Used in organic synthesis as an intermediate for pharmaceuticals and biologically active compounds, particularly in the development of indole-based drug candidates. Serves as a building block in the preparation of serotonin receptor ligands and other neuroactive agents. Commonly employed in medicinal chemistry for constructing complex heterocyclic systems due to the reactivity of both the aldehyde and protected hydroxyl functionalities. Also utilized in the synthesis of natural product analogs and fluorescent probes for biochemical assays.