Introduction. Theta burst stimulation (TBS), a form of repetitive transcranial magnetic stimulation (TMS), is an effective treatment for major depressive disorder (MDD). TBS is thought to modulate cortical excitation and inhibition, which are thought to be implicated in the pathophysiology of MDD. This study assesses excitation/inhibition levels and investigates their potential link with TBS response. Methods. Thirty-seven MDD participants and thirteen healthy controls were recruited. TBS treatment was administered five days/week over 4-6 weeks. At baseline, a magnetic resonance spectroscopy (MRS) scan of the anterior cingulate cortex and TMS to the left motor cortex were performed to probe excitation/inhibition levels. The primary outcome measure was the 17-item Hamilton Rating Scale for Depression (HRSD-17) score. Results. Cortical excitation was lower in MDD participants than in healthy controls, and baseline levels were linked to improvements in mood symptoms. Conclusion. Our results suggest that baseline cortical excitation could help predict TBS therapeutic response.Completing this journey has been such an amazing experience, all thanks to the unwavering support from some truly incredible individuals, who have my heartfelt gratitude. I would like to express my sincere gratitude to Drs. Sara Tremblay, and Alfonso Abizaid for their invaluable belief in me and the learning opportunities they provided. Their unwavering support and guidance have been my guiding light throughout this journey. I would also like to extend my gratitude to my family, with a special mention of my beloved spouse, Shayan.His enduring patience and unwavering encouragement have provided me with a solid foundation and constant support that I can always rely on. His presence has been a source of strength and reassurance throughout this journey, and I am truly thankful for his continuous belief in me. Expressing my appreciation towards my friends and the Nest Lab members, particularly Molly Watson and Jessica Drodge. Their invaluable mentorship and contributions are deeply appreciated. They have played crucial roles in providing a nurturing learning environment, for which I am truly grateful. I would like to express my thanks to my thesis committee members for generously devoting their time to assess my thesis and being present at my thesis defence. Lastly, I would like to express my gratitude to all my participants for participating in this research.