You're right. It's either a game, shorting, dilution, or conversion of preferred shares (indirect dilution).
None of those is very encouraging at this point. With the exception of last week this has been on a steady down trend.
Thats not to say that solid news cant fix that, but they need to come out with it for that to happen and one tends to think that if they had something or were working on something viable and valuable they would have confirmed at least the initial stages before it had gotten to this point.
Just saying, but I would like to see some news here soon to spur a reversal.