Used primarily as a key intermediate in organic synthesis, especially in the development of complex natural products and pharmaceuticals. Its strained ring system and alkyne functionality make it valuable for cycloaddition reactions and ring-opening transformations. The hydroxyl group allows for further functionalization, enabling its use in building molecular complexity through coupling reactions or as a handle for protection/deprotection strategies. It is particularly useful in medicinal chemistry for constructing rigid scaffolds that can mimic bioactive conformations in drug design.