Used primarily in organic synthesis, this compound serves as a key intermediate in the development of pharmaceuticals, particularly in the creation of chiral molecules. Its unique structure, featuring a fused bicyclic system and a phosphole ring, makes it valuable for constructing complex molecular architectures. It is often employed in asymmetric catalysis, where it aids in the formation of enantiomerically pure compounds, which are crucial for drug efficacy and safety. Additionally, its application extends to materials science, where it contributes to the design of advanced organic electronic materials due to its electron-rich and rigid framework.