Used in the synthesis of pharmaceuticals, particularly as an intermediate in the production of nicotinamide adenine dinucleotide (NAD) analogs and other biologically active compounds. Serves as a building block in medicinal chemistry for developing enzyme inhibitors and receptor modulators. Also employed in the preparation of fluorescent probes and sensors due to its ability to form conjugated systems. Applied in research settings for drug discovery and development, especially in areas targeting metabolic and neurological disorders.