All of this is indeed true, couple of things to note though.
1. the game is in active development, however, due to the fact that it is a visual novel, we cannot do content drops or patches as quickly as say a game with combat or mechanics since the mechanics are narrative and art. Both take time. At least if you want to do it right.
2. Wet Nightmares only has a part-time development cycle, meaning it is slower in development than something with a bigger team and an active schedule.
Vote with your wallet on things, and only make the purchase if you're confident about the game. We will still be building, and the game will come out with new content soon.