Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of central nervous system (CNS) agents and neuroprotective compounds. Its alkyne and alcohol functional groups allow for further chemical modifications, making it valuable in medicinal chemistry for building complex molecular structures. It is also employed in the preparation of bioactive molecules and analogs targeting serotonin and dopamine receptors. Additionally, it finds use in research settings for creating compound libraries in drug discovery programs.