Hi,
Recently I have debugged 3 of these panic issues.
The root cause has not been a driver or cable issue. In one case the Pegasus was working fine until a macOS update ( to 15.6.1 I think). After the update macOS was panicing. My guess is that the macOS Thunderbolt driver was updated and this somehow result in a panic issue, although why is not clear.
There were 2 root causes found.
1. A drive issue. One of the drives had failed and failed in such a way that it took down the Pegasus and macOS as well.
2. A drive seating issue. Reseating the drives solved the panic issue.
Warning: Never remove a drive from a powered on Pegasus, it will be marked dead.
So the simplest debugging is to start with reseating the drives.
1. Power down the Mac and remove the power cable from the Pegasus
2. Unseat all the drives, just slide them out an inch or so. Do not remove them.
3. Plug in the Pegasus power cable and boot the Mac.
If the Pegasus shows in the Promise Utility and the mac does not panic, the issue is drive related.
Then...
1. Power down the Mac and remove the power cable from the Pegasus
2. Plug in all the drives.
3. Plug in the Pegasus power cable and boot the Mac.
If the panic issue is gone, problem solved.
If the panic issue is still occurs, please contact support@promise.com for help debugging.