This chemical is primarily utilized in organic synthesis as a building block for more complex molecular structures. Its unique tricyclic framework makes it valuable in the development of pharmaceuticals, particularly in the creation of compounds with potential biological activity. It is also explored in material science for designing novel organic materials with specific electronic or optical properties. Researchers often employ it in studies related to photochemistry due to its conjugated system, which can interact with light in interesting ways. Additionally, it serves as a key intermediate in the synthesis of natural products and other heterocyclic compounds.