On most of the technical merits — the acting, the design, the smartly integrated live video that adds a dimension to the performance — it’s a fine production. But its answer to the question, “Why adapt this work right now?” seems to have nothing to do with what we’ve been pondering lately about women, post-#MeToo. For a piece that made its premiere earlier this year, that feels like a tremendous waste of potential.

The play’s catalytic event is the same as the film’s. A teenage fan dies in an accident right after getting Myrtle’s autograph, and Myrtle — rehearsing a play about aging, and fearful that if she’s too good in it she’ll doom her career — can’t shake the memory of the girl, who reminds her strongly of her younger self. (In taped video flashbacks, she is played by Zoé Adjani, Isabelle Adjani’s niece.)

And the central theme of the film, the blurring of the boundary between actor and role, between life and art, remains palpable. Yet Mr. Teste’s retelling of the story, in French with English supertitles (conveniently placed as long as you don’t sit too close to the stage) , is most concerned with paying homage to directorial technique.

It’s hard to tell, on one viewing, how much difference it makes that stage directions for this production change every night — a nod to the improvisatory feeling of the film. But this is a work of auteur theater, and in paring the film’s dramatis personae down to just three roles (the playwright is among those who didn’t make the cut), Mr. Teste has shifted the story’s balance to focus on the character who most intrigues him: the director.