The Last Guardian has been in development hell for quite some time, and most of the people looking forward to the return of team ICO, had given up on the project altogether, even though Sony executives had denied claims that the project had been canned.
The ill-fated title, seems to have received another blow, now that Sony failed to renew the trademark licence of the title, indicating that the project might have actually been abandoned. The current status of the trademark is listed as;
“Abandoned because no Statement of Use or Extension Request timely filed after Notice of Allowance was issued.”
The last time Sony extended this licence was back in 2014. Of course this is just speculation at this point, and Sony are yet to make an official announcement on the matter. For those of you still clinging to the chance that The Last Guardian ever seeing the light of day, the current status of the trademark, might also indicate that the game might be re-branded.