Most Phals clump from the base with new growths over time. If you take good care of it this should happen sometime this spring or summer. The existing leaves can live 3-4 years, or more, so there is plenty of time for the plant to make another growth. In this situation terminal means the end like a train terminal, not the end like in death.
__________________ May the bridges I've burned light my way.
My Phalaenopsis with terminal spikes have not missed a beat. Instead of initiating a new leaf from the top, they initiate a side growth (or two). If they’re in good shape, they will even initiate a new spike the following spring as well.