How to prevent formulas being converted to text in Telerik Spreadsheet .NET

Question

I have a simple implementation of Telerik Spreadsheet in a .NET application where an Excel file is opened from the file system and displayed on the page.

The problem is that the formulas in the file are being converted to text instead of running as a formula. I wasn't sure if anyone else has encountered this before or knows a solution.

var workbook = Telerik.Web.Spreadsheet.Workbook.Load("path/to/file/on/filesystem.xlsx");

Html.Kendo().Spreadsheet()
                    .Name("spreadsheet")
                    .HtmlAttributes(new { style = "width:100%;height:760px" })
                    .BindTo(workbook)
                    .Toolbar(t => t.Data(false).Insert(false))
                    .DefaultCellStyle(d => d.Underline(false))