Non-modal forms cannot be displayed in this host application from an ActiveX DLL, ActiveX Control, or Property Page.
When attempting to open any of the SM forms (e.g. Create new, Zoom to XY, etc), ArcMap reports an ActiveX error. There are two possible reasons: Oracle OO4O (Oracle Objects for OLE) has not been installed on the client desktop or The VBA Component of ARCMap was not loaded.
See the Spatial Manager installation guide
Spatial Manager Installation Guide
Installing Oracle Objects for OLE