I got this bug once, too. I think it has to do with the following:
When you lose the last bit of health but still have lives left just before the timer runs out, the attack that would normally drain all your health and lives doesn't do it's job properly. You will stand up and regenerate the health of your next bar while receiving the supposedly fatal blow, but the health will regenerate further, thus preventing you from dying. Since neither you nor the catfish are dead, the game doesn't know to which ending to advance to, thus it doesn't advance at all.
This may of course be wrong, but my only advice is: Try not to lose the last bit of your health during the last 5 seconds.