According to the sharp eyes at Gaming Everything, a trademark for Phantom Dust was trademarked in North America, Europe and UK yesterday. Remember that Xbox game by Yukio Futatsugi, who was previously responsible for Panzer Dragoon? Same name.
Microsoft owns the IP so maybe this is a sequel. VG247 reminds that Futatsugi told Siliconera last year that he would jump an the opportunity to make a sequel.
Or maybe it’s nothing at all.