Used primarily as a key intermediate in the synthesis of pharmaceuticals, particularly in the development of tricyclic compounds with biological activity. Its rigid tricyclic structure makes it valuable in medicinal chemistry for designing drugs targeting central nervous system disorders, including antidepressants and antipsychotics. The carboxylic acid functional group allows for easy derivatization, enabling the formation of amides, esters, or other conjugates to optimize pharmacokinetic properties. It is also employed in research settings to explore structure-activity relationships in new drug candidates.