NRC-2694 is primarily utilized in medical research settings to study its efficacy in inhibiting the growth of cancer cells, particularly lung and breast cancer. It exhibits properties that disrupt cell division processes and induce apoptosis in cancer cells. Additionally, it is being investigated for its potential in treating neurological disorders, such as Alzheimer's disease, due to its ability to reduce the accumulation of abnormal proteins in the brain, which may help slow neuronal degeneration. These applications make it a valuable tool in pharmacological studies, biochemical assays, and drug development for targeting specific diseases.