Used primarily as a building block 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 transition-metal-catalyzed couplings. The hydroxyl group allows for further derivatization, such as esterification or ether formation, enabling its incorporation into larger molecular architectures. It is also employed in the synthesis of bioactive compounds where the bicyclic scaffold contributes to specific three-dimensional positioning important for biological activity.