Used as a key intermediate in the synthesis of certain natural product analogs and bioactive molecules, particularly in the development of antitumor and antimicrobial agents. Its rigid polycyclic structure makes it valuable in medicinal chemistry for constructing complex molecular frameworks. It is also employed in studies involving Diels-Alder reactions and photochemical transformations due to its unique reactivity and stereochemistry. Additionally, it serves as a building block in the preparation of specialty dyes and functional materials where extended conjugation and stability are required.