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 in the synthesis of indole-based compounds. Its structure allows for further functionalization, making it valuable in creating potential drug candidates, especially those targeting neurological disorders or cancer. Additionally, it may be used in the study of enzyme inhibitors or receptor modulators due to its indole core, which is a common motif in medicinal chemistry. Researchers also explore its applications in designing fluorescent probes or imaging agents for biological studies.