Prospect status is marked as Active, Pending, and Finished and this lets you know the prospect's progress throughout the sequence.
Please check below their respective meanings:
Active:
The status of the prospects will be marked as Active when they have been enrolled to Step 1 of the sequence.
Pending:
When prospects do not meet the Enrolment Limit ie 'Max prospects that can be enrolled in this sequence in a day' setting will be marked as Pending. These Pending prospects will become active once they fall under the enrolment limit or they can also be activated manually.
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Example: You have added 200 prospects in a sequence that has a limit of 100, then only 100 prospects will be marked as Active and the other 100 will be marked as Pending. These Pending prospects will become active after 24Hrs or you can select particular prospects and activate them by clicking on the three dots (meatball menu) to activate them.

Finished:
Outplay allows you to mark 'Finished' both manually and automatically. Prospects who have gone through all the steps of a sequence will be marked as Finished automatically and their stage will be Unresponsive and also Prospects who have replied are also marked as Finished but their stage is Replied.

NOTE: Status is a default setting, it cannot be modified.