I've searched everywhere for this answer, but couldn't find it in any of the FAQs

Nope. You can use it only for a pet color, and experiments all count as separate species.

Does that means I can't also use it to change an experiment to chibi or scribble?

You could, because those are both new colors but the potions are a lot cheaper than the worth of the loyalty box.

Alright then, thanks a lot for your help !

You're welcome! c: