It was cancelled before it's time. The circumstances of the cancellation were really weird.
Adam Reed pulled a Dave Chapelle and went on a walkabout after the second season. He did the two main voices on the show. In his absence they tried to make a spinoff called "The Xtacles" that failed miserably after only two epsiodes. The Matt Thompson/Adam Reed production company broke down and both series were cancelled.
But now they're back together, Adam Reed is voicing Ray Gillette and is the "creator" of the show, and Matt Thompson is back as an executive producer.
--
##Alec