Used primarily in pharmaceutical research and clinical development as an investigational active pharmaceutical ingredient (API) for the treatment of hematological cancers, particularly relapsed/refractory multiple myeloma. It acts as a next-generation cereblon E3 ligase modulator (CELMoD), an immunomodulatory agent that enhances T-cell activation, promotes cytokine production, and inhibits tumor angiogenesis. Its mechanism involves binding to the E3 ubiquitin ligase complex protein cereblon, leading to the targeted degradation of key transcription factors (such as Ikaros and Aiolos) that promote cancer cell survival and proliferation. Due to its targeted action and favorable pharmacokinetic profile, it is being evaluated in clinical trials for use in relapsed/refractory settings, often in combination with other anticancer agents such as dexamethasone or monoclonal antibodies. It is formulated into oral dosage forms and is also under investigation for other B-cell malignancies.