This compound is primarily utilized in the synthesis of nucleoside analogs, which play a critical role in antiviral and anticancer drug development. Its structure, featuring a cyclopentane ring fused to a dioxolane ring, is particularly valuable in creating modified nucleosides that can inhibit viral replication or disrupt cancer cell growth. The oxalate salt form enhances its stability and solubility, making it suitable for use in pharmaceutical formulations. Additionally, it serves as an intermediate in organic synthesis, enabling the creation of complex molecules with potential therapeutic applications. Its application is particularly significant in the field of medicinal chemistry, where it contributes to the development of innovative treatments for diseases like hepatitis, HIV, and certain cancers.