Studiofoam® is a polyurethane foam product which means that it is poured into a large “bun” and then cut into the desired shapes. Part of that process is a chemical reaction causing it to expand into the needed density and texture. In doing this there is some off-gassing that happens as part of the chemical reaction that is needed to produce Studiofoam and that occasionally can lead to some smell coming from it due to it being packaged soon after cutting to preserve it in the best possible condition for delivery to the customer. There is an attempt to age the poured Studiofoam “buns” to minimize this but due to production needs the time between it being cut and packaged and arriving to the customer can differ.
If this happens to be the case with your Studiofoam, you can place it in a well ventilated space (like a garage with the door open) and the smell should dissipate in a matter of a day or two.