Used primarily in biochemical and pharmaceutical research, particularly as an antagonist for NMDA (N-methyl-D-aspartate) receptors in the nervous system, involved in neurotransmission, learning, and memory processes. This compound serves as a tool for studying neurological disorders such as Alzheimer's, epilepsy, and Parkinson's disease.

Additionally, it acts as an intermediate in the synthesis of biologically active compounds, including antimicrobials, antivirals, and antioxidants. Its structure allows for modification to create derivatives with specific therapeutic properties for various diseases.

In materials science, it may be used in chemical sensors or luminescent materials due to its aromatic structure capable of absorbing and emitting light at specific wavelengths. It also serves as a building block in the preparation of fluorescent dyes and organic semiconductors owing to its conjugated structure and electron-accepting properties. Derivatives are explored in medicinal chemistry for potential anticancer and anti-inflammatory applications, as well as in research on heterocyclic reactivity and novel nitrogen-containing compounds.