Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors and antimicrobial agents. Its structure allows for functionalization at multiple sites, making it valuable in medicinal chemistry for building bioactive molecules. It is also employed in the preparation of fluorescent probes due to its conjugated system, which can be modified to enhance photophysical properties. Additionally, it serves as a building block in the creation of heterocyclic compounds with potential antitumor and anti-inflammatory activities.