Used as a key intermediate in the synthesis of pharmaceutical compounds, particularly in the development of central nervous system (CNS) agents. Its structure allows for selective interactions with biological targets, making it valuable in creating analogs for pain management and neurological disorders. Commonly employed in medicinal chemistry for structure-activity relationship (SAR) studies due to the rigidity of the cyclobutane ring and the electronic influence of the methoxyphenyl group. Also utilized in the preparation of receptor modulators, especially serotonin and dopamine receptor ligands.