According to the studio's own website:
They specialize in story-driven narrative games just like Life is Strange. I don't know if Square Enix has many other IPs that fall under that category, so it wouldn't be crazy to think this new project is another Life is Strange title (unless it's a new IP, which I doubt).
Personally, I thought these guys did a wonderful job with Before the Storm, so I'm all for it.
The story of our studio actually began many years ago. In 1997, Mark Lyons founded Idol Minds, a small independent game developer focused on PlayStation 1 games. Early hits include the beloved snowboarding series CoolBoarders. For the next twenty years, the studio grew with the gaming industry, ranging far and wide, but always building a reputation for innovative technology and compelling gameplay. For the past three years, we have been preparing to leap into a new genre of gaming, narrative adventure games. Our first narrative title, Life Is Strange, Before the Storm, was completed in 2018. We are currently working on another title for Square Enix that is not yet announced.
They specialize in story-driven narrative games just like Life is Strange. I don't know if Square Enix has many other IPs that fall under that category, so it wouldn't be crazy to think this new project is another Life is Strange title (unless it's a new IP, which I doubt).
Personally, I thought these guys did a wonderful job with Before the Storm, so I'm all for it.