Adobe Media Encoder 25 Not working

I recently upgraded to After Effects 25.0.0 (Build2) and Media encoder 25.0 (build 54) and I can no longer render anything through AME. I export it from AE, it appears in the queue, I press the Green forward button and it waits about 10 secs and simply says 'failed'
The log says

"Could not read from the source. Please check if it has moved or been deleted."

Spoiler: It hasn't.

I have made no changes to my workflow, the video renders as a MOV in Ae render queue fine (which is my workaround and I use 3rd party software to convert and compress)>

I'm on an Apple Intel running Sonoma 14.5