https://www.kotaku.com.au/2017/11/studio-behind-torchlight-shuts-down-big-layoffs-at-studio-behind-gigantic/ (Studio Behind Torchlight Shuts Down; Big Layoffs At Studio Behind Gigantic [Updated]) But they also said - "For those that love the Torchlight series, there will be some news coming." So there is hope for TL3 perhaps
There is also Torchlight Frontiers coming - https://www.torchlightfrontiers.com/en/about/ (Torchlight Frontiers | Available 2019)