@sundry
It sounds as though your latest version has something in your formula that has put it into an endless loop or is something that it will not recover from.
Your only real options are the following:
1) Lose a half day work 😞
2) Try to export the latest version. Open the source files and try to remove the offending formula. Then open again in designer.
But, not so sure this would work well as you would need to open it to save it as a file. And, you can not seem to open it. 😞
3) If the changes you made could possibly be datasource related, then you could consider pulling the data connection out from under the app. Then try to open again and it might simply fail to get data and then it would be editable.
That's about the only things I can think of. Trying to put myself in your shoes to figure out how I would get around it.