It's being developed in Unreal Engine 5 and it's considerably more ambitious than the first game
They are rebooting the artstyle to appeal for a wider audience: The graphics remind of Final Fantasy VII Remake, but the game has the same gameplay structure of the first one (Metroidania platform) but with very cinematic cutscenes.
Currently in development for PS5/XSX/PC/Switch 2
Development started in 2021 and it ramped up in in 2023.
A trailer for the game will only be revealed after the updates for Ritual of The Night are finished. There's a chance it could be revealed at this year's Game Awards, but it's 100% being revealed in 2025.