It seems that the simulation solver is unable to grab a license and hangs indefinitely. The solver is started by the ARES application. If ARES is setup to run as a service, then it does not have access to the same environment variables and registry keys as SEMCAD. This means that it is possible that SEMCAD has access to the license server just fine, but ARES does not.
Open the file Service.log in \Users\Public\Documents\AresApplication\3.4\Logs. If a message about invalid license can be found, please let us know.
Check that the following System Variable in the Environment Variables of the Windows operating system exists, and if it doesn't, create it:
Value: @license_server or license file path
(Environment variables can be created in the Advanced System Settings of Windows)
Note: you may need to restart your computer for this change to take effect.