Used in organic synthesis as a building block for heterocyclic compounds, particularly in the development of pharmaceuticals and agrochemicals. Its structure supports the formation of nitrogen- and oxygen-containing fused ring systems, which are common in bioactive molecules. It is also employed in the preparation of fluorescent dyes and optoelectronic materials due to its conjugated framework and electron-rich nature. Additionally, it serves as a precursor in the synthesis of kinase inhibitors and antimicrobial agents in medicinal chemistry research.