Yes, it's got another bud on it now, and looks like a 3rd is forming. Phrags are sequential by nature. There is also another growth in sheath that appears will pop soon.
In terms of this actual flower... I've looked at it left, right, up, and down... I simply can't count enough parts to find petals. Either that, or those ARE the petals, and there is no dorsal sepal. I also know I've never had this plant before, and yes, I could be wrong!!! But we will see. When I was in the store I thought it was the 'phrag with no petals' - but there isn't such a thing, I was thinking of Phrag lindenii, which is the 'phrag with no pouch'.
I found this, and the situation seems to be exactly the same:
Phrag. Schroderae - Slippertalk Orchid Forum- The best slipper orchid forum for paph, phrag and other lady slipper orchid discussion!
Maybe this type just does that once in a while.
Yes, the foliage looks the same as yours orchidsarefun, but I have a lot of phrags, and many of them look that way.
Stay tuned though, of course I will post another picture! Fortunately this plant is fine... got another Phrag yesterday also, and had a hard lesson about my dogs wagging tail when I come home with new plants :/ So that spike is only going to produce two flowers. Live and learn I suppose.