This compound is primarily utilized in the field of medicinal chemistry due to its structural framework, which is often associated with biological activity. It serves as a key intermediate in the synthesis of various heterocyclic compounds, which are explored for their potential therapeutic properties. Researchers investigate its derivatives for possible applications as anti-inflammatory, antimicrobial, and anticancer agents. Additionally, its pyrazole and pyran moieties make it a valuable scaffold in drug discovery, particularly in the development of novel small-molecule inhibitors targeting specific enzymes or pathways. Its versatility also extends to material science, where it can be used in the design of organic semiconductors or fluorescent materials.