How to upgrade to v12 in monorepo?

From the root, it exits with 0:

❯ npm exec -- rescript clean
Cleaning... 0 files.

❯ npm exec -- rescript build
>>>> Start compiling
Dependency Finished
>>>> Finish compiling 7 mseconds

But when I try to build the package from the package directory:

❯ npm exec -- rescript build 
[1/7] 📦 Building package tree...ERROR:
We could not build package tree  '@rescript/runtime', at path '/Users/Alex/Dev/psc'. Error: No such file or directory (os error 2)