Drew by insufficient material: You ran out of time, but your opponent didn't have enough material to checkmate you. So he was awarded a draw instead of a win.
Lost in "drawn" position: You lost because you ran out of time. In that case, your opponent could checkmate you in a specified series of legal moves.
Anyway, black is winning in the final position.
Normally in blitz games like these Chess.com automatically ends the game and calls it a draw. I find it pretty foolish how it didn't make this a draw, causing white to lose on time, the last 20 moves were done purely to drain time in hope that the server would automatically detect a drawn position.
I find it funny how my games have been terminated when I have a queen and a knight and the reason is "Insufficient Material" yet this game allowed black to win when it is clearly a drawn position.