Solved.
Use the VST3 version of the plugin and it works perfectly.
The splat happens on the VST2 version only.
You can do the following:
- Utilities -> Cakewalk Plug-in Manager
- Select VST Audio Effects (VST)
- Select iZotope Neutron and click Exclude Plugin
This will hide the VST2 version of the plugin from your system, leaving only the working VST3 one to avoid this happening again.