It seems like a lot of people are having this issue, would be great to get some sort of official response. On 2 of my 3 characters, the Prismatic Recaster says there are no items available. I am currently on the quest step where I need to decode one using the fragile prismatic lens that Tyra gave to me in the message. I have acquired the lens, and have an umbral engram in my inventory. This is true on both my Hunter and Warlock characters.
If there is something I need to do before I can decode them, there is no clear indicator in game which would be nice. If this is a bug, it would be great to see it addressed/resolved because I can't really progress on the seasonal content without it.
Link to some related images: https://imgur.com/a/jFLFwCW
edit: I should add that I can access the Prismatic Recaster on my titan, and that I have completed far more campaign on my hunter than my titan, so I don't think it's locked behind that.