Download link: https://www.microsoft.com/en-us/downl...
The issue was caused by an incorrect DirectX runtime dependency. The game requires the 32-bit version of d3dx9_43.dll, however the system was loading a 64-bit variant.
Placing the correct 32-bit d3dx9_43.dll directly into the game’s installation directory forced the loader to use the proper binary. After this change, the application starts and runs correctly.
Huge shout-out to Veanun on the Steam discussions for identifying this issue.