Do I understand correctly that you haven’t actually connected the LED?

I don’t see a schematic on that thread, but I looked at the MAX16820 data sheet:

https://datasheets.maximintegrated.com/en/ds/MAX16819-MAX16820.pdf

Looking at the typical operating circuit on the first page, not having an LED in circuit means that no current can flow through that branch of the circuit, so I’d expect to see the full supply voltage across the gap where the LED should be.

On that basis, you’d need to connect the LED to make the circuit behave as expected. Make sure your test setup can sink enough heat from the LED to stop it frying itself.

If you don’t want to risk the LED in testing, you could try a resistor sized to drop the correct voltage at the desired current. Bear in mind that the resistor will need to be rated for the expected output power. It will also get very hot at any substantial current.