Shadow of the Eternals developer Precursor Games has disbanded after failing to find funding for the title.
The studio had launched three crowdfunding campaigns through its own site and on Kickstarter in an effort to make what it described as a spiritual successor to Eternal Darkness.
After its latest Kickstarter campaign fell short of its $750,000 target last month, developers at the studio have now parted ways.
Precursor chief creative officer Denis Dyack said the project was not dead, but the developers would be taking a break from the game.
"It is with a heavy heart that we have decided to put the Shadow of the Eternals project on hold,” he said.
“We are very happy with what we have accomplished both as a group and with the community. The community has blown us away and was the one thing that kept us going through it all - we cannot thank you enough.
"Many of us will be taking a break. For those who are not aware, we all worked on this project as a labour of love and self financed 100% of everything for a over a year to try to make Shadow of the Eternals a reality.
"Although we did not succeed on doing this, we succeeded in making many friends and starting something that we hope provided value for those involved. We have no regrets. “