Used in organic synthesis as an intermediate for pharmaceuticals and functional materials. Serves as a building block in the preparation of bioactive compounds, particularly in the development of radiolabeled agents due to the presence of iodine, which can be used in imaging applications. Also employed in the synthesis of conjugated organic systems for materials science, including liquid crystals and nonlinear optical materials. Its α,β-unsaturated carboxylic acid structure allows for Michael addition reactions and metal-catalyzed coupling reactions, making it valuable in medicinal chemistry research.