We hear from the development team and creative director Chris Roberts that the campaign is now feature-complete, meaning that it can be played from start to end with all the features in place.
The game is now entering the polish phase, which will be followed by tweaking optimization and stability before release.
Speaking of release, a date has not been announced yet, but we do get to see about 26 minutes of gameplay that calling "impressive" is an understatement.
Roberts said that the polish phase may take some time, but the developers have come his far, and want to "make sure that Squadron 42 delivers on the promise of being this generation's Wing Commander."
You can watch the video for yourself below, including some comparisons dislaying the improvements from the previous showings.
If you're unfamiliar with Squadron 42, it's the single-player campaign of the sci-fi game Star Citizen, part of the initial promise made when the game initiated crowdfunding all the way back in 2012.
The game stars a cast of very big movie actors, including Gary Oldman, Gillian Anderson, Henry Cavill, and many more, with Mark Hamill and John Rhys-Davies returning from Roberts' previous beloved sci-fi series, Wing Commander.
Due to the funding scheme (which gathered a massive $616 million dollar as of this writing) and the long development cycle, Cloud Imperium Games has attracted criticism in a fairly polarized gaming industry. While many fans have rallied to defend the project.
Yet, the developers have held the line, to quote the trailer, and may very well still come up on top.
Both Star Citizen and Squadron 42 are planned to come exclusively on PC.
Full disclosure: the author of this article has backed Star Citizen during its crowdfunding campaign.