The "Mortal Instruments: City of Ashes" movie may not become a reality anytime soon. The film studio behind the sequel has delayed production indefinitely after "City of Bones" with Lily Collins and Jamie Campbell Bower underperformed and flopped at the box office.

According to The Wrap, the planned sequel has "turned to dust," confirmed by executive producer Martin Moszkowicz from Constantin Film, who backs the "Mortal Instruments" franchise.

"Constantin Film has a long tradition of adapting books to the big screen," Moszkowicz said to The Wrap. "Pushing back the start of production of 'City of Ashes' was a decision we did not take lightly. But after speaking with all of our partners on the creative and distribution side, it was clear that it would be beneficial to have more time to reposition the film in the current market place."

Delaying the film will allow Constantin and Screen Gems to fix whatever wasn't appealing to fans about the film adapation, which is based on Cassandra Clare's fantasy novels.

"'The Mortal Instruments' series has an incredibly loyal and ardent fan base and is a bestselling book series," Moszkowicz continued. "While taking Cassandra Clare's vision to the screen, we want to make sure to draw on the potential of the franchise."

Constantin made their decision to put off production several days ago after they spoke with international distributors at this year's Toronto International Film Festival. Though they are not rushing back into doing the sequel, Constantin reportedly remains committed to bringing it to the light of day once they get "the film right."

"City of Bones" had grossed $58 million worldwide on a reported production budget of $60 million, according to Rentrak figures reported by The Wrap.

Collins, Bower and Kevin Zegers had signed on to return for the sequel. Sigourney Weaver is expected to join the ensemble cast next go around, too.

Think it's a mistake or a smart move to delay the "Mortal Instruments" sequel? Tell us in the comments section below!