Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. Its structure enables functionalization at multiple sites, making it valuable in medicinal chemistry for creating analogs with enhanced biological activity. It is also employed in the preparation of fluorescent probes due to its conjugated system, which can be modified to detect specific biomolecules. Additionally, it serves as a building block in the design of novel heterocyclic compounds for drug discovery research.