 It is composed in the key of C major and has a sequence of C–F/C–C–Em–Am–F–C/E–Dm7–F/G as its chord progression.Characterized as a love song with a lyrical theme of fatalism, "Like I'm Gonna Lose You" channels anxiety about losing someone into determination to make the most of every moment.According to Gelbuda, the track is about not taking time with loved ones for granted.