"Parameter is not valid" Exception from get_FrameDimensionsList() on form construction

Question

I have an application with a Windows Form which sometimes throws a "Parameter is not valid" exception in the wild. The exception is raised at construction time while traversing auto-generated code (generated by Visual Studio).

Here are some relevant code snips.

// MainForm.cs
public partial class MyForm : Form
{
  public MyForm(Action shutdown_request_callback = null)
  {
    Visible = false;
    ShowInTaskbar = false;
    Opacity = 0;

    InitializeComponent();
    ...
  }
}

// MainForm.designer.cs, this is auto-generated
partial class MainForm
{
  private void InitializeComponent()
  {
    ...
    this.StatusPane = new StatusPaneUserControl();
    ...
  }
}

// StatusPaneUserControl.cs
public partial class StatusPaneUserControl : UserControl
{
  public StatusPaneUserControl()
  {
    InitializeComponent();
  }
}

// StatusPaneUserConrol.designer.cs, auto generated code
partial class StatusPaneUserControl
{
  private void InitializeComponent()
  {
    this.FolderImage = new System.Windows.Forms.PictureBox();
    ...
    // 
    // FolderImage
    // 
    this.FolderImage.Image = ((System.Drawing.Image)(resources.GetObject("FolderImage.Image")));
    this.FolderImage.InitialImage = ((System.Drawing.Image)(resources.GetObject("FolderImage.InitialImage")));
    this.FolderImage.Location = new System.Drawing.Point(161, 45);
    this.FolderImage.Name = "FolderImage";
    this.FolderImage.Size = new System.Drawing.Size(251, 219);
    this.FolderImage.TabIndex = 8;
    this.FolderImage.TabStop = false;
    this.FolderImage.WaitOnLoad = true;
    ...
    this.Controls.Add(this.FolderImage);
  }
}

The "Parameter is not valid" exception is raised indirectly from Controls.Add. The actual stack is below.

ArgumentException: Parameter is not valid.
   at System.Drawing.Image.get_FrameDimensionsList()
   at System.Drawing.ImageAnimator.CanAnimate(Image image)
   at System.Drawing.ImageAnimator.ImageInfo..ctor(Image image)
   at System.Drawing.ImageAnimator.Animate(Image image, EventHandler onFrameChangedHandler)
   at System.Windows.Forms.PictureBox.Animate(Boolean animate)
   at System.Windows.Forms.Control.AssignParent(Control value)
   at System.Windows.Forms.Control.ControlCollection.Add(Control value)
   at MyNamespace.StatusPaneUserControl.InitializeComponent()
   at MyNamespace.MainForm.InitializeComponent()
   at MyNamespace.MainForm..ctor(Action shutdown_request_callback)

The exception seems to come from get_FrameDimensionsList() which doesn't seem to take any parameters which is confusing since the exception seems to say that some param is bad.

I found a similar question here but is related to dispose which doesn't look applicable here (but would make sense).