In 2012, Mega Man creator Keiji Inafune and his studio Comcept announced that they were developing a 3DS game called Kaio: King of Pirates, but that project has now been canceled, publisher Marvelous has announced.

Marvelous announced the news in a press release (translated by Siliconera), where it also revealed that it lost around $3.8 million on the project.

Kaio: King of Pirates was going to retell the story of the Romance of the Three Kingdoms (also the subject of the Dynasty Warriors games) with animal pirate characters instead of the traditional historical setting, much like Dragon Ball retells the old Chinese story of Journey to the West.

You can watch the reveal trailer for Kaio: King of Pirates above.

Keiji Inafune and Comcept's other big project, Mighty No. 9, seems to be moving along nicely. In January, the studio announced that the side-scrolling platformer is "pretty much finished" and is now heading into the porting and promotional stage.

The game has been given a tentative "Spring 2015" release date target, set to ship on PC, Mac, Linux, PlayStation 4, Xbox One, Wii U, PS Vita, Nintendo 3DS, PlayStation 3, and Xbox 360.