Yep, you need the steam client for start the game, i think. If i start the "LOW-FI.exe" the steam client environment will start together.Hope i / we can help you.
Once I moved it off my desktop to my D: drive, it fired right up and I got to main menu. I can't do a full test until I am home near my VR gear later tonight but I think the issue is resolved and thank you!!