Used as a photosensitizer in photodynamic therapy for cancer treatment due to its strong absorption in the near-infrared region, allowing deeper tissue penetration. Also applied in organic semiconductors and photovoltaic devices because of its excellent thermal stability and ability to facilitate charge transfer. Its solubility in organic solvents makes it suitable for thin-film processing in optoelectronic applications. Additionally, it serves as a catalyst in certain oxidation reactions and shows potential in gas sensing technologies due to changes in electrical properties upon exposure to specific vapors.