The "proper story" is a tragedy. It is not a standard romance; it is a film about the destruction of innocence. Nathan, a boy who lived in his head to survive his father's abuse, finally found a reality (Roy) better than his dreams, only to have that reality destroy him. The film ends with his death, blurring the line between his vivid inner world and the brutal reality of the hate he faced.

After the attack, Nathan manages to make his way out of the woods and returns to Roy’s house. He cleans himself up and goes to Roy’s room. They share a final, quiet moment together, lying in bed. However, the camera reveals that Nathan is actually still in the woods; he never left. He is lying dead (or dying) on the ground where Burke left him.

, the famed singer-songwriter, in a cameo as Roy’s mother.

Under this interpretation, the "Dream Boy" of the title is literal: Nathan’s soul/spirit returned to Roy to say goodbye, or Roy is having a clairvoyant dream of Nathan. The film ends with Nathan’s body being discovered in the woods by a search party.