Used primarily as a synthetic intermediate in organic chemistry, particularly in the development of pharmaceuticals and bioactive compounds. Its structure serves as a building block for indazole-based molecules, which are found in various medicinal agents, including kinase inhibitors and anti-inflammatory drugs. It is also employed in research settings to design new compounds with potential therapeutic effects, especially in oncology and central nervous system disorders. The ester functionality allows for further chemical modifications, making it valuable in structure-activity relationship (SAR) studies.