Cuphead has been delayed until mid 2017.
A blog post on the official website announced the delay and you can read what they said below:
Hey everyone, we wanted to finish our game 80 years after 1936 but it will now be 81.
Throughout this year we discussed reducing the scope to make a 2016 release, but we made the difficult decision to delay the launch in order to ship with our vision intact. We are happy to announce that Cuphead will be coming to Xbox One, Windows 10 and Steam in Mid-2017.
We are constantly humbled by your continued support. Love you all and can’t wait to get this to you. Without further ado, we will get back to work!
Cuphead is set for mid 2017 on Xbox One, Windows 10, and Steam.