This compound is primarily utilized in organic synthesis as a versatile intermediate for the development of complex molecules, particularly in pharmaceutical research. Its bicyclic structure makes it valuable for constructing frameworks found in bioactive compounds, such as antibiotics or antiviral agents. It is often employed in cycloaddition reactions to create novel heterocyclic systems, which are essential in drug discovery. Additionally, its functional groups allow for further derivatization, enabling the synthesis of diverse chemical libraries for screening potential therapeutic candidates. Its application is particularly significant in medicinal chemistry for designing molecules with specific biological activities.