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Trying to edit a 360 photo, shows up as checkered background

I have a 360 photo. I can view it other 360 viewer and I can open it with no problem in Photoshop.

When I go to 3D - Spherical Panaorama - New Paranorma Layer from Selected Layer , I get this checkered grey box on the screen.

See my screenshot.

Do you know what is happening?