Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor modulators and other central nervous system agents. It serves as a building block in the preparation of bioactive molecules due to its structural similarity to tryptamine derivatives. Commonly employed in research for designing novel compounds with potential antidepressant, antipsychotic, or anti-migraine activity. Also utilized in the creation of fluorescent probes and organic semiconductors owing to its aromatic and electron-rich framework.