James Gunn did some Q&A’s recently that helped reveal where he was in regards to Guardians of the Galaxy 2.
In regards to the screenplay…
“I turned in my treatment. I’m going in to meet about it Friday and we will start working on the screenplay next week,”Gunn said
Don’t think that means they’ve done nothing with the screenplay though, apparently they’re roughly 70 pages into it. Also, he notes that Karen Gillian may not have to shave her head to play Nebula again like she did in the original movie.
Finally, he revealed that production is currently scheduled to begin in February 2016.