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Don't companies do this to expend the rights to a game?
Or not. Could be them just protecting their IPs. With that million loss they have, all I expect from Square is to pump AAA projects to coup the loss.
True. Maybe they're pulling a Capcom and want to test how much interest there currently exist for the franchise? I mean, this could be Square's competitor to Resident Evil, but smaller. And they could pull, yet another Capcom, and go from Third Birthday to Parasite Eve 3.(I know you said this ten million years ago)
They would have renewed the name a long time ago if that were the case. This is likely a “new” project (like a port or mobile game)