It's highly unlikely that we'll get a proper conclusion to the events taking place within the violent, sexy world of The Wolf Among Us. Fans of the series were really hooked on the game's concepts and characters, but with Telltale going bust it's unlikely the sequel will get made. Some of Telltale's former staff even talked about the tragic tale of the game basically being dead in the water due to a litany of issues.
Eurogamer managed to talk to former staff of Telltale following the studio's closure. There's a segment in the lengthy feature that outlines what could have been and what never was for The Wolf Among Us 2. The game was announced with a logo, but that was about as far as gamers ever saw of the project. According to the staffers who talked to Eurogamer, the sequel was on the most shoestring of budgets and was being designed mostly as a "boutique" project.
The original outing was a critical success but it wasn't a commercial success. The thing is, you need commercial successes to keep paying people, and following the initial first season of The Walking Dead, Telltale was no longer producing commercial successes.
Even still, after years of diehard fans begging for a sequel, in the middle of 2017 Telltale announced that a second season for The Wolf Among Us was in development. But the development was sparse and not much work was actually being done on the project. By the spring of 2018, there was an announcement that the second season had been delayed and that it would be releasing at some undetermined time in 2019.
According to Eurogamer, this was because a skeleton crew was working on the project, but then it was promptly cancelled. The team that had been working on it was only able to finish some concept and white box testing of a few prototype game designs before the plug was pulled.
The script for the first episode had been completed, though, and the team had managed to put together a conceptual overview and draft of where the story would go. But there wasn't a whole lot else to the game. Story wise, all we know is that The Wolf Among Us 2 would have revolved around Bigby and Snow some years after the events of the first game.
As far as what the duo would be doing, who they would be facing off against, or what sort of perils they would encounter, all of that wasn't discussed.
Someone else who was working on the game was also approached by Eurogamer, but they declined to talk about it because it was still a fresh wound.
Telltale didn't have the nicest of studio closures. There was no positive send-off. The whole thing went kaput during the middle of the roll out of two of the four episodes for The Walking Dead: The Final Season, which wasn't able to be completed under the original Telltale banner. Thankfully Skybound Entertainment stepped in along with Epic Games to get the remaining two episodes finished.
As for The Wolf Among Us 2... it's unlikely we'll ever see it make its way onto the market. Even when the game was announced, the staff only imagined that they would be able to get out three episodes because it was on such a tight budget. Unfortunately, it just wasn't meant to be.