No audio when using transverter

Here's one that has me stumped, and I'm sure I'm overlooking something obvious because it's never happened before.

I have had a Q5 transverter for quite a while but haven't used it recently. I just got a VHF wattmeter and thought I would check things out. The problem is that I get no receive audio through my speaker.

All the settings look good.

The settings under Radio Setup/XVTR are accurate.

Audio settings on the radio are where they should be. Squelch is off, audio balance is centered L/R and both audio sliders are up.

I have plenty of audio when I switch to an HF band, so my audio amp + speaker connections to the radio are fine.

I have checked FM, CW and USB modes, no change.

Transmit power output is fine—I get deflection on the external power meter when speaking— so it isn't a connection/cabling problem. I simply don't have any receive audio when using the transverter.

Please take a look at my settings and tell me if you see what I've missed. Thanks.

Rick N0VT