A user on fellow toy board Actoys has shared images of a Insecticon figure rendered in the Hearts of Steel style. This is not the version that will be released by Mastermind Collectibles but a completely unrelated custom piece made using a 3D printer for a college project. Shrapnel seems like a faithful rendition including a Insectrain alternate mode (front section), which seems to indicate Bombshell & Kickback will be next. Click above to view all images.
Update: Complete prototype image gallery up thanks to Actoys.