Yes, possible.
If you somehow managed to get a higher score play with less combo and accuracy than the previous play, it will replace it and you'll lose pp.
That is because the current system prioritizes score over pp, and bigger score amount doesn't mean bigger pp.
It usually does, and this being the case is fairly unlikely.
Edit: I just noticed that you mentioned you failed, if that's the case then your pp didn't change, plays only submit if you complete the map.
unless you mean you broke combo