Red Barrels has just announced their new and upcoming game, The Outlast Trials. Set in the shared Outlast universe, the game's story will take place during the Cold War era, where you and other test subjects will get to experience "horrors that await". Information is currently scarce; we only know that it's currently in development and will feature a co-op campaign, allowing up to 4 players, although a single player route is still possible.
Despite the banner's somewhat misleading appearance, it's not going to be a VR game. Red Barrels confirmed this in a reply on their Facebook post.