There's no way he doesn't have a script done. He's cooking something up. If he's at square one in the writing/planning process, I'd be absolutely shocked.
In my opinion, he might not care about the Oscars, but he wants to make sure he's dropping something special, that gets recognition. He's a Kubrick, Hitchcock, Malick type. The recognition is nice, but winning stuff isn't important.
He knows it needs to be a movie that's as perfect as possible, and he's evolving as a filmmaker and doing new stuff, perhaps outside his comfort zone. He's his own brand now like Spielberg and he has to deliver.
He's spending a little more time than usual making sure the script is tight and perfect and all the ducks are in a row. I say let him take all the time he needs.