The Subtle Knife

The Subtle Knife was a planned film adaptation of the book of the same name. It was to be a sequel to The Golden Compass set to be released in 2010 or 2011, serving as the second installment of a planned film series adaptation of Philip Pullman's His Dark Materials trilogy.What Culture 13 February 2013 - 10 Cancelled Movies We Wish Had Been Made

Plot
Lyra journeys through the Aurora to Cittigazze, an otherworldly city whose denizens have discovered a clean path between worlds at a far earlier point in time than others in the storyline. Here she meets Will Parry, a 12-year-old boy from our world and the bearer of the eponymous Subtle Knife, which can create portals between worlds.

Why it was cancelled
While The Golden Compass proved a financial hit worldwide, it did not exceed expectations in domestic grosses in the United States.

Result

 * The film was cancelled.