Error when installed from NPM and used with a React App

Installing the library from NPM and running it breaks with:

Uncaught (in promise) Error: CompileError: WebAssembly.compile(): expected magic word 00 61 73 6d, found 3c 21 44 4f @+0
    at Object.Module.onAbort (sql-wasm.js:34)
    at B (sql-wasm.js:3614)
    at sql-wasm.js:1024

Here's the minimal code that consistently produces the error above:

import initSqlJs from 'sql.js';

initSqlJs().then(function(SQL){

  // Create a database
  var db = new SQL.Database();
});

And here's a CodeSandbox that demonstrates the problem.

Using the code from the CDN works fine but it exposes a global window.SQL which is harder to mock during testing (among other things) so I'd prefer using the NPM library.

Do you have any pointers on what this magic number business is?

Start with the npm-built sql-wasm.js referenced in the stack trace and compare its loading behavior with the working CDN version. Reproduce the minimal initSqlJs example in the linked CodeSandbox or a React app; done means the npm package loads valid WebAssembly and creates a SQL.Database without the compile error.