There are more than couple of reasons for stock to go down further
1. Company needs more money to continue-therefore secondary offering or debt
2. Currently in phase 1, long way to go to get approval, will expect further decline
3. No good news in the pipeline
However it is possible to attract new stock buyers ACTC (promoter) artificially hike stock price, raise some money and then stock settle at the range of 0.02-0.03.