Used as a key intermediate in the synthesis of boron-containing pharmaceuticals and agrochemicals, particularly in the development of proteasome inhibitors for cancer therapy. Its boronic ester functionality (from the oxaborol moiety) enables selective binding to biological targets, enhancing drug efficacy. Also employed in materials science for creating luminescent sensors due to its ability to form stable complexes with diols and catechols, useful in detecting sugars and neurotransmitters. The phthalonitrile group facilitates its application in synthesizing substituted phthalocyanines for optoelectronic materials, such as organic solar cells and light-detecting sensors, where the boron structure aids in improving solubility and electronic properties. Commonly applied in Suzuki-Miyaura cross-coupling reactions to build complex aromatic structures in medicinal chemistry. Additionally, explored in nanotechnology and light-controlled drug delivery systems.