Used as a key intermediate in the synthesis of flavonoids and related heterocyclic compounds, this compound plays an important role in organic synthesis, particularly in the development of bioactive molecules. Its structure supports cyclization reactions that lead to the formation of chromone and isoflavone derivatives, which exhibit antioxidant, anti-inflammatory, and anticancer activities. It is also employed in the preparation of fluorescent dyes and sensors due to its conjugated system and ability to chelate metal ions. In medicinal chemistry, it serves as a building block for designing inhibitors targeting specific enzymes involved in disease pathways.