Vical (VICL) is a failed bio pharma company that has initially looked like an interesting opportunity to invest, however a bit more research has shown that the margin of safety might be not enough (22% to net cash and 5% in case of a liquidation). Share count is largely diluted by the pre-funded warrants and the competency of the management doesn’t inspire either. The only positive argument is the concentrated shareholder base, which should lower the risk of making value destructing decisions.
The company has recently (Feb 2019) discontinued their only potential product