LY 320135 is primarily studied for its potential applications in neuroscience and pharmacology. It acts as a selective antagonist for the cannabinoid receptor CB1, which plays a significant role in modulating various physiological processes in the central nervous system. Researchers utilize this compound to investigate the effects of CB1 receptor blockade, which can provide insights into conditions such as anxiety, depression, and addiction. Additionally, it is used in experimental studies to understand the role of the endocannabinoid system in regulating appetite, pain perception, and memory. Its application is largely confined to preclinical research, where it serves as a valuable tool for exploring therapeutic targets and mechanisms related to cannabinoid signaling.