WAY-296734 is primarily used in scientific research to study serotonin receptor activity, particularly as a selective agonist at the 5-HT6 receptor subtype. Its main application lies in neuroscience and pharmacology for investigating cognitive functions, memory processes, and potential mechanisms underlying neurodegenerative diseases such as Alzheimer's. Researchers use this compound to explore the role of 5-HT6 receptors in modulating neurotransmitter release and neuronal signaling pathways. Due to its selectivity, it serves as a valuable tool for validating drug targets and assessing the therapeutic potential of 5-HT6-targeted compounds in preclinical models. It is not used clinically and remains restricted to laboratory and experimental settings.