During the Xbox Two Podcast with Rand al Thor 19, Corden alleges that the title, announced in 2020, was “just a concept; it’s not a game they are currently working on. It might be something they work on eventually, but Project: Mara is not a game that is currently being worked on at Ninja Theory.”

What is on the cards? Hellblade 3, apparently, and it’s reportedly going to be “a bit more interactive than Hellblade 1 and 2. They want to make it more of a game, and broaden its appeal,” said Corden. This may very well be the studio’s next project that was allegedly greenlit in May 2024 following the release of Senua’s Saga: Hellblade 2.

Project: Mara was described as an “experimental” horror title that “explores new ways of storytelling.” Featuring Melina Juergens, who plays Senua in the Hellblade series, it would have offered a “real-world and grounded representation of mental terror.”

While there’s no official confirmation on Project: Mara’s status, Ninja Theory hasn’t exactly inundated the world with details since its reveal. The last major update was in January 2021, when a developer diary confirmed that the story would unfold in a single apartment.

The speculation around that secret fourth game thus continues, but fortunately, we won’t have to wait too long to find out. The Xbox Developer_Direct ’26 airs on January 22nd at 10 AM PST, and features the likes of Fable, Forza Horizon 6 and Beast of Reincarnation.

Ninja Theory was one of the highlights in that early string of Xbox acquisitions, with the studio still basking in the glow of its critically acclaimed Hellblade: Senua’s Sacrifice at the time. Now, interestingly enough, it’s also been revealed just how much Microsoft had to spend to bring the studio into the Xbox Game Studios umbrella.

Microsoft’s recent FTC filings have revealed that the company was considering acquisitions for the likes of Bungie and Sega, with a number of other studios big and small that were also being kept an eye on. In an internap pitch concerning a potential acquisitipn of Sega, Microsoft listed a number of “precedent transactions”, i.e. studio acquisitions by a number of companies from across the industry in recent years, including itself.

Ninja Theory is mentioned in that list as well, which also reveals that the developer was bought by Microsoft in a deal worth $117 million. In comparison, Sony purchased Insomniac Games for a price of $229 million, while Electronic Arts picked up Respawn Entertainment for $325 million.

Since being acquired by Microsoft, Ninja Theory has released one game thus far, that being multiplayer action game Bleeding Edge, which was shut down less than a year after its launch. The studio has also been at work on a major AAA production in Senua’s Saga: Hellblade 2, which is due out next year, as well as the much more experimental Project: Mara.

While the anticipation is there for Senua’s Saga: Hellblade 2 from Ninja Theory, the developer has a smaller, arguably more intriguing title in the works. Dubbed Project: Mara and announced about a year ago, it was noted to be an “experimental title” on mental terror. In a new Dreadnought Diaries video, the developer has outlined exactly what it’s trying to accomplish with the game.

Based on a real-world location, Project: Mara takes place within the confines of a single apartment. As chief creative Tameem Antoniades revealed, the team has been focusing a lot on recreating this apartment in as photorealistic a manner as possible. The entire process, which entailed using procedural tools to add wear-and-tear and an organic feel to the environment, is certainly intriguing.

Project: Mara’s release and overall story are still up in the air so we await further details on the same. Perhaps the developer will reveal more of Senua’s Saga: Hellblade 2 this year instead. The action adventure title is currently in development for Xbox Series X/S and PC.

Ninja Theory is a fairly busy studio these days with Bleeding Edge, a team-based multiplayer brawler, and Senua’s Saga: Hellblade 2, an action adventure title with a much larger scale than its predecessor. It also has some more experimental projects in the works. Say hello to Project: MARA which “explores new ways of storytelling”.

The title is described as a “real-world and grounded representation of mental terror”. Starring Melina Juergens (the face and voice of Senua in the Hellblade series), Project: MARA will draw on real life accounts. Research has also been done to showcase the various terrors that the mind can conjure as faithfully as possible.

Such a project is another great initiative from Ninja Theory which explored psychosis in Hellblade: Senua’s Sacrifice and what living with the mental condition feels like. No platforms were announced for Project: MARA and it seems to be a ways off. Stay tuned for more details and announcements over the coming months.

As for its other titles, Bleeding Edge is out in March for Xbox One and PC. Senua’s Saga: Hellblade 2 doesn’t have a release date but will release exclusively for Xbox Series X and PC.