Housemarque (of the Returnal fame) just showed off its next project at today's State of Play. Unfortunately, it isn't Returnal 2, but based on what we've been shown so far, Saros might be better. Towards the end, we can see a ton of projectiles ready to fly towards us, so Returnal's bullet hell elements are here to say.
The game is titled Saros, and it is scheduled to launch sometime in 2026. Like Returnal, it, too, will be an action-roguelike. But in Saros, "you will be able to "choose and permanently upgrade your loadout from an evolving set of weapons and suit upgrades" to permanently enhance each run.
You play as Arjun Devraj on the off-world colony of Carcosa. This setting suggests the events happen in the same universe as Returnal. But, you're not alone and there are other NPCs to be found. Who knows, we might even get a Selene cameo/easter-egg.
Housemarque promises to show off detailed Saros gameplay footage "later this year", likely at another State of Play. The game is scheduled to launch in 2026, and it will likely be exclusive to the PlayStation 5. Ideally, a PC port should follow suit next year, but that's some time away.