The Last Baby was one of Carpdime’s older pictures, and was one of his first attempts to do a continuous, constructed narrative back in 2014. It depics a breeder mare giving birth to her first successful baby after various stillbirths. She raises the foal, until the foal is taken away to be sold. Carpdime intended to continue the story but never did so.
It is possible that elements of a foal coming from an cold, industrial background but later raised by a loving owner is what influenced his later Story of Avocado.
Alternately, people wanting to see the continued journey of a foal from a mill can check out The Pink Pet Foal or Munstahs are real
I also like to think this foal is consoled with a hugtoy later.