IP-FOXAP is primarily utilized in research settings, particularly in the field of neuroscience and pharmacology. It serves as a selective radioligand for studying the sigma-1 receptor, which plays a significant role in various cellular processes and neurological conditions. Researchers employ it to investigate receptor distribution, density, and function in the brain, aiding in the understanding of diseases such as Alzheimer's, depression, and schizophrenia. Additionally, its application extends to drug development, where it helps in the screening and evaluation of potential therapeutic compounds targeting the sigma-1 receptor.