Used as an intermediate in the synthesis of fluorescent dyes and optical brighteners due to its rigid aromatic structure and hydroxyl group that enhances electron delocalization. Employed in the development of organic semiconductors and luminescent materials for OLEDs. Also serves as a building block in pharmaceuticals, particularly in compounds targeting central nervous system disorders, owing to its ability to cross the blood-brain barrier. Its oxazol ring contributes to metabolic stability in drug design.