Trama

Wendy Darling strikes out in an attempt to rescue her brother Michael from 'the clutches of the evil Peter Pan.' Along the way she meets Tinkerbell, who will be seen taking heroin, believing that it's pixie dust.

Fifteen years ago, Peter Pan worked at a fantasy-themed circus known as "Neverland" where he performs as a mime for many children. After a show, Peter attempts to abduct thirteen-year-old James in his house to take him to Neverland. James' mother Roxy tries to stop Peter from taking him, but is murdered after a fight in which she mutilates Peter's face while he abducts her son.

In the present day, siblings Wendy and Michael Darling live in a complex family dynamic with their parents John and Mary, the latter working as a hypnotherapist at the nearby town of Ashdown. As a surprise birthday present, Michael receives a bike, and Wendy gives him a ride to school, promising to pick him up later. She gets distracted while talking to her boyfriend, and does not notice when Michael leaves on his bike.

Michael rides through the woods and Peter eventually abducts him. The Darling family receives a phone call from Peter, who informs them that Michael has been taken to Neverland. The next day, Peter slaughters a bus full of children while searching for Michael's best friend Joey. Simultaneously, Wendy, Joey, and Joey's sister Mia visit a past victim whose transgender child was abducted by Peter years ago.

Wendy stays the night with Joey's family, but Peter arrives to abduct him, killing Mia and her father Steven in the process. Meanwhile, Michael meets the victim's child, "Tinker Bell", who believes everything Peter has told her over the years and is convinced that the children Peter kills are actually going to the fictional Neverland due to the drug abuse Peter subjected her to.

After following Peter to Neverland, where he is holding Michael hostage, Wendy breaks into it to save him. Peter becomes aware of Wendy's presence when her phone rings as she finds Michael. The siblings are separated when Peter attacks them, with Wendy finding Joey alive in a closed coffin. They find a window through which Joey escapes while Wendy discovers James, now heavily mutilated and chained in the basement with a hook for a hand.

Tinker Bell betrays Peter after Wendy reveals that her mother misses her. Peter kills Tinker Bell and engages in a fight with Wendy, in which he bites off her two fingers, until Michael appears and brutally beats Peter. James emerges from the basement, hooks a gravely-injured Peter in the shoulder, and drags him away as revenge for Roxy's death.

One year later, Michael celebrates his birthday with Wendy and a reconciled John and Mary. Wendy receives a phone call and hears the same music that was heard in Peter's original call, implying that he is still alive.