Fragile Hourglass
Theorised — unprovenPlayers have a hypothesis and say openly that it is unproven.
Community hypothesis is that it affects Michael's ability cooldowns. The players discussing it say openly that this is unproven.
The Fragile Hourglass is a rare item that people are finding and nobody can explain. The best current guess — that it interferes with Michael's ability cooldowns — comes from players comparing notes, and the people offering it say plainly that it is a guess.
We are not going to write it up as fact. If you have tested it against a known cooldown and can show the difference, that is the missing piece; until someone does, an hourglass in your hotbar is an unknown quantity rather than a plan.
It is one of five items players specifically call out as having no in-game explanation at all, alongside the Brass Lantern, the ice pick, the fuse and the road flare.
Where this comes from
r/HalloweenTVG, on the rare items: "hourglass is theorised to affect his cooldowns but no one knows for sure for now." No guide, patch note or official post documents it.
How to read this
Every item page on this site carries one of three states, and they mean different things. Confirmed means a specific, actionable effect is documented or agreed on by players who tested it. Theorised means a hypothesis exists and the people offering it say it is unproven. No published effect means the item exists and is findable and nobody has published what it does — which is a real answer to a real question, and the one most likely to be dressed up as something else elsewhere.
Keep going
Sources: Steam store listing (app 3219630)