Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of drugs targeting central nervous system disorders. Its structure allows for modification into bioactive molecules, making it valuable in medicinal chemistry research. It is also employed in the preparation of analogs for structure-activity relationship (SAR) studies. Additionally, it serves in the production of specialty chemicals where a rigid cyclobutane ring combined with a substituted phenyl group enhances molecular stability and binding affinity.