This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel therapeutic agents. It serves as a key intermediate in the creation of compounds targeting central nervous system disorders, such as depression, anxiety, and schizophrenia. Its structure is valuable for designing molecules that interact with serotonin receptors, which play a critical role in mood regulation and cognitive functions. Additionally, it is explored in the development of potential anticancer drugs due to its ability to modulate specific biological pathways. Researchers also investigate its use in creating fluorescent probes for biochemical studies, aiding in the visualization of cellular processes.