Penny stocks are like options. The longer you hold them, the less likely they will pan out in the end. They need a specific catalyst for them to go up. Usually it is some sort of hype. But over time as the company uses up its money, it has less and less of a chance of surviving or having any meangingful activity.

If you are looking for a speculation - that is what penny stocks are - with a longer time frame, look at cryptocurrencies, such as bitcoin or ethereum. They are still speculative and can go to nothing, but at least time is on your side, as interest in blockchain grows and governments print enormous amounts of money.