Used in pharmaceutical synthesis as a key intermediate for developing bioactive molecules, particularly in the production of serotonin receptor modulators and central nervous system agents. Its structure supports the development of compounds with neurological activity, including potential antidepressants and antipsychotics. Also employed in the design of fluorescent probes for biochemical imaging due to its favorable photophysical properties. Commonly found in research settings for drug discovery and development of novel heterocyclic compounds.