The sad truth is that it has been lost forevermore. Monolith has unofficially confirmed us through email that they have lost the source code to Blood.
2. Who owns the Blood IP these days?
Both games and the mythos are owned by Time-Warner.
3. Will there ever be another Blood game?
It would require the co-operation of both Atari and Warner (since Monolith is out of the picture), which is highly doubtful. But seeing as big companies have started utilizing their old IPs, I wouldn't lose all hope.
4. What's the history behind Blood?
Blood started off as a Apogee (3D Realms didn't exist back then even as a concept) project, but was sold to Q Studios (Monolith Productions back then) in July, 1994. You can read the press release by Monolith from here.
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