Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of indole-based drugs targeting neurological and psychiatric disorders. Its structure supports the creation of serotonin receptor modulators, making it valuable in research for antidepressants and antipsychotics. Also employed in the preparation of fluorescent probes for biochemical assays due to its favorable photophysical properties. Commonly utilized in medicinal chemistry for structure-activity relationship (SAR) studies to optimize drug candidates.