This compound is primarily utilized in the field of medicinal chemistry and drug development. It serves as a key intermediate in the synthesis of various biologically active molecules, particularly those targeting enzymes and receptors involved in disease pathways. Its structure is often explored for designing inhibitors of specific proteins, making it valuable in the development of potential therapeutic agents. Researchers also investigate its use in creating fluorescent probes for biochemical studies due to its unique photophysical properties. Additionally, it has applications in materials science, where it contributes to the development of organic semiconductors and optoelectronic materials.