A Study to Evaluate BMS-986511 in Adults With Major Depressive Disorder

Inclusion Criteria: * Participants must meet the MDD diagnosis per DSM-5 criteria confirmed by structured interview. * Participant must have current moderate to severe MDE confirmed by clinical assessment and validated scale. * Participant must have current MDE duration \>12 weeks at screening. * Outpatient participants able to comply with study procedures. * Participant require medication washout completed before baseline. * Participant must have BMI within protocol range. * Participants must meet reproductive safety requirements. Exclusion Criteria: * Participants must not have other primary psychiatric disorders or a history of treatment-resistant depression during the current episode. * Participants must not have recent history of active suicidal ideation or attempt within the past year. * Participants must not have prior lifetime treatment with electroconvulsive therapy, ketamine/esketamine, deep brain stimulation, or transcranial magnetic stimulation. * Participants must not have recent history of alcohol/substance abuse or use of cannabis. * Participants must not have significant ECG abnormalities, or poorly controlled diabetes. * Other protocol defined inclusion/exclusion criteria apply.