TUSTIN, Calif. ( TheStreet) -- The numbers tell the tale of woe that is Radient Pharmaceuticals ( RXPC): Current stock price: $0.0042 per share. It doesn't seem fair to call Radient a penny stock because that demeans all the other stocks that actually trade for pennies. Year-to-date stock performance: -99.6%. When someone asks about stocks that have destroyed shareholder value, make sure Radient is at the top of the list. It is numerically difficult to beat Radient in this category. Total shares outstanding: 647 million. That's as of Oct. 4 so the current number is higher. And I'm not including the 111 million outstanding warrants and options. Radient's share count has more than tripled since late August. Cash on hand: $394,000. In June, Radient had $1.7 million in the bank and was burning $500,000 a month. Even assuming draconian expense cuts, Radient is operating today on fumes and prayers. Radient's numbers are terrible because the company violated a couple of fundamental business rules. First, it made promises about its cancer diagnostics business that it couldn't keep. Second, Radient loaded up on debt that it couldn't repay. Wall Street banks made essentially the same mistakes but they were too big too fail. The U.S. government bailed out the banks. No such life raft is available to save Radient. I spent a good bit of time this year warning investors away from Radient, demonstrating how nearly everything management said and promised about its colon cancer monitoring test Onko-Sure was exaggerated or simply untrue. The $10 million in forecasted Onko-Sure revenue from a joint venture in India never materialized and the much-hyped Onko-Sure partnership with the Mayo Clinic turned out to be nothing more than a contractual agreement for services rendered. Biotech, drug, and diagnostic companies can survive, even thrive, with bad business models and management teams that over-promise and under-deliver. Heck, the healthcare sector is rife with do-nothing companies that have no problem raising cash from speculative investors. Radient is a notable exception to this rule because for the past three years, the company's balance sheet has been a ticking time bomb just waiting to explode. Equity and debt financings with some of Wall Street's savviest and most ruthless vulture investors delivered cash to Radient when its sales team hawking Onko-Sure could not. These financings were negotiated on such onerous conditions, however, that Radient dug its own financial grave.