GoblinWorks is breaking up Pathfinder Online's development process into quarterly chunks. These chunks are known as milestones, and the latest dev blog for the fantasy sandbox title says milestone one was completed on April 15th while milestone two wrapped on July 15th.
The first quarter goal involved getting the game's tools and pipeline firmly in place, as well as "switching to the Unity middleware engine." The second milestone involved core game systems as well as the integration of a procedural terrain sculpting tool called Grome, the escalation system for PvE content, and plenty of art and programming work.
So what about milestone three? That's covered in the lengthy dev blog as well, and GoblinWorks' Ryan Dancey says that it boils down to "polish polish polish." He also mentions that the team is "solidly on track to hit our early enrollment goal." You can read the full entry at the GoblinWorks website.