Marc Snetiker
June 14, 2016 AT 04:06 PM EDT

In just two months, there will be two dragons named Elliott in the world: The cartoon Elliott, who debuted in Disney’s beloved 1977 animated hybrid Pete’s Dragon, and the new, furry eponymous star of Disney’s live-action remake, due in theaters this August.

Pete’s Dragon is coming back to the screen and he’s got a whole new look this time, as you might have caught in EW’s sneak peek last April. On Tuesday, Disney released a dazzling new trailer which gives you an even better look at the titular dragon in action.

The film stars Oakes Fegley as a 10-year-old orphan named Pete who claims to live alone in the woods in a giant treehouse with his enormous dragon friend, whom he’s named Elliott. When Pete is discovered by a park ranger (Bryce Dallas Howard), her father (Robert Redford) and a local girl named Natalie (Oona Laurence), he lets the group in on his gigantic green secret.

Pete’s Dragon comes from director David Lowery, who’s also helming Disney’s upcoming live-action Peter Pan.

Check out the new trailer above. Pete’s Dragon flies into theaters Aug. 12.

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