When I try to open the Material Editor is give dialog box which says it needs to update the software to 2.6.5. The options are either Update or Cancel. If you press update it downloads a copy of Mac Release 2.6.5 from https://s3-us-west-1.amazonaws.com/up3d/downloads/mac/UP_Studio_osx_2.6.5.zip.
This is the same as the release which already installed.
I down graded to release 2.6.4 and the Material Editor opens correctly.
Looks like version checking could be failing.
Note firmware successfully updated to 1.5.7.