See commentary for a related early draughtsmanship study. The drawing seems to have an implicit allegorical import for the traditional topic of youth and age.
It has been suggested that the group might be a study on the theme of
the Borgias, with the figures being Lucrezia and Cesare flanking their father,
Alexander VI. See DGR's 1850 Borgia drawing and commentary,
as well as the possibly related drawing of 1846-47 of
a young man and woman.