Katy Keene will not be returning for a second season on The CW.

Per Deadline, The CW has opted to cancel the Riverdale spinoff after one season. That being said, the studio behind Katy Keene -- Warner Bros. Television -- plans to explore other options in an effort to keep the show alive.

RELATED: Look Back: See Katy Keene's Comic Book Debut

Notably, Warner Bros. does have time to find a new home for the series, as options on the cast were extended from their original expiry date of June 30 to July 31 while The CW made its decision regarding a renewal. Realistically, if Katy Keene does return for Season 2, it will most likely be on the new HBO Max streaming platform, on which Season 1 is already available. However, there is currently no official word on if such a development will actually come to pass.

Katy Keene was the only current series on The CW to not receive a new season renewal for January. The first season performed softly when it came to linear ratings, with The CW Chairman and CEO Mark Pedowitz explaining that a Season 2 renewal would hinge on delayed viewing numbers. According to Deadline, the series has not seen a particularly large number of streaming or DVR viewers, falling well behind other new CW shows like Batwoman and Nancy Drew when it comes to streaming in particular.

RELATED: Flash, Riverdale & Charmed Aim to Restart Production in August

Set five years after the events of Riverdale (up until this point), Katy Keene revolves around the Archie Comics character of the same name -- a fashionista attempting to make a name for herself in New York City. The 13-episode first season premiered back in early February and concluded in mid-May. It was mostly well-received by critics and fans, currently holding a 91 percent approval rating on Rotten Tomatoes, as well as an 81 percent audience score. While Katy Keene has not been renewed for Season 2, Riverdale is set to return on The CW for Season 5 in January.

Katy Keene stars Lucy Hale, Ashleigh Murray, Johnny Beauchamp, Julia Chan, Camille Hyde, Lucien Laviscount, Zane Holtz and Katherine LaNasa.