This compound is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various pharmaceutical agents. Its bicyclic structure makes it a valuable building block for developing drugs that target the central nervous system, particularly those aimed at treating neurological disorders. Additionally, it has been explored for its potential in creating ligands for nicotinic acetylcholine receptors, which are significant in the treatment of conditions like Alzheimer's disease and schizophrenia. Its stability and reactivity also make it suitable for use in organic synthesis, enabling the creation of complex molecules with high precision.