Processes in Microsoft 365 for setting up Office apps, redeeming product keys, and activating licenses.
Hello
Can you please uninstall it first.
Then please use the instruction here: https://support.microsoft.com/office/how-to-remove-office-license-files-on-a-mac-b032c0f6-a431-4dad-83a9-6b727c03b193 Download and run the license removal tool to clear cached license.
Then reinstall it. See if it helps.