2 years ago, I ordered Panachee from UC Davis because it was one of their most flavorful figs.  First year, my cutting had one leaf, while the VdB thrived (also one of their most flavorful).  Granted, it was in the ground, not in a container with perlite, but if it could hang, so could I.  The second year, it got 2 leaves, and disgustedly, I moved it to a container with Al's gritty mix and it's own dedicated drip system.  It went dormant with it's two leaves.  It now has 5 leaves, but the tip is stuck.  Yesterday I moved it from afternoon sun to morning sun.  It's very hot here, and my other figs do fine in half day sun.

I'm posting a pic of Violette du Bordeaux same age, for comparison.  My two questions are written on the Panachee photo, but if you can't read them, they are:
1.  Should I pinch this tip?  Does it look ready to become a leaf?
2.  What is this bump just above the last leaf on the trunk?  Is it a fig, or a new branch beginning?

I really don't want to pinch the tip because I'd like a longer main trunk, but if I must become a tough lover, I will!

Look forward to your answers!

1. Do not pinch the terminal tip. It will grown into the trunk.

2. Too soon to tell

I agree with Ruben. I believe pinching is intended to speed up fruit formation/ripening (not your particular worry here) and to force lateral branching when growth is too long and spindly. To me, that terminal bud looks like it's ready to open and grow.

Terminal bud will open in time yes , fig plants have there own time to do things and they all grow at different rates even same types i have observed over the years .

The little bud you speak of is hard to tell in that distant picture , but if it has a pointy tip at its end it will eventually come to be a new branch.
A fig forming will have a more round type shape and also usually a somewhat dark spot in the middle of it that will become more apparent as it grows bigger and rounder.

By the way your plant looks nice and once that top bud opens watch how nice plant starts to grow and please show us pictures as it does .  ; )