Can you spot all the references

Earthbound, clearly. Looking back, the spear-type animation would be the Lance of Longinous, I presume? The end looks like a Super Saiyan transformation, and I could also see the particular growls the darkness uses being a reference, but I feel like those two are just pulling at straws looking for more.

The dying animation is basically the Final Fantasy 6 boss dying animation

"We run out of time"? Don't you mean "We've run out of time" or "We're out if time"?

No, "We run out of time" is valid. Shortened version of "We are running out of time".