Kenji last did an update on the movie which was to be postponed but it now seems to the movie has been completely scrapped. The last time I remember a project as big as this being dumped so far down the line was Newt from Pixar and more recently Disney / Bruckheimer’s The Lone Ranger (although this is now back in production).
According to Deadline, the movie has been having trouble for a long time with the visual effects and the money in which it would cost to make them look as good as they needed to. It now looks like they’ve decided to cut their losses and cancel it rather than making a movie which wouldn’t be as good as they’d want it to be. To be honest, fair play to them. I guess all we’re left with now is this image above.
More info on Deadline.