Used primarily in the development of pharmaceutical intermediates, especially in the synthesis of tricyclic compounds with potential neuroactive properties. Its structural framework supports research into central nervous system agents, including antidepressants and antipsychotics. The compound's ability to interact with neurotransmitter receptors makes it valuable in medicinal chemistry for optimizing drug candidates targeting mood and neurological disorders. It is also employed in the preparation of fluorescent probes due to its conjugated aromatic system, useful in biochemical imaging and receptor binding studies.