This compound is widely used in biochemical research and enzymatic studies, particularly as a coenzyme in redox reactions. It plays a critical role in metabolic pathways such as the pentose phosphate pathway, where it facilitates the transfer of electrons and the synthesis of nucleic acids and lipids. In laboratory settings, it is utilized for assays involving NADP-dependent enzymes, including dehydrogenases and reductases, to study cellular energy metabolism and antioxidant mechanisms. Additionally, it is employed in the production of pharmaceuticals and in biotechnological applications for the synthesis of biomolecules. Its stability and solubility make it a preferred choice for in vitro experiments and industrial processes requiring precise cofactor functionality.