
Despite both movies having a dedicated fanbase, the third film was canceled. Del Toro revealed in a 2014 Reddit AMA that the project was seen as risky by the studio since the box office performance of the previous two installments wasn’t great.
The franchise was rebooted first in 2019 and again in 2024. However, both movies received mixed-to-negative reviews, with fans calling for del Toro to finish his trilogy. Given the franchise’s history, that seems like the right choice, albeit with the animated format.
The success of James Gunn’s Creature Commandos and shows like Invincible proved that adult-animated shows in the superhero genre can work. Moreover, given the studio’s concerns over a big-budget third installment, del Toro’s vision for his trilogy could be fulfilled in the animation medium either as a theatrical release or direct-to-streaming outing.
One of the other reasons a live-action Hellboy threequel seems implausible is the age of lead star Ron Perlman. The actor is 74 years old, raising concerns over whether he can tackle the physically demanding role almost seventeen years since his last appearance.

In a 2022 interview with The Independent, Perlman himself admitted that he was too old for the role as it was physically challenging for him. He stated:
Am I eager to do Hellboy 3? No, I’m 71 f***ing years old.
Despite this, the actor wasn’t ready to give up on the franchise just test, admitting that he and del Toro owed it to the fans to give the saga a fitting conclusion by completing the planned trilogy. As a result, it is safe to say that Perlman is still interested in finishing the story.
Considering the circumstances, the animation format might be best suited for the project since it would easily allow the veteran actor to reprise his role without putting strain on his body. Hence, all things said, del Toro should explore the possibility of finishing his Hellboy trilogy with an animated third installment.