Used in pharmaceutical research as a key intermediate in the synthesis of serotonin receptor modulators. Shows potential in the development of central nervous system (CNS) agents, particularly for treating mood disorders such as depression and anxiety. Its structure supports binding affinity to 5-HT receptors, making it valuable in creating analogs for neuropharmacological studies. Also employed in structure-activity relationship (SAR) studies to optimize potency and selectivity of indene-based bioactive molecules.