The proper term is a keiki, and it will develop into a new plant most likely. Google the term.

I don’t think that’s a keiki, my guess would be moth.

It certainly could be...the placement for a keiki is kinda off, I will admit.

Many thanks for your replies! I looked up Keiki but didn't find a picture that resembles what we have on the plant ... the location is slightly off as you said dbarron. I'll attach a couple more photos from today, where you can just make out what appears to be a hole (as if something came out).

Unfortunately we don't have any photos from when it looked like sap ... it was like amber or the sap that comes out of a pine tree.

Thanks once again!

I hope the moth was not some sort of orchid eater. This does have a lof of the look of a dendrobium growth (bloom or keiki) in the early stages. I've never seen a phal keiki myself, but have seen photos. If it looks like part of an orchid, it could be a specialized feeder on orchids.
Personally, I'm not aware of such. And if you had only one, no fertilization of eggs, so no problem.

Definitely not a keiki -- wrong look and wrong location. If it is a cocoon/chrysalis and you are curious, could always gently remove it and put it in a small jar....