This compound is primarily utilized in the field of organic synthesis and medicinal chemistry due to its chromen-4-one structure, which is a core scaffold in many biologically active molecules. It serves as a key intermediate in the development of various pharmaceutical agents, particularly those targeting inflammatory and neurodegenerative diseases. Its structural motif is often explored for designing inhibitors of enzymes like kinases and phosphodiesterases, which are crucial in cellular signaling pathways. Additionally, it finds application in the synthesis of fluorescent dyes and probes used in biochemical research for studying cellular processes. Its potential antioxidant properties are also under investigation for use in cosmetic and skincare formulations.