I have a Pegasus2 R4 unit.
It works on my 2018 Macbook Pro, but not on my 2024 Macbook Air (M3, MacOS 15.2).
I am connecting it via a Thunderbolt 2 to Thunderbolt (USB type C) connector.
I followed the instructions published at https://kb.promise.com/thread/installing-the-macos-pegasus-dext-driver/
I ran systemextensionsctl list | grep pegasus which returned [activated enabled]
The drive mounts briefly and I can see the files. It unmounts after about 20 seconds.
While troubleshooting I noticed the Thunderbolt cable was very hot at the drive unit end. The drives remained lit up (blue) after the cable was disconnected and remained so until I removed power.