In true soulslike fashion, you can only improve a single stat upon level up in Lies of P, and any decision you make when creating your own unique version of P is final. Or rather, this is what the game makes you believe, as it is indeed possible to revert back any choice you have made when leveling up P, activating P-Organs, and improving the Legion Arm.
For a good portion of the Lies of P main campaign, it is not possible to respec your stats, so you will have to think long and hard on which stat to improve upon level up. Once you reach the campaign's seventh chapter, however, you will finally be able to respec your stats and even your P-Organs and Legio Arm progression to create a completely different P.
During Chapter VII, you will have to explore the Grand Exhibition, and at some point, you will find a locked room that can only be opened with the Saintess of Mercy Statue Gallery Key. You can obtain this key after defeating the area's boss, Champion Victor.
With the key in hand, open the door and interact with the Saintess of Mercy Statue to respec in Lies of P. You will need to spend Gold Coin Fruits, which can be obtained from the tree in the yard of Hotel Krat, and every time you respec, the cost will increase, so make sure to respec only after you know what kind of puppet you want to become. Once you decide to respec, you will be refunded all your Ergo, Quartz, and Legion Caliber items you have used so far, so you will effectively lose no progression by respeccing.
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