It depends on the terms of your specific purchase agreement. You should ask your Realtor.
Generally, depending on the specific purchase agreement, sellers are usually not obligated to make repairs or renegotiate price. Buyers with open inspection contingencies may have a right to cancel. Generally, the buyer has broad inspection contingency rights, and they may be entitled to the return of the deposit when those rights are exercised in good faith. But ultimately if there is a dispute, a judge or arbitrator may decide the issue, and no one can ever guarantee how any particular case will be decided.
I am a real estate broker qualified to advise you on California real estate matters, not the law. If you desire legal advice, consult with an attorney.
Hope this helps!