Used primarily in pharmaceutical research, this compound serves as a key intermediate in the synthesis of various biologically active molecules. Its unique structure allows it to be incorporated into compounds that target specific enzymes or receptors, making it valuable in drug discovery. Additionally, it is employed in the development of fluorescent probes for biochemical studies, aiding in the visualization and understanding of cellular processes. Its applications also extend to material science, where it is utilized in the creation of advanced organic materials with potential electronic or optical properties.