A clinical trial compares a new drug to a placebo using a logistic regression model. The coefficient for the treatment variable is $\hat{\beta} = 0.8$ with a standard error of $SE(\hat{\beta}) = 0.4$. Which of the following describes the correct interpretation of the Wald statistic $W = (\frac{\hat{\beta}}{SE(\hat{\beta})})^2$ for the null hypothesis $H_0: \beta = 0$?