Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of anxiolytic and sedative agents. It serves as a building block for compounds that interact with benzodiazepine receptors, making it valuable in central nervous system drug research. Also employed in the preparation of fluorescent probes and sensors due to its favorable photophysical properties, useful in biochemical imaging and diagnostic applications. Its structure supports derivatization for use in medicinal chemistry campaigns targeting neurological disorders and inflammation.