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At this point anything else other than death is a happy ending for him
I don't think Only Friends will have a sad ending, not for Ray and Sand, at least.
I think it won't be like that because Ray's life is already so damn tragic and sad and I can't imagine ANY kind of sad ending that, at the same time, could leave the audience satisfied, if Ray's fate were to suffer more, even worse if it were to be a type of suffering that would see him completely alone, with no one in his life. And I don't even want to dare think about his possible death.
"Only Friends" is a very, very intense and in some ways, dark BL but based on the experience I've had watching other BLs, I have that tiny hope that at least Ray will find his happiness.
And perhaps this will apply to all the boys. Why not? Life is hard enough, at least in dramas we deserve a happy ending.