Lower leaves look slack and unhealthy. Quite likely a water problem (either too much/media rotting) or (too little, too dry).

Those are buds forming on the spike. Just leave it and itwill flower.

Then, repot that orchid. The leaves suggest you are over watering and the plant needs new potting mix.

But wait for the flowers and only water when the mix feels dry. Orchid roots need air and a chance to dry between watering.

Jane

I agree, the leaves are telling you about its root supply. Each leaf has its own root or two. Watering phal orchids once a week with the pot taken out of its decorative pot run tepid water threw. The pot or soak it for 10 minutes and then drain. The flower stems being so short says that its stressed and that it needs food. All orchids in nature receive very little nitrogen. Bird and bug droppings and brief daily waterings are common in tropical climates. A dish of pebbles and water might increase the humidity.

You could trim off the flower stem or let it flower and then trim it. It will recover to flower again. And just a note that when the potting medium gets soggy or smells like soil it should be changed. Enjoy!