Concept, gameplay, and artwork is good. I do think the tutorial is a bit confusing, but once you understand what's going on it's fairly intuitive.
I think it would be cool if instead of getting sent back to the beginning after each failure, only the present stage resets and the player can choose to step back a level. Like, imagine you get to a certain point where you just can't make forward progress because, for example, your yellow circle can't survive all the deadly lasers in phase 3, so you have to step back and replay a couple levels to adjust the timing of those lasers so that it's survivable in the future. I think this idea would improve the gameplay, and it also would fit with the rewinding time aspect of the game.