I don't see any issues that require the bulb to be thrown out. Amaryllis develop their flower scapes the year before. Since this one didn't bloom, maybe it didn't get everything it needed in the prior growing season. Sometimes flower scapes are formed within the bulb and they're aborted. Just keep your bulb in a sunny location, fertilize it while it's growing, and hope for blooms in the future!

Thanks for your response. I’m not so concerned with the lack of bloom as with the red spot. Is this a non issue?

Amaryllis are new for me.

Some people use sulfur or other fungicides, if they're worried about red blotch. It's more of a concern when conditions are cool and damp.