Should I cut this phal stem?

[spinrah]

Hi everyone,

I'm an orchid newbie and would appreciate some help with whether I should cut the stem on this orchid. It looks to me that it has a flower spike forming at the very tip, but I'm not sure. It has looked like this for over a month now and hasn't developed much more. Should I leave it as is, or cut it back to a node?

In case it's helpful to know... I also recently re-potted it in bark media a couple weeks ago as the flowers were fading away (it hadn't been re-potted since I purchased it in June). It also had another stem that wasn't looking so good (was turning brown) that I ended up cutting down to the bottom node.

Thank you!