According to Patrick Klepek (and his twitter), the good guy over at Giant Bomb has revealed that THQ’s plans for a trilogy of games dubbed inSane will never make their way out of the asylum.

Announced at the 2010 Spike Video Game Awards, inSane was to be a collaborative effort between THQ’s subsidiary Volition, Inc (Red Faction, Saint’s Row) and famous Mexican director Guillermo del Toro, perhaps best known for his success in the West with Pan’s Labyrinth and the Hellboy films, as well as being originally attached to direct the upcoming The Hobbit films.

What we know of inSane is little. Apart from del Toro’s involvement, the initial game was to be a survival horror for current generation platforms, and the first entry in a planned trilogy. A brief teaser was show at the aforementioned awards, and that’s it. It would seem that THQ has made the decision to outright cancel the entire trilogy, including the very first inSane game.

Those following the rocky developments over at THQ will be unsurprised to hear this news. The company’s falling profit margins and share values over the last couple of years has lead to drastic changes within the company. Numerous studios closed up shop, including Australia’s Blue Tongue (de Blob), and Homefront creators Kaos Studios, and the company announced no plans to continue the Red Faction franchise, as well as selling the rights to UFC games to Electronic Arts.

In May this year, long time THQ President Danny Bilson left the company, while Naughty Dog co-founder Jason Rubin took on a new role as head of the publisher. Rubin’s comments over the last couple of months have suggested major business restructuring and a new company focus in order to get the publisher back on track.

inSane‘s cancellation is likely part of said restructuring and focusing. In fact, as recent as May of this year, Danny Bilson implied in one of his final interviews with Eurogamer that inSane had shifted over to next generation platforms. Though this may have been true at the time, THQ’s business has changed, and the fate of inSane appears to be otherwise.

THQ has yet to respond to Klepek’s claims.