HaLow_example_spi project hangs in MX_LPTIM1_Init()

I cannot get the HaLow_example_spi to work on my MM8108-EKH05 evaluation board. For one, it doesn’t show any communication on the serial port.

While stepping through the debugger I see that it hangs in a while (!LL_LPTIM_IsActiveFlag_DIEROK(LPTIM1)) loop in MX_LPTIM1_Init() forever.

What is going on?