Catasetum need a LOT of water and a LOT of fertilizer during their growth phase. They grow so fast that a lack in either area will result in weak foliage...which is what it looks like might be your issue there. It can also really delay the plants ability to grow...which could be why your growth is behind what would be considered "normal". Typically, at this point in the season, most Ctsm pbulbs are mature and starting to lose leaves and/or very close to being mature...yours is still a good ways away from that stage.
When they are in their active growth phase I have mine sitting in a saucer of water and they are acclimated to nearly full sun. I use granular fert in the pot and fertilize at least once a week w/a liquid when I fert the other orchids. They are exceptionally heavy feeders.
I hold the water back in the Spring until the new growths have roots about 3" long but before the heavy watering they are already in the brightest light I can give them. As soon as the roots are long enough, I add the granular fert (I like Dynamite-red bottle) and they go into the mix w/the rest of the orchids w/the liquid fert. Once it's warm enough to move all the plants outside, I spend a week or two acclimating them to nearly full sun all day long. They're only protection is a swath of 30% shade cloth but it's such a thin swath that it doesn't cover them completely except for from around 1pm until around 3pm.
I would try moving it to an area that is much brighter...be careful of burning so do it slowly. I would get into bright light and up the watering and fert...in hopes that I could get that new growth to mature.
The great thing about these plants is they store a lot of energy and nutrients in those fat pbulbs so even if this one does not become strong enough to do too much...the older pbulb will likely sprout another one when the timing is right. Don't be surprised if it does it w/out going into full dormancy. Moving forward just make sure you supply the water and fert it needs to make the next one big and fat and strong.
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