This compound is primarily utilized in organic synthesis and pharmaceutical research. It serves as a key intermediate in the development of various biologically active molecules, particularly those targeting neurological and inflammatory disorders. Its structural framework is often incorporated into drug candidates due to its potential to interact with specific receptors or enzymes. Additionally, it is used in the synthesis of heterocyclic compounds, which are valuable in medicinal chemistry for designing new therapeutic agents. Researchers also explore its applications in creating fluorescent probes for biochemical studies, leveraging its unique chemical properties.