After the last news of layoffs in OtherSide Entertainment (the company working on the third installment of System Shock), which appeared in early February, this year, we haven't received any new information about the game so far. The studio's silence lasted for a good few months, and only now it was interrupted by Walter Somol, Vice President of Marketing and Business Development. Thanks to his statement on the forum, we know that the studio is still functioning, although no word has been said about System Shock 3 itself. Walter was involved in another title - Underworld Ascendant - and this is probably the series he mentions.
"We’re still here. We’re all working remotely right now, probably like most of you. Our new concept is coming along nicely and we are really excited about it. We have cool and we think distinctive art style for it and we have that and gameplay coming together in UE4. I know it’s a tease, but I just can’t really say anything about it at this point."
As you can see, we still can't be sure that System Shock 3 still has a chance to be made. We can only hope that the studio will be able to deal with the current problems and will soon inform us about the status of the work (or lack thereof) on the next inetallment of the iconic series. It is worth mentioning, that the remake of the original System Shock from 1994 is not at risk. A completely different studio is working on it - Nightdive Studios.