Neal states in the latest Inner Circle newsletter that Flying Colors will reconvene in December to finish the album, which probably means a Spring 2019 release, and with hope, a summer tour (after the Neal Morse Band is done touring, of course).
Hard to believe it'll have been nearly 5 years between their second and third albums, but that's just how it goes. Nearly all of the members of the band have other commitments, and I think we all knew that going in, and that this wasn't going to be a super-regular thing, and that's ok. I just hope this music will be worth the wait, and recaptures the magic the band has had with their first two albums (well, most of the second and all of the first).
-Marc.