Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of selective estrogen receptor modulators (SERMs) and other bioactive molecules. Its rigid fused-ring structure provides a stable scaffold for drug design, enhancing binding affinity and metabolic stability. Also employed in the preparation of chiral ligands and catalysts for asymmetric synthesis. Additionally, derivatives of this compound are explored in agrochemicals and materials science due to their structural uniqueness and functional versatility.