Used primarily as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. Its reactive chloromethyl group allows for easy functionalization, making it valuable in constructing complex heterocyclic systems. It is also employed in the preparation of bioactive molecules for research in neurodegenerative diseases and inflammation. Commonly utilized in medicinal chemistry for structure-activity relationship (SAR) studies due to its stable indazole core and derivatization potential.