The two sides are too far apart and too constrained by their own politics to make any compromises.
However, the EU is in a rather better position than the UK to handle a no-Deal Brexit. The UK has plug a very big hole in its economy as a major trading nation. The EU shares the burden across many countries and has a continental scale to its economy, much like the US.
Boris and the Conservatives will handle this by blaming the French. The economic fallout will seriously damage the UK economy, but that will be blamed on the Covid pandemic. But it will be hard to miss the fact that trade will be massively disrupted and food prices will rise.
Boris is gambling on a huge vaccination program to achieve a political success to offset the failure of EU talks.
I expect there will be a some bilateral deals to aid specific industries, where there is a mutual interest in doing so. Like the car manufacturing supply chain. The UK Financial Services sector will take a hit and it I expect the EU will try to develop a similar capability. But the news will be full of moans from distressed British expats finding that they are no longer allowed to live permanently in sunny Spain and are obliged to pay health insurance. The British general public have very little idea about economics or trade, but they certainly feel the need to have summer holidays in the sun. The benefits of EU membership have been derided for decades by the popular press in the UK. I guess come January, with no deal, there will be a reality check which might come as a bit of a shock.
Withdrawing from a major trading block at precisely the same time the economy needs to be recusitated after the Covid lockdowns? The timing could not be worst.