From the Kickstarter page:
When we started this campaign, I was so excited that I could not imagine that we could eventually fail. Shame on me! This same over-confidence, this same craziness and this same adventurousness, which 15 years ago led us to create the original game, lead us to face the harsh reality of this Kickstarter failure which could have been avoided with a bit more time, thinking and upfront money.
We have received backing from over 5,100 of you for about $253,000, which is an amazing average pledge level. We are profoundly grateful and deeply touched by this amazing generosity.
Unfortunately, despite a rather good start, the pitch and the content we presented were not strong enough to convince more backers (especially those who didn't play the original game).
You'll find further information on the Kickstarter page, and every backer will be notified of Fresh3D's next move.
Even though the goal will not be reached this time, all is not lost. Outcast Reboot HD will not be going away!