Used in pharmaceutical research as a key intermediate in the synthesis of bioactive molecules, particularly those targeting neurological and psychiatric disorders. Its structure supports the development of compounds with serotonin receptor affinity, making it valuable in the design of antidepressants and antipsychotics. Also explored in the creation of fluorescent probes for biochemical imaging due to its favorable photophysical properties. Additionally, it serves as a building block in the preparation of natural product analogs and kinase inhibitors in oncology research.