cat.exe won't start on Windows 11

Hello all! Got a problem with SmartSDR CAT and I need some help.

Short version:
Installed Windows 11 on my PC today, installed SmartSDR v3.2.39 and cat.exe won't start.

Longer version with more details:
Like I said, I think I have seen something like this before but I can't recall. Running cat.exe it just fails to open.

The errors I am getting are .Net framework errors. However, I am running .Net Framework v4.8.04161

Event Source: .NET Runtime
Event ID: 1026

Application: Cat.exe
Framework Version: v4.0.30319
Description: The process was terminated due to an unhandled exception.
Exception Info: System.ComponentModel.Win32Exception
Exception Info: System.InvalidOperationException at System.ServiceProcess.ServiceController.GenerateNames() at System.ServiceProcess.ServiceController.get_ServiceName() at System.ServiceProcess.ServiceController.GenerateStatus() at System.ServiceProcess.ServiceController.get_Status() at CatWPF.App.VSPServiceIsRunning() at CatWPF.App..ctor() at CatWPF.App.Main()

&

Event Source: Application Error
Event ID: 1000

Faulting application name: Cat.exe, version: 3.2.39.3374, time stamp: 0x60b67a38
Faulting module name: KERNELBASE.dll, version: 10.0.22000.132, time stamp: 0xd0701e22
Exception code: 0xe0434352
Fault offset: 0x000000000004466c
Faulting process id: 0x5cc
Faulting application start time: 0x01d7ba4f4912042d
Faulting application path: C:\Program Files\FlexRadio Systems\SmartSDR v3.2.39\SmartSDR CAT\Cat.exe
Faulting module path: C:\Windows\System32\KERNELBASE.dll
Report Id: 0a25705e-a50e-483f-b7f6-92dc0b9a8aa1
Faulting package full name:
Faulting package-relative application ID: