Yellowing flower spike with keikis

[Pixelcatz]

Hello,

So long story short about two months ago a friend gave me this orchid because she knows I really like them and because it was sprouting a baby.

I had to re-pot it because the pot was literally disintegrating and the roots were rotted bad. It seemed stable and happy until a few days ago when I noticed the spike starting to yellow. Is there any hope for either plant? The baby hasn't sprouted any roots yet otherwise I'd remove it.