This compound is primarily utilized in the field of pharmaceutical research and development. It serves as a key intermediate in the synthesis of various bioactive molecules, particularly those targeting enzyme inhibition and receptor modulation. Its indazole core structure is significant in designing compounds with potential therapeutic applications, such as anti-inflammatory, anticancer, and antimicrobial agents. Additionally, it is explored in the development of small-molecule drugs for treating neurological disorders due to its ability to interact with specific neural pathways. The compound's versatility also extends to its use in organic synthesis, where it acts as a building block for creating complex chemical structures in medicinal chemistry.