If you are running Reason 12.7 and later natively on an Apple Silicon (M1/M2) computer, you need to update all your Rack Extensions so they also run natively on Apple Silicon.
Click the Devices tab in the Companion application and click "Upgrade all installed devices":
If there is no "Upgrade all installed devices" item on the Devices tab, make sure you're running the latest version of the Companion.
Select "Check for updates" on the Help menu in Companion and update if there is a newer version available:
Also make sure you have installed the latest versions of your Rack Extensions!