This chemical is primarily utilized in the field of medicinal chemistry as a key intermediate in the synthesis of various biologically active compounds. Its structure serves as a core scaffold for developing potential drug candidates, particularly in the design of kinase inhibitors, which are crucial for targeting cancer and inflammatory diseases. Additionally, it is explored in the development of fluorescent probes and sensors due to its unique photophysical properties, making it valuable in biochemical research and diagnostics. Its versatility also extends to materials science, where it is investigated for use in organic electronic devices.