The Scriptures tell us repeatedly that it is possible to lose out in the race, that is, losing rewards or even the main thing of entering heaven (cons. 1Cor. 3:15; Matt. 19:30; 25:1-12; Lk. 17:32).
But it will be catastrophic for anyone in this race to lose out at the end. We must all learn a great lesson from those children of Israel who went into perdition, though they started out as children of Abraham (1Cor. 10:1-12).