Leathery top leaf on rescue phal

[Rross]

Hi. I’m new to growing phals. A fortnight ago I was given a phal planted in very wet sphagnum moss in a non-draining container - found tossed in the street. I quickly washed the roots and repotted the plant in general purpose orchid mix. It now looks happy except for its top leaf, which is soft and leathery. Yesterday, I noticed the plant had one new basal growth spike. Does this mean the main plant can no longer produce new leaves in the usual way?