Stock price will meander & Volume dwindle until Financing announced
If you don't know what caused your car to stall, you don't usually walk away from it and buy another, nor do you replace the parts of your engine one at a time. You get information (from a trusted source, mechanic, etc.) before you make a descision to stick with it or change horses (mixed metaphore?).
One thing is sure, Cardica is burning their last supply of cash and will have to do something soon, days, weeks at most, not months. Expect an anouncement in the next 30 days with the timing probability front loaded.
Cardica has been open with to the public regarding their work and or their intent of min invasive stapling Express/Exchange for over 4 years now. The problem with this is lack of execution results in a timely manner which results in the competition having plenty of time to respond.