This compound is primarily utilized in pharmaceutical research and development, particularly in the synthesis of novel drug candidates. It serves as a key intermediate in the creation of biologically active molecules, especially those targeting neurological disorders and cancers. Its unique structure allows it to interact with specific enzymes and receptors, making it valuable for designing inhibitors or modulators in therapeutic applications. Additionally, it is explored in organic synthesis for constructing complex heterocyclic frameworks, which are essential in medicinal chemistry. Its potential applications also extend to the development of fluorescent probes and imaging agents due to its inherent photophysical properties.