This compound is primarily utilized in the field of medicinal chemistry due to its potential biological activities. It serves as a key intermediate in the synthesis of various heterocyclic compounds, which are often explored for their pharmacological properties. Researchers investigate its derivatives for potential applications as anti-inflammatory, anticancer, or antimicrobial agents. Additionally, its unique structure makes it a valuable candidate for studying structure-activity relationships in drug discovery. The compound is also of interest in the development of fluorescent probes or dyes, owing to its conjugated aromatic system, which can be leveraged in biochemical and diagnostic applications.