I think they're fucked as a company.
They could try to make new IP in red engine, story driven third person "action rpg" (something they know how to do) but it would be shit. Don't know do they have any writers left from TW2 that could make a compelling story.
Without Witcher universe they have nothing. TW3 was already gameplay-wise barren game but you have compelling simple story for normies and it looked nice.
You could make Geralt 4 but it would be even worse.
They have no gameplay mechanics they have no knowledge to make anything else.
Next stop is EA acquisition and then its MMO time baby.
By pursuing Cyberpunk 2077 rather than a fourth Witcher game, CDPR missed a golden opportunity to beat Bethesda at its own game. They must have assumed that, since Bethesda had released Skyrim in 2011 followed by Fallout 4 in 2015, that the next Bethesda game would be the Elder Scrolls VI and probably release in 2019. Therefore, it seemed a good bet for CDPR to instead shift genres from fantasy to SF-cyberpunk and to shift gameplay style yet again to imitate GTA. However, as we now know, Bethesda bizarrely put their flagship series on the backburner while attempting to develop a new science-fiction IP in a different subgenre than the Fallout series and moreover experiencing substantial development difficulties in doing so, such that it will have taken seven years to create by the time it is finally released in 2022, assuming no further delays. After three Witcher games, Geralt's personal story was played out, but CDPR could have seized the chance to develop a fourth Witcher game with a customizable protagonist similar to the Elder Scrolls series and made it even more Open World than its predecessor. This would have been closer in format to The Witcher III than Cyberpunk 2077, meaning they probably would have experienced fewer problems in development and been able to deliver a game on time (and within budget) in 2019, by which point eight years would have passed since Skyrim and audiences would have been extremely receptive to a CDPR game using the Witcher IP but in the style of the last three Elder Scrolls games. Bethesda would have found Elder Scrolls fans flocking to an Open World The Witcher IV, while it struggled to complete its new SF game and any prospective Elder Scrolls VI would be
at least four years in the future past the delivery of a delayed Starfield.
If CDPR leadership had any sense, they would have started development on such an Elder Scrolls-like Witcher IV as soon as the trainwreck of Cyberpunk 2077 was made available to the public, intending to pre-empt The Elder Scrolls VI, which is still entirely possible.