I am past the final stage of development (5)
I believe the answer is:
imago
'the final stage of development' is the definition.
(final development stage of an insect)
'i am past' is the wordplay.
'i am' becomes 'i'm'.
'past' becomes 'ago' (similar in meaning).
'im'+'ago'='IMAGO'
(Other definitions for imago that I've seen before include "Eg monarch finally seen" , "Last state of insect life" , "Final stage of insect life" , "being immature?" , "Beetle, for example" .)