I watched the proof of concept for a small soldiers sequel here's my theories/plot
In the video/official information it Ray Razor and Caden Cannon were siblings who fought for currently unnamed Empire. Caden gets injured in battle, Ray takes him to the pit in hopes of curing him. To her horror the Nekron transforms Caden into a monster. It also infects her arm but she cuts it off before it could mutate her too. Believing that the pit has turned her brother evil Ray swears revenge. Some time later she leads a group of possible vets called the Space Elites with the goal of avenging Caden and wiping out all Nekron.
On Caden's end he is now called Khadenn and leads the Nekronites, after defeating their original leader in battle (likely the one he got injured in). He retains his memory of his past life. While he wishes to bring peace and reunites with his sister, he is unable to get through to her.
Essentially it's the same set up as the original movie but 🌟IN SPACE!🌟
So now we got the story here my take in how it could go: Instead of following the first movie beat for beat, both the "monsters" and humans are heroes/victims/morally grey(?).
It's mentioned that the Nekron isn't an inherently malevolent force. It chooses its wielder (as seen with some of the backstories). My guess is the Nekron was going to morph Ray because she was willing to lay her life down for her family. Perhaps both were meant to be the new leaders but Ray's prejudices and anger blinds her. Instead of trusting the Nekronite/her destiny she sticks to blindly obeying her cause and her lifestyle.
On Khadenn's end the reason why he mutated is he is the one who could bring peace to the galaxy. The mutation is an opportunity to unlearn everything he was taught to believe in and fight for something legitimately worthy. Similar to Archer's role but Khadenn's an actual king!
The real villain is explicitly the Empire Ray and Caden used to work for. Ray and her Elites find out they are merely tools to further imperialistic interests. Doesn't help they're running on anger and revenge which makes them more susceptible to manipulation without even being noticed. The Empire wants the nekronite for their own means. Maybe Khadenn saves her or does something that reminds her that the original Caden is still there. It be a cool twist on the first film; instead of the human soldiers being the only villains, it sends a message message that soldiers are also victims of a system that does not care for them.
The Empire could be represented by a corporation who makes the toys. Showing us that corps (and empires) do not care about us; but it's also up to us to speak up and question and not blindly obeying every little thing.
The Nekronites are still good guys but they're actively more warriors than the Gorgonites. That means they do rather shady if not outright morally dark things. But the message is also NOBODY deserves to be wiped out. Genocide is genocide no matter who deserves it or not. They end up teaming up with the elites to bring down the empire.
Those are my ideas for the sequel. I would be amused if some of my ideas turned out to be actual canon. But it be a cool twist on the concept without making it a total rehash.