This chemical is primarily utilized in biochemical research and pharmaceutical development due to its role as a phosphorylated derivative of inositol. It is involved in studying cellular signaling pathways, particularly those related to inositol phosphate metabolism. The compound is also used in the investigation of enzyme mechanisms, especially those involving phosphatases and kinases, which are critical in regulating cellular processes. Additionally, it serves as a precursor or intermediate in the synthesis of more complex inositol phosphate derivatives, which have potential applications in drug discovery and therapeutic interventions targeting metabolic disorders and cancer. Its unique structure makes it valuable for probing the biological functions of inositol phosphates in various physiological and pathological contexts.