The most common and most likely answer to this crossword clue is the 4 plus 3 plus 4 letter word LOST THE PLOT
L
O
S
T
T
H
E
P
L
O
T
Buddy explains!
The straight part
We know that "failed to keep up" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case failed to keep up = lost the plot.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.