This compound is primarily utilized in the field of organic synthesis, particularly as an intermediate in the production of more complex molecules. Its structure, featuring a bicyclic framework and functional groups like hydroxyimino and carboxylate, makes it valuable for constructing pharmacologically active compounds. It is often employed in the development of drugs targeting neurological disorders, as its bicyclic system can mimic certain natural structures found in the brain. Additionally, it serves as a key building block in the synthesis of chiral catalysts, which are essential in asymmetric synthesis for creating enantiomerically pure substances. Its stability and reactivity also make it suitable for use in research focused on developing new therapeutic agents and chemical probes.