Used in the development of pharmaceutical intermediates, particularly in the synthesis of bioactive molecules with potential antitumor and antimicrobial properties. Its structure serves as a core scaffold in medicinal chemistry for designing compounds that interact with specific enzyme targets. Also investigated for applications in fluorescent probes due to its favorable photophysical characteristics, making it useful in imaging and diagnostic research. Additionally, derivatives of this compound are explored in materials science for organic semiconductors and optoelectronic devices.