Yep all is well. You might get a side branch off the initial stem
(spike). Next time it blooms it probably will have more flowers as well
Tell us where you keep it and how you treat it.....Burr
I can't quite make out what the 1/4 of an inch is located so don't know
what your plant is doing. Read these and empty the drip tray out..

www.Robert-bedard.com/orchids/phal_culture
www,imagine123.com/orchidtips