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 with Unreal Engine 5 expertise and a proven track record in crafting compelling boss fights. This suggests significant improvements are underway for their next project, whether a Hellblade sequel or an entirely new IP.

The focus is on creating more dynamic, complex, and environmentally responsive combat. While the Hellblade series boasts impressive combat choreography, battles have been criticized for linearity and repetition. The new system aims to address this by introducing intricate enemy interactions and unique fight scenarios. The ambition seems to be a system akin to Dark Messiah of Might and Magic, where diverse environments, objects, weapons, and character abilities contribute to highly varied and engaging encounters.