This clinical trial, sponsored by Sunnybrook Health Sciences Centre, investigates the efficacy of rTMS combined with dry quantitative EEG (qEEG) technology to personalize treatment for patients with treatment-resistant depression. The market for depression treatments is substantial, with increasing demand for innovative therapies that address unmet needs. The use of qEEG may provide a competitive edge by enabling real-time monitoring of brain activity and treatment response, potentially leading to improved patient outcomes and reduced relapse rates. Given the rising prevalence of depression globally, successful outcomes could position the sponsor favorably within the neuromodulation market, which is projected to grow significantly. Diligence should focus on the scalability of the qEEG technology and the regulatory landscape surrounding neuromodulation devices.