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Update: Toby now says that Chapters 3 and 4 will be releasing together, with Chapter 5 releasing at some point afterwards. It seems likely that Chapter 4 will be finished at some point in 2024 or early 2025.

This definitely does not strike me as "ready for release within three months:"

(Also, apparently Toby will "see nothing but nightmares" until the game is finished. Poor guy, that's like another 5-6 years of nightmares at this point...)

@evergreenemily As someone with experience in making/finishing long games, I always thought that people speculating a 2023 release date were too optimistic. Games take a while to make.

@nottelling2ccc Yeah...assuming 3, 4, and 5 all release at once, I highly doubt it'll happen before 2025.

The most recent Undertale/Deltarune newsletter states that, as of the end of June, Chapter 3 is still not "playable all the way through," and still needs to be polished. In addition, Toby said that work on other chapters is being done while Chapter 3 is being finished, suggesting that a simultaneous release of 3, 4, and 5 is still planned.