"If we cannot get the project through we are toast"

... from the context I heard the above sentence at work, "toast" means something negative but what exactly?

thanks in advance
1. "we are in a bad situation"
2. "we are done"
3. "we are gone"
4. "we are dead (figuratively)"
5. "we are in deep trouble"

So on and so forth.
interesting, so done and gone here mean the same as "in a bad situation, trouble etc" and these the same as toast? could it even mean "we are fired" or it's actually not so strong?
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"We are finished", "We are done", and "we are gone" are informal expressions, boderlined on being slangy. These imply "we are no longer as innocent, privileged, powerful, or popular etc.".

No, "we are toast" isn't as strong as "we are fired". "Toast" merely means a generally bad situation, not necessarily denoting any particular consequence. It just means "We are in trouble".
thanks a lot hbae!
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