Double Fine has delayed Psychonauts 2 until 2020. Double fine announced the delay in an update post on fig. Along with announcing the delay, one part of the update post just wanted to reconfirm that even though Double Fine has been purchased by Microsoft, they are still bringing Psychonauts 2 to the PS4.
A video detailing the process of showing a game at E3 from the developers perspective was also released with the update and gives a good look at some of the highlights and problems developers have to go through during E3. Psychonauts 2 is releasing on the Xbox One, PC, Mac, Linux, and PS4 sometime during 2020.