Used primarily as a synthetic intermediate in organic chemistry, this compound plays a role in the development of high-energy density materials due to the strained cubane core. The iodine and ester functional groups allow for further chemical modifications, making it valuable in medicinal chemistry for building complex molecular architectures. It is also explored in materials science for creating novel polymers with unique thermal and mechanical properties. Its rigid three-dimensional structure can influence the bioavailability and metabolic stability of pharmaceutical candidates when incorporated into drug design.