http://www.pcgamer.com/psychonauts-2-wont-be-released-next-year/

To be fair to Double Fine Productions, Psychonauts 2 has never had a fully confirmed release date. The most recent estimate, as we noted in October when we learned that "it takes nine goats to say the F-word," was that it would be ready to go sometime during the summer of 2018. In a Fig update posted today, however, the studio said that 2018 is off the table. 

First, the good news: Double Fine is "very close" (emphasis theirs) to starting production on the first batch of backer rewards, and word on when that stuff will start shipping will go out after the new year. The game is now in full production, with "five full level teams" (emphasis theirs also) working on real and mental worlds, and the gameplay team doing its thing on the mechanical side, which covers things like powers, platforms, puzzles, and combat.