Honest question: isn't that really how 99.9999% of all startups are? Wouldn't those who chose to work at Humane realize the moon-shoot risks of working there? I have eschewed working at VC-backed startups for this very reason; if they're not self-sustaining they're a no-go for me. I don't play the lottery either; but, there are plenty of people who do for a 1 in a 400B chance at winning.
Yes, it absolutely is how all startups work.
The advantage of working at startups (for me) is the fast-paced, open-goaled environment. I love the fact that a large part of my role at the company is shepherding two products that literally didn't exist four months ago, and which are now on the verge of contributing materially to our bottom line.
I've worked at large companies that were so focused on the quarterly results that almost everything was incremental; that were so entrenched that very little changed at all; that were so tech-debt-laden and understaffed that almost nothing could get done; and where tech was simply not the focus. None of that is fun.
The risk-reward aspect is secondary to the philosophy of the place for me.