
Capcom is currently working on PlayStation 4 exclusive Deep Down, which is a free-to-play game online-only game in development using the latest Panta Rhei engine from Capcom.
Deep Down is set to receive a public beta this August in Japan, which was actually delayed from its original announced date to August. This delay sparked some criticism over the development of the game, that it might be in trouble.

Former Sony executive Shawn Layden has "no idea" what happened to Capcom Deep Down game, which disappeared after announcement.
Still sucks we haven't heard much from it. Really liked the concept behind it, and I feel like I was one of the very few who liked the game's music. A shame it's in hiatus as of now.
I think Platinum has been overextending itself for a good while now. Scalebound was canceled after missing deadlines and Bayonetta 3 has shown nothing since its announcement in 2017.
While the game never came out, I don't think it was time wasted. If you look well at how the camera follows the character and how it moves around during "gameplay", you'll notice it's spot-on identical to the camera in Resident Evil 2 Remake. Deep Down might have been cancelled, but it most likely became a proof of concept for Capcom in development of the REngine.

Don’t count this game out just yet. Are we going to see Deep Down release on PS5?
Hopefully its still in development and will be released on ps5 because deep down trailer looked amazing when showed years ago
Hopefully it maintains the technology (like their fluid/particle simulations) and 4 player co-op

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They say it's going smoothly, but I find it hard to believe them.
Include female models(For Free) and detail the weapon types then I'll listen to you Capcom.
I was so pumped for this game at its first reveal, but once the full details emerged regarding the f2p horror my hopes were shattered.
Still hope it comes to the states.
Gotta have it