Xcode builds but doesn't run the app in the Simulator

Question

Your help would be really appreciated. Error: I’m not able to run my iOS app in Xcode simulator while the project builds. The option to run the app (from Menu bar -> Product -> Run) is grayed out. What I tried to fix it:

1. Restarted Xcode and my Mac
2. Cleaned build folder
3. Created a brand new project and the app of the new project runs in the simulator
4. Checked the scheme settings. However, the "executable" drop down menu doesn't show my app. (as shown in the screenshot below). If I choose "Other" from the drop down, the app isn't there in the other list either. Executable not showing my app

Environment & project info Environment: macOS 13.2.1 + Xcode 14.2 Project target iOS: 15.5 External packages: Firebase (Auth), Facebook & Google (all via Swift Package Manager)

Please help and let me know if more info is needed.

Expecting that:

1. The app runs in the simulator when I hit cmd + R
2. The app show up as the executable in scheme settings.

Screenshot of xcodeproj file