J.J. Abrams' Next New Super Top Secret Project: 500 Rads?

Can you remember back to July 3rd, 2007? You were probably sitting in a theater, and some random trailer started playing that had footage from a surprise birthday party for some guy named Rob. That was the start of Cloverfield. They hadn't even shot any real footage, it was a super secret project, and that first trailer captured everyone's interest. Jump ahead a few years and now J.J. Abrams is done with Star Trek. We don't yet know if he's directing the sequel and his go-to guys from Cloverfield (Matt Reeves, Drew Goddard) are both off doing other projects. So could he be working on another secret project? One called 500 Rads?

Pajiba (via SlashFilm) claims to have some information regarding this secret project. "J.J. Abrams and his production company, Bad Robot, are secretly developing a movie called 500 Rads." They go on to say the budget is supposedly around $25 ...