Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of kinase inhibitors and other biologically active molecules. Its diazo functionality allows for cyclopropanation and insertion reactions, making it valuable in constructing complex ring systems. Commonly employed in metal-catalyzed reactions to form carbon-carbon bonds in fine chemical and drug discovery research. Also utilized in photochemical and thermal transformations to generate reactive carbenes for functionalization of aromatic and heteroaromatic substrates.