Boot is halted before Intel Management Engine is completely loaded.
1. First of all, make sure processor is properly seated and cooled. Reapply thermal paste if needed.
2. Reflash BIOS from the SPI interface with a clip: First erase the BIOS flash chip (U16) via a 3.3V SPI flasher (this clears NV items as well), then flash the full 8,192 KiB* image. May I recommend the P775TM1-G BIOS v 1.07.27, even if it is not latest. Ensure that there are no errors. Voltage supply of the flasher must be stable and configured at the appropriate level (3.3V), do NOT operate from battery.
3. If options 1 and 2 fail, then the entire motherboard needs to be tested to find if a semiconductor has gone faulty. The CPU can be removed and tested on another device. In practice, because JTAG is disabled on commercial devices, a new motherboard may be needed.