When it comes to new work and new playwrights, Pegasus has the newest. Now in its 24th year, the Young Playwrights Festival is a citywide, school-based program that takes hundreds of high-school students and causes them to create hundreds of scripts. Four are selected by judges, and are performed by Pegasus actors. Sure, the work tends to smell of adolescence, but unlike a lot of playwrights out there, these kids have an iron-clad excuse.