Used primarily as a building block in organic synthesis, this compound serves as a key intermediate in the preparation of pharmaceuticals and biologically active molecules. Its strained bicyclic structure makes it valuable for studying ring-opening reactions and cycloadditions, which are important in developing complex cyclic frameworks. The ester functionality allows for easy modification, enabling the introduction of various functional groups through hydrolysis, reduction, or coupling reactions. It is also employed in the synthesis of natural product analogs, particularly those containing cyclopropane rings, which are known to enhance metabolic stability and binding affinity in drug candidates.