Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of kinase inhibitors for cancer treatment. Its structure, featuring a cyano group at the 5-position and carboxylic acid at the 2-position on the benzofuran core, supports conjugation in drug molecules to enhance binding affinity and selectivity. Also employed in the preparation of bioactive compounds and functional materials due to its aromatic, cyano, and carboxylic functionality, enabling derivatization for targeted biological activity.