Run PlayOnLinux (Applications→Games→PlayOnLinux or

playonlinux) then:
1 select Install
2 click Install non-listed program
3 in opened wizard click Next twice
4 in Manual Installation click Next
5 select Install program in a new virtual drive, click Next
6 enter name for wine virtual drive (for example,
smathstudio) and click Next
7 check Install some libraries and click Next
8 select 32-bit and click Next, wait it to finish
9 scroll Please make your choice to check POL_Install_dotnet20sp2
and click Next, wait it to finish
10 in Please select the install file to run click Browse, select
SMathStudioDesktop.0_99_6839.Setup.msi and click Next, follow
SMath's wizard
11 in PlayOnLinux wizard agree with creation of SMath
Studio Desktop.exe desktop shortcut by selecting it and
clicking Next
12 then select I don't want to make another shortcut
13 enjoy using SMathStudio by starting it from desktop
shortcut.
It works great from here (tested on Ubuntu MATE
18.04.1 LTS):