Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors for cancer treatment. It serves as a building block in the preparation of bioactive molecules due to its ability to participate in condensation and cyclization reactions. Commonly employed in medicinal chemistry for modifying indazole-based scaffolds to enhance drug potency and selectivity. Also utilized in the creation of novel psychoactive substances for research purposes, though not approved for human use. Its structural features make it valuable in the design of small molecule therapeutics targeting neurological and inflammatory disorders.