It's hard to tell exactly. The roots don't look great, but the if all the ones in the pot look like the ones exposed, things aren't too bad yet.
Roots in the pot are often in bad shape when you buy the plant. The plant is probably ready for repotting, so I would do that now.
Cut off the stalk of dying flowers. Unpot the plant and look at the roots. Cut off any black, squishy ones. Leave the rest. Repot into new bark. Keep the plant as warm and humid as you can to encourage it to grow new roots. Water when the bark is dry.
There is a thread in the Beginners forum for learning to grow Phals. Click on Forums in the left menu, then Beginners. Near the top are the sticky threads. Look for The Phal Abuse Stops Here.
Don't ever put hydrogen peroxide on roots. It can kill them. If you only have a few roots left, and you kill them, the plant has a harder time coming back.
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