It appears that the next game from Ninja Theory is currently in development

Ninja Theory is expanding its team, actively seeking senior combat system designers experienced in Unreal Engine 5 and boss fight design. This suggests significant improvements to the combat system in their upcoming project, potentially a Hellblade sequel or a new IP altogether.

The focus is on creating more diverse, intricate, and environmentally responsive battles. While the Hellblade series boasts impressive combat choreography, battles have been criticized for linearity and repetition. The new system aims for greater enemy interaction complexity, making each encounter unique. The ambition appears to be a system akin to Dark Messiah of Might and Magic, where diverse environmental objects, location features, weapons, and character abilities fostered highly varied combat experiences.