Double Fine is not very eager to share information about Psychonauts 2. One particularly impatient player decided to ask the creators about the progress of work on the title. He was answered by Tim Schafer, the studio's founder. From his words it seems that the game is being developed so long, because the developers make sure that the game "will be good". In addition, Double Fine's representative confirmed that Psychonauts 2 will debut this year, although no specific date was given.
The above information is a confirmation of Tim Schafer's words from the end of last year. Fans, however, may have reasons to be impatient. Psychonauts 2 was revealed in 2015, while the game's fundraiser concluded successfully in January 2016. Consider that the game was originally set to release in 2018. - since then, some water has flowed under the bridge. The game's publisher is Microsoft, which acquired Double Fine last year.