September 13, 2018 at 04:32 PM EDT

It has been almost exactly three years since Elijah Wood’s indie-horror production company SpectreVision announced that it was teaming with Hardware director Richard Stanley for a film adaptation of “weird” author H.P. Lovecraft’s short story, “The Colour Out of Space.” Little has been heard about the film since, but in an interview with Birth.Movies.Death to support the release of the Nicolas Cage-starring Mandy, SpectreVision cofounder Josh C. Waller confirmed that Stanley’s film was still a go-project.

“It’s moving along,” said Waller. “We announced that we were going to be doing it, what, three years ago? Let’s just say that we’re getting a lot closer. Significantly closer. Like, it’s coming up, so I will be busy with Richard on set with that sometime in the near future.”

The film would be Stanley’s first feature since being fired from the 1996 H.G. Wells adaptation of The Island of Dr. Moreau.

“He got a bad rep because of what happened on Moreau,” said Waller in the interview, “and to me, Moreau is nothing more than an example of bad producing. It’s not his fault, what happened there, and when you watch [David Gregory’s Moreau documentary] Lost Soul, you’re like, ‘You f—ing assholes, throwing him under the bus!’ It was an opportunity for some experienced producers and studio execs to work with a gifted young filmmaker, and help cradle him into the next phase of his career — not to be like, ‘Huh, why does this little gifted indie filmmaker not know how to handle all this money and all this pressure?’ It’s like, ‘Well, of course he f—in’ doesn’t know how to handle this s—. He’s never done this before.’ You’ve got to nurture, and it hurt him for many years.”

Lovecraft’s tale concerns a meteorite that drives people insane.

“There needs to be a scary Lovecraft movie,” Stanley told EW in 2014. “I want to make a bad trip film and ‘The Colour…’ definitely has what it takes to be a very, very bad trip indeed.”

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