Is this killing my torch?

[Obriy]

I've had this torch for last five months and it looked great first. Last two months is stopped inflating fully and started looking worse and worse. The flesh band has receded to almost non-existing. Yesterday, when it deflated completely, I noticed these weird polyps right at the edge of a head. They don't look like a part of the coral.
Water parameters:
temp. 80
nitrates 14
phosphates 0.08
calcium 410
magnesium 1350
alkalinity around 9.2-9.5 (I used to have large alkalinity swings, but was able to stabilize it recently).
Any idea what's growing on my torch and whether this is something contributing to the coral's poor health?

 

[bluemon]

That isn’t killing it.

That is the now dying torch tissue.

This will result in a case of Brown Jelly Disease.

You can research some dip options to try and save the torch