Used primarily as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. It serves as a building block in medicinal chemistry due to its indazole core, which is known for favorable binding to biological targets. Its carboxylic acid functionality allows for easy derivatization, enabling the formation of amides and esters in drug design. Also employed in research settings for the preparation of bioactive molecules with potential anti-inflammatory and neuroprotective properties.