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At that point it is looking for device at the end of the PMBus line. Do you have a device connected? If so, what device? I'm not sure about the offline mode. Since it is in fact offline, I suspect it's just simulating a device for itself. It certainly isn't using the PMBus interface.
The USB Adapter you are using has incompatible firmware loaded on it (49.x.x). Fusion Digital Power Designer supports TI USB Adapter with firmware version 1.0.1x. You can load the compatible firmware to the Adapter by following the below steps:
1. From Window Start menu -> All Programs -> Texas Instruments -> Fusion Digital Power Designer -> Tools ->USB Adapter Firmware Download Tool
2. Select USB Adapter firmware to download to, and then click on Next button. After the downloading finish, you will need to power cycle the USB Adapter and relaunch Fusion GUI