This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It has been studied for its anti-inflammatory and antioxidant properties, making it a candidate for developing therapeutic agents to combat oxidative stress-related diseases. Additionally, its structure suggests potential as an inhibitor of certain enzymes, which could be useful in treating conditions like cancer or microbial infections. Researchers also explore its role in photodynamic therapy, where it may act as a photosensitizer to target and destroy abnormal cells. Its application extends to material science, where it is investigated for use in organic electronic devices due to its conjugated system, which can facilitate charge transport.