This compound is primarily utilized in pharmacological research due to its potential activity on serotonin and dopamine receptors. It is often studied for its effects on the central nervous system, particularly in the development of psychiatric medications. Researchers explore its application in treating conditions like depression, anxiety, and other mood disorders. Additionally, it serves as a key intermediate in the synthesis of more complex pharmaceutical agents, contributing to advancements in neuropharmacology and drug discovery. Its structural properties make it a valuable candidate for modulating neurotransmitter systems, offering insights into the design of novel therapeutic compounds.