Used as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of serotonin receptor agonists and antagonists. It serves as a building block in the production of certain central nervous system (CNS) active compounds, including potential treatments for neurological and psychiatric disorders. Its structure allows for functionalization that enhances binding affinity to specific receptors, making it valuable in medicinal chemistry research. Additionally, it is employed in the preparation of fluorescent dyes and sensors due to its ability to form conjugated systems upon derivatization.