Hello awesome people!

My good friend brought me an unexpected barn find - a VERY clean IBM PS/1 Consultant 2133-G46.
Opening it up, I was amazed at how clean the system to be. All electrolytic capacitors appear normal and there's zero physical damage to be seen.

So, I have been trying to understand how it works - and have come up against a brick wall likely due to my lack of understanding.

All have done to it is:
1) Swap in a fresh CR2032 battery. The existing unit is dead.
2) Added an ISA VGA card - the VGA connector this computer has contains a blank pin so that my VGA cable can't connect to it.

When I power the unit on, it displays, shows it counting up to 24mb of memory, gives codes 161 and 163, flashes the floppy light twice, clears the screen, gives two beeps, then sits with with a flashing cursor.
I've tried pressing F1 on the keyboard which causes the memory count to be skipped and it still just only beeps twice.

What am I missing?

I've tried:
1) Disconnecting the floppy and IDE cables - same two beeps, although it takes longer to get there.
2) Disconnecting the IDE cable and leaving the floppy cable connected, same thing.
3) Connecting a known good floppy drive, same thing.
4) Swapped in known-good 72-ping memory, same two beeps.
5) Tried putting in the IBM reference floppy disk, but it doesn't ever actually seem to try booting from anything after those two beeps.
6) Removing all ISA cards and letting it power on - still gives the same behavior with two beeps without anything else but of course I can't see anything without a video card.

Thank you in advance!!
Tony