Used as a key intermediate in the synthesis of biologically active compounds, particularly in the development of pharmaceuticals with potential antiviral and anticancer properties. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for designing new drug candidates. It is also employed in the preparation of heterocyclic compounds that exhibit kinase inhibition activity, which is relevant in targeted cancer therapies. Additionally, it serves as a building block in the creation of fluorescent probes for biochemical assays due to its favorable photophysical characteristics.