried his brain, leaving Norman to believe he's Cletus Kasaday, and Spider-Man is, in fact, Norman Osborn. While it could possibly be an act, Norman's ego wouldn't allow himself to come across as someone who's lost their mind if he could help it.
The Goblin Childe Lurks Under The Surface
Back at Alchemax, the Osborn Family is able to extract the remaining symbiote from Normie's body. What remains of the symbiote will be kept for research purposes, but the important part is an innocent boy has the opportunity to enjoy his childhood reunited with his family.
However, we quickly see it's not an entirely happy ending, as Normie's eyes are shown with a bright red flash of the Carnage symbiote streaking across them. Alchemax may believe they've purged the symbiote from Normie, but just like his grandfather, the young Osborn will most likely return down the road to plague Spider-Man.
A Superior Redemption
If you closed the issue out after reading the heartfelt letters page, then you missed a post-credits scene at Horizon University's San Francisco location, where Max Modell gives his newest hire, Dr. Elliot Tolliver, a tour of the facilities. Of course, the name doesn't sound familiar, but the final page reveals Elliot Tolliver is, in fact, the new alias for Otto Octavius.
Peter and Otto left each other on what can be considered good terms, and it looks like Otto has decided to get a fresh start on an entirely different coast. One reason he possibly chose Horizon University is his ex-girlfriend, Anna Maria Marconi, also works there.
Doctor Octopus has gone from villain to hero to villain over the last several years, but it remains to be seen which role he will adopt with this new identity. No matter what Otto chooses, Horizon University will be one location to pay attention to going forward, all because of its newest staff member.