Used as a key intermediate in the synthesis of various bioactive molecules and pharmaceuticals, particularly in the development of anticancer agents. Its structure supports conjugation and interaction with biological targets, making it valuable in medicinal chemistry research. Commonly employed in studies focused on flavonoid analogs and chalcone derivatives due to its ability to inhibit specific enzymes and cellular pathways involved in tumor growth and inflammation. Also utilized in the design of fluorescent probes for cellular imaging owing to its inherent optical properties.