Biogen (BIIB) is worth $12 billion more on Friday than it was the night before thanks to some surprising, if nebulous, new data on an in-development treatment for Alzheimer’s disease. The news is undoubtedly positive, but just how positive is a question that has all of biotech puzzling.

Here are the biggest questions about BAN2401, Biogen’s Eisai-partnered Alzheimer’s drug that is either the saving grace for a whole wing of neurology or a red herring of tortured data.

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