How can you have funding if there's literally no expectation of future revenues? What you're describing is a high-variance expectation, not the absence of one. High variance distributions are still capable of having their mean lowered.
Plenty of companies have raised capital without a product or biz model. So sure, it's a non-zero expectation but not much more than that.
My point is that companies that are already well capitalized to go through the product/market discovery and build phase without any revenue shouldn't be claiming financial distress since nothing has really changed for them.
