Used primarily as a synthetic intermediate in organic chemistry, especially in the development of high-energy density materials due to the strained cubane framework. The iodine substituent allows for further functionalization via cross-coupling reactions, making it valuable in medicinal chemistry for creating structurally unique scaffolds. Its hydroxyl group can be modified to form esters, ethers, or other derivatives, enabling its use in polymer chemistry and materials science. Also explored in radiolabeling studies owing to the presence of iodine, potentially supporting applications in imaging or tracer chemistry.