Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors and anxiolytic agents. Its structure allows for easy functionalization, making it valuable in medicinal chemistry for creating libraries of bioactive molecules. Commonly employed in research settings to design drugs targeting central nervous system disorders and certain types of cancer. Also utilized in the preparation of fluorescent probes due to its favorable photophysical properties, aiding in cellular imaging and biochemical assays.