This compound is primarily utilized in research and development within the field of medicinal chemistry. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting neurological and psychiatric disorders. Its structure is often modified to develop potential therapeutic agents that interact with specific receptors in the brain. Additionally, it is employed in the study of enzyme inhibition and signal transduction pathways, aiding in the discovery of novel drugs. Its application is also seen in the development of fluorescent probes for biochemical assays, enabling the visualization of cellular processes.