Cubase 9.5 doesn't even know that audio is missing

I’ve opened a project where some audio has been moved outside of Cubase. The project just sits there saying “image under construction”, but does not ask where the missing audio files are. When I open the Pool, and try to “Find missing files”, it comes back with “no files missing”. And yet right there on the screen are a bunch of empty regions still showing “image under construction”, and no audio playback. What gives?