conversion to ipf doesn't work

[BitBlit88]

When I try to convert any raw 1.44MB DOS image to ipf, a 17KB file is created that contains no data. For example:

Take a FreeDOS disk image from: https://www.ibiblio.org/pub/micro/pc-stuff/freedos/files/distributions/1.3/official/FD13-FloppyEdition.zip

And try to convert with the command:

hxcfe.exe -finput:x86BOOT.img -foutput:x86BOOT.ipf -conv:SPS_IPF

An empty ipf file is created.